Part 1: Collective Money Purchase Benefits Valuation and benefit adjustment Section 23: Powers of the Pensions Regulator
This section gives the Pensions Regulator powers to direct trustees to take actions, where the trustees have without good reason failed to (i) obtain an actuarial valuation as required by the legislation or (ii) adjust the benefits in accordance with the most recent valuation and / or the scheme rules. Subsections (2) and (3) permit the Regulator to direct the trustees to obtain an actuarial valuation, specifying the reference date and period within which the actuarial valuation must be obtained (and any other information as prescribed by the Secretary of State), or to take any steps the Regulator considers appropriate to mitigate the failure.
	Subsection (4) requires the Regulator to have regard to specified requirements in regulations when exercising their power to issue directions under this section.
	Subsection (5) imposes the financial civil penalty under section 10 of the Pensions Act 1995 on any trustees who fail to take all reasonable steps to comply with a direction issued by the Regulator.