506.The new section 26C sets out further details relating to the requirements in new sections 26A and 26B.
507.New section 26C(1) sets out who is considered to be involved in the administration of the scheme for the purpose of the requirements in sections 26A and 26B. For example, those persons who are involved in the administration of the scheme in their professional capacity, such as actuaries and auditor, the fund manager, the employer of the scheme, their employees, agents or contractors who carry out administration tasks, are not considered to be involved in the administration of the scheme.
508.New section 26C(2) provides that regulations may add to the list of those who are not considered to be involved in the administration of the scheme.
509.New section 26C(3) provides that wherever there is a requirement in section 26A or 26B to do something “as soon as reasonably practicable”, that may be replaced by time limits specified in regulations.
510.Subsection (3) of section 46 makes a consequential amendment to section 118(2) of the Pensions Act 1995 to allow for regulations to exempt schemes from the new requirements in sections 26A to 26C.
511.Subsection (4) inserts a new section 118(3) into that Act to allow for regulations to modify sections 26A and 26B so as to impose the notification duty on persons other than trustees and other than those involved in the administration of the scheme.
512.Subsection (5) amends the provisions in the Pension Schemes Act 1993 so that regulations may prescribe who is to be treated as a trustee for the purposes of sections 22 to 26 of the Pensions Act 1995 and the new sections inserted by this section.
Part II: Pensions. Commentary on Sections Winding-up of schemes New section 26C: Construction of ss. 26A and 26B