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The Occupational Pension Schemes (Scheme Administration) Regulations 1996

S.I. 1996/1715 · Made 2 July 1996 · Extends to England, Wales and Scotland

Up to date with all changes known to legislation.gov.uk, revised to 24 February 2025.

PENSIONS

Made 2nd July 1996

Laid before Parliament 5th July 1996

Coming into force 6th April 1997

The Secretary of State for Social Security in exercise of powers conferred on him by sections 27(3) and (5), 32(2) and (3), 47(3), (5), (6) and (9), 49(1), (2), (4), (5) and (8), 87(1), (2) and (3), 88(1), 124(1) and 174(2) and (3) of the Pensions Act 1995M1, and of all other powers enabling him in that behalf, by this instrument, which is made before the end of the period of six months beginning with the coming into force of the provisions of Part I of that Act by virtue of which they are madeM2, hereby makes the following regulations:

Annotations to the whole text

Marginal citations

M1

1995 c.26. Section 124(1) is cited because of the meaning ascribed to “prescribed” and “regulations”.

M2

See section 120(2)(c) of the Pensions Act 1995. This provides that the requirement to consult does not apply where regulations are made before the end of six months beginning with the coming into force of the provisions of Part I of the Pensions Act 1995 by virtue of which they are made.

Contents

  1. Part I: INTRODUCTION
  2. 1Citation, commencement and interpretation
  3. Part II: Advisers and Service Providers
  4. 2Appointment of professional advisers by trustees or managers
  5. 3Exemptions from the professional advisers requirements
  6. 4Qualifications and experience or approval required for appointment as the auditor or actuary
  7. 5Manner and terms of appointment and removal of professional advisers
  8. 6Duty to disclose information
  9. 6AAppointment of service providers in respect of relevant schemes
  10. Part III: TRUSTEES
  11. TRUSTEES: GENERAL
  12. 7Ineligibility to act as actuary or auditor
  13. 8Meaning of trustee of a trust scheme
  14. FUNCTIONS OF TRUSTEES
  15. 9Exemption from the requirement to give notice of an occasion when a specified number of trustees must be present for a decision
  16. 10Manner of, and time for giving, notice when a specified number of trustees must be present for a decision
  17. RECEIPTS, PAYMENTS AND RECORDS
  18. 11Exemption from the requirement for money to be kept by the trustees
  19. 12Requirement for trustees to keep books and records
  20. 13Records of trustees’ meetings
  21. 14Period for which books and records must be kept
  22. 15Employer to make payments of benefits into a separate account
  23. 16Prescribed time in which an employer must make payments to trustees or managers
  24. 16AExemptions from the requirement to notify the Authority or the member of a late contribution payment
  25. Part IV: MONEY PURCHASE SCHEMES
  26. 17Exemption from requirement to secure a payment schedule
  27. 18Amounts to be shown in a payment schedule
  28. 19Requirements which a payment schedule must satisfy
  29. 20Period within which notice must be given Repealed
  30. 21Circumstances where notice of non-payment of any amount payable to a scheme need not be given
  31. Part V: GOVERNANCE OF RELEVANT SCHEMES
  32. Chapter 1: GENERAL
  33. 22Duty to appoint a chair of the trustees or managers
  34. 23Annual statement regarding governance
  35. 24Requirements for processing financial transactions
  36. 25Assessment of charges and transaction costs
  37. 25AAssessment of asset allocation
  38. Chapter 3: RELEVANT MULTI-EMPLOYER SCHEMES
  39. 26Annual statement regarding governance: relevant multi-employer schemes
  40. 27Appointment of trustees
  41. 28Appointment of trustees: trustees who are non-affiliated
  42. 29Representation of members
  43. Part 6: Governance of relevant trust schemes
  44. Chapter 1: Introductory
  45. 30Scope of Part 6
  46. 31General interpretation
  47. 32Time at which services are provided
  48. Chapter 2: Use of fiduciary management services
  49. 33Duties of trustees to carry out tender process in connection with the provision of fiduciary management services by FM providers
  50. Chapter 3: Use of investment consultancy services
  51. 34Meaning of “IC provider”, “existing IC provider” and related expressions
  52. 35Duty to set objectives for IC providers
  53. 36Duty to review performance of IC providers
  54. Chapter 4: Compliance
  55. Compliance notices
  56. 37Compliance notice
  57. 38Third party compliance notice
  58. Penalty notices
  59. 39Penalty notices
  60. 40Penalty notices: recovery of penalty
  61. 41Penalty notices: recovery of penalty from bodies corporate and Scottish partnerships
  62. Service of notices
  63. 42Service of notices
  64. Review of notices
  65. 43Review of notices
  66. References to the Upper Tribunal
  67. 44Reference to the Upper Tribunal
  68. Signature
  69. Schedule: Duties of trustees of relevant trust schemes in connection with provision of FM services
  70. Part 1: Introductory
  71. 1Scope
  72. 2General Interpretation
  73. 3Meaning of “FM provider”, “in-scope FM provider”, “continuing in-scope FM provider”, “out-of-scope FM provider”, “manageable assets” and related expressions
  74. 4The asset management threshold
  75. 5Meaning of “qualifying tender process”
  76. Part 2: Duties of trustees of relevant trust schemes which met the asset management threshold before the commencement date
  77. 6Application of Part 2
  78. 7Duty of trustees to carry out a qualifying tender process in connection with continued use of continuing in-scope FM providers
  79. Part 3: Duties of trustees of relevant trust schemes which meet the asset management threshold on or after the commencement date
  80. 8Duty of trustees of a relevant scheme to carry out a qualifying tender process in connection with appointment, or change to the mandate, of an in-scope FM provider
  81. 9Duty of the trustees to carry out a qualifying tender process in respect of arrangements with existing FM providers not appointed following a relevant tender process
  82. 10Notification to FM providers
  83. Explanatory note