29 In section 178 (power to make regulations as to the persons to be regarded as trustees or managers of schemes for certain purposes), in paragraph (b) for “to 26C” substitute “to 26”.

30 (1) Section 179 (linked qualifying service) is amended as follows.

(2) In subsection (1)(a)—

(a) for “the rules of a scheme” substitute “Chapter 4 or 5 of Part 4 or under the rules of a scheme”,

(b) for sub-paragraph (i) substitute—

“(i) there was made a transfer of his rights (including any transfer credits allowed) under that scheme, or a transfer payment in respect of those rights, to, or to the trustees or managers of, another scheme applying to him in the later period of service;”,

(c) for “and” at the end of sub-paragraph (ii), substitute “or”, and

(d) after that sub-paragraph insert—

“(iii) a cash equivalent (within the meaning of Chapter 4 of Part 4) or cash transfer sum (within the meaning of Chapter 5 of that Part) was paid in respect of him to the trustees or managers of another scheme applying to him in the later period of service; and”.

(3) In subsection (1)(b), after “second scheme,” insert “or the payment to the trustees or managers of that scheme,”.

31 In section 181(1) (general interpretation), in the definition of “transfer credits”, for the words following “by reference to” substitute “—

(a) a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (including transfer credits allowed) under another occupational pension scheme or a personal pension scheme, other than rights attributable (directly or indirectly) to a pension credit, or

(b) a cash transfer sum paid under Chapter 5 of Part 4 in respect of him, to the trustees or managers of the scheme;”.

32 In section 183(3) (sub-delegation), after “97(1)” insert “, 101AF(1)”.

33 In section 192(2) (provisions extending to Northern Ireland)—

(a) for “section 145 (except subsections (4)” substitute “section 145 (except subsections (4A) to (4C)”, and

(b) at the appropriate place insert—

“section 145A (except subsection (6)(b)),”.

Pensions Act 1995 (c. 26)

34 The Pensions Act 1995 is amended as follows.

35 In section 4 (suspension orders), in subsections (3) and (5) for “class” substitute “description”.

36 In section 7 (appointment of trustees)—

(a) in subsection (1) omit “a trustee of such a scheme ceases to be a trustee”, and

(b) in subsection (2) for “section 23(1)(b)” in both places substitute “section 23(1)”.

37 In section 9 (removal and appointment of trustees: property), after “exercise” insert “by order”.

38 In section 10 (civil penalties), in subsection (5)(a) omit “as a trustee of a trust scheme”.

39 In section 15(4) (failure to comply with Authority’s direction) for “sections 3 and 10 apply” substitute “section 10 applies”.

40 In section 22 (circumstances in which independent trustee provisions apply), in subsections (1) and (3) for “to 26A”, in each place, substitute “to 26”.

41 In section 25 (appointment and powers of independent trustees: further provisions)—

(a) in subsection (1) for “section 23(1)(b)” substitute “section 23(1)”,

(b) in subsection (2)—

(i) after “a scheme” insert “and there is an independent trustee of the scheme appointed under section 23(1)”, and

(ii) omit from “but if” to the end,

(c) in subsection (3) for “, no independent trustee of the scheme may” substitute “and there is an independent trustee of the scheme appointed under section 23(1), the independent trustee may not”, and

(d) in subsection (4)—

(i) for “section 23(1)(b)” substitute “section 23(1)”, and

(ii) after “person” insert “(within the meaning of section 23(3))”.

42 In section 26 (insolvency practitioner or official receiver to give information to trustees), in subsection (1) after “a scheme” insert “by virtue of subsection (1) of that section”.

43 Sections 26A to 26C are hereby repealed.

44 In section 28 (consequences of prohibition on trustee being auditor of scheme etc) omit subsection (4).

45 In section 29 (persons disqualified for being trustees), in subsection (5) for “class” substitute “description”.

46 In section 30 (persons disqualified: consequences)—

(a) in subsection (2), after “exercise” insert “by order”, and

(b) omit subsections (7) and (8).

47 Omit section 30A (accessibility of register of disqualified trustees).

48 In section 32 (decisions of trustees by a majority)—

(a) in subsection (4) for “, 16(3)(b) and 25(2)” substitute “and 25(2) of this Act and section 241(6) of the Pensions Act 2004”, and

(b) in subsection (5) for “sections 3 and 10 apply” substitute “section 10 applies”.

49 In section 34 (powers of investment and delegation) in subsection (1) after “subject to” insert “section 36(1) and to”.

50 (1) Section 38 (power to defer winding up) is amended as follows.

(2) In subsection (2)—

(a) in paragraph (a) after “scheme” insert “(other than those due to be paid before the determination is made)”, and

(b) in paragraph (b) omit “new”.

(3) After subsection (3) insert—

“(4) This section also does not apply in relation to a trust scheme where the trustees are required to wind up, or continue the winding up, of the scheme under section 154(1) of the Pensions Act 2004 (requirement to wind up certain schemes with sufficient assets to meet protected liabilities).”

51 In section 40 (restriction on employer-related investments), in subsection (4) for “sections 3 and 10 apply” substitute “section 10 applies”.

52 In section 41 (provision of documents for members)—

(a) for subsection (3) substitute—

“(3) The documents referred to in subsection (1)(b) are—

(a) any statement of funding principles prepared or revised under section 223 of the Pensions Act 2004,

(b) any valuation or report prepared by the actuary under section 224 of that Act,

(c) any certificate given by the actuary under section 225 or 227 of that Act.”, and

(b) in subsection (5B) for “sections 3 and 10 apply to any trustee, and section 10 applies” substitute “section 10 applies to any trustee, and”.

53 In section 47 (professional advisers), in subsections (3), (8) and (11) for “sections 3 and 10 apply to any trustee, and section 10 applies” substitute “section 10 applies to any trustee, and”.

54 In section 49 (other responsibilities of trustees, employers, etc)—

(a) in subsection (6) for “sections 3 and 10 apply” substitute “section 10 applies”, and

(b) in subsection (10)—

(i) omit paragraph (a) and the word “and” immediately after it, and

(ii) in paragraph (b) for “such steps” substitute “reasonable steps to secure compliance”.

55 In section 49A (record of winding up decisions) omit subsection (4).

56 In section 68 (power of trustees to modify schemes by resolution), in subsection (2)—

(a) in paragraph (b), for “section 16(1) or 17(2)” substitute “section 241 of the Pensions Act 2004”, and

(b) for paragraph (c) substitute—

“(c) to enable the scheme to comply with such terms and conditions as may be imposed by the Board of the Pension Protection Fund in relation to any payment made by it under section 185 or 186 of the Pensions Act 2004,”.

57 In section 69 (grounds for applying for modifications)—

(a) in subsection (2) for “about the manner of dealing with applications under this section” substitute “requiring applications under this section to meet prescribed requirements”,

(b) in subsection (3) omit paragraph (a),

(c) in subsection (4)(a) omit “(a) or”, and

(d) in subsection (5)(a) omit “either of” and for “subsection (3)(a) or (b)” substitute “subsection (3)(b)”.

58 In section 71A(4)(d) (power to make provision in relation to applications for the purposes of that section)—

(a) for “before such time as may be prescribed” substitute “before an application is made for the purposes of this section”, and

(b) for “an application for the purposes of this section” substitute “the application”.

59 In section 72A (reports to Authority about winding up) omit subsection (9)(a) and “and” immediately after it.

60 In section 72C (duty to comply with directions for facilitating winding up) omit subsection (2).

61 In section 73 (preferential liabilities on winding up) in subsection (6), omit paragraph (a) and “and” immediately after it.

62 In section 76 (excess assets on winding up)—

(a) in subsection (3), omit paragraph (c) (but not the word “and” immediately following it),

(b) omit subsection (5), and

(c) in subsection (6) for “sections 3 and 10 apply” substitute “section 10 applies”.

63 In section 77 (excess assets remaining after winding up: power to distribute)—

(a) omit subsections (2) and (3),

(b) in subsection (4)—

(i) for the opening words substitute “Where this section applies—”, and

(ii) in paragraph (a) for “those assets” substitute “the undistributed assets”, and

(c) in subsection (5) for “sections 3 and 10 apply” substitute “section 10 applies”.

64 In section 87 (schedules of payment to money purchase schemes) omit subsection (5)(a) and “and” immediately after it.

65 In section 88 (provision supplementary to section 87) omit subsection (4)(a) and “and” immediately after it.

66 In section 89 (application of further provisions to money purchase schemes)—

(a) in subsection (1)(a)—

(i) for “sections 56 to 60” substitute “Part 3 of the Pensions Act 2004”, and

(ii) for “those sections” substitute “that Part”, and

(b) in subsection (2) omit “insolvency”.

67 In section 118 (powers to modify Part 1 of the Pensions Act 1995)—

(a) in subsection (2) for “to 26C” substitute “to 26”, and

(b) omit subsection (3).

68 In section 119 (calculations etc under regulations: sub-delegation), for “73(3)” substitute “73B(4)(a)”.

69 (1) Section 124 (interpretation of Part 1) is amended as follows.

(2) In subsection (1), in the definition of “transfer credits”, for the words following “by reference to” substitute “—

(a) a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (including transfer credits allowed) under another occupational pension scheme or a personal pension scheme, other than pension credit rights, or

(b) a cash transfer sum paid under Chapter 5 of Part 4 of the Pension Schemes Act 1993 (early leavers) in respect of him, to the trustees or managers of the scheme,”.

(3) In subsection (3A), after “(3E)” insert “and to sections 28, 154 and 219 of the Pensions Act 2004”.

(4) In subsection (3B), after “(3E)” insert “and to sections 154 and 219 of the Pensions Act 2004”.

Bank of England Act 1998 (c. 11)

70 In Schedule 7 to the Bank of England Act 1998 (restriction on disclosure of information), in the table in paragraph 3(1), for the entry relating to the Occupational Pensions Regulatory Authority substitute—

Welfare Reform and Pensions Act 1999 (c. 30)

71 The Welfare Reform and Pensions Act 1999 is amended as follows.

72 In section 1 (stakeholder pension schemes), in subsection (6), after “members etc)” insert “and of regulations under section 237 of the Pensions Act 2004 (combined pension forecasts)”.

73 In section 2 (registration of stakeholder pension schemes)—

(a) in subsection (1) for “Occupational Pensions Regulatory Authority (“the Authority”)” substitute “Authority”,

(b) in subsection (3) after “may” insert “by direction”, and

(c) in subsection (4) for the words from “Section 3” to “Act applies” substitute “Section 10 of the Pensions Act 1995 (“the 1995 Act”) (civil penalties) applies to any trustee of a pension scheme which is or has been registered under this section, and”.

74 In section 8(2)(a) (providing for stakeholder pension schemes to be treated as personal pension schemes), after “is” insert “prescribed or is”.

75 In section 38 (treatment in winding up)—

(a) in subsection (2), for “section 56 of the Pensions Act 1995” substitute “this section”, and

(b) after that subsection insert—

“(2A) This section applies to an occupational pension scheme other than—

(a) a money purchase scheme, or

(b) a prescribed scheme or a scheme of a prescribed description.”

76 (1) Paragraph 1 of Schedule 1 (application of enactments relating to occupational schemes to certain stakeholder schemes) is amended as follows.

(2) In sub-paragraph (2), in paragraph (b)—

(a) in sub-paragraph (i) for the words from “except” to the end substitute “except sections 7(5A)(b), 8(1)(a) and (c) and (2), 11(3A) and (3B) and 15(1),

(b) in sub-paragraph (ii) for “31” substitute “30”,

(c) in sub-paragraph (iii) omit the words from “except” to the end,

(d) for sub-paragraph (v) substitute—

“(v) section 47 (professional advisers);”, and

(e) in sub-paragraph (vii) for “section 50” substitute “sections 50 to 50B”.

(3) After that paragraph insert “; and

(c) the following provisions of the Pensions Act 2004—

(i) section 67 (accessibility of register of prohibited trustees);

(ii) Chapters 4 and 5 of Part 2 (fraud compensation and information gathering);

(iii) sections 247 to 249 (requirements for knowledge and understanding); and

(iv) section 318 (interpretation).”

(4) In sub-paragraph (5), after “1995 Act” insert “, and section 318(1) of the Pensions Act 2004,”.

(5) After sub-paragraph (5) insert—

“(6) Chapters 4 and 5 of Part 2 of the Pensions Act 2004 (as applied by sub-paragraph (1)) shall have effect with such modifications as the Secretary of State may prescribe by regulations.”

77 (1) Schedule 5 (pension credits: mode of discharge) is amended as follows.

(2) In paragraph 8(1)(b), for the words from “section 56” to “related schemes)” substitute “Part 3 of the Pensions Act 2004 (scheme funding)”.

(3) After paragraph 13 insert—

“13A The provisions of this Schedule are subject to—

(a) section 73A(3) and (6) of the Pensions Act 1995 (prohibition on new members during winding up of scheme: exception for discharge of pension credit derived from the scheme), and

(b) section 133(2) and (8) of the Pensions Act 2004 (prohibition on new members during an assessment period in relation to a scheme: exception for discharge of pension credit derived from the scheme).”

Terrorism Act 2000 (c. 11)

78 In Schedule 3A to the Terrorism Act 2000 (regulated sector and supervisory authorities), for paragraph 4(1)(f) substitute—

“(f) the Pensions Regulator;”.

Freedom of Information Act 2000 (c. 36)

79 In Schedule 1 to the Freedom of Information Act 2000 (public authorities), in Part 6 insert at the appropriate place—

• “The Pensions Regulator.”

• “The Board of the Pension Protection Fund.”

• “The Ombudsman for the Board of the Pension Protection Fund.”

Proceeds of Crime Act 2002 (c. 29)

80 In Schedule 9 to the Proceeds of Crime Act 2002 (regulated sector and supervisory authorities), for paragraph 4(1)(f) substitute—

“(f) the Pensions Regulator;”.