Schedule 10: Interest on late payment of levies Section 133: Delegation of powers by the Regulator
447.Section 133 amends the PA 2004 to give the Pensions Regulator more flexibility in the delegation of its powers. This section firstly enables the Regulator to contract out the power to exercise prescribed functions, which will be set out in regulations, to any persons (whereas the PA 2004 also requires the persons and circumstances to be set out in regulations). Secondly, it enables the Regulator to contract out the determination whether to exercise certain functions related to the compliance regime, which are listed in the section. Finally, section 133 repeals paragraph 28 of Schedule 1 to the PA 2004, which concerns the ability of the Regulator to pay for expenses, as this provision is no longer required.