Part 1: Collective Money Purchase Benefits Valuation and benefit adjustment Section 22: Benefits adjustments
This section applies where an adjustment to the rate or amount of benefits is required in accordance with the scheme rules. Subsection (2) provides that the trustees of a collective money purchase scheme must report to the Pensions Regulator as soon as reasonably practicable if an adjustment to benefit values is required in accordance with the scheme rules, and the adjustment has either not been made in accordance with the most recent actuarial valuation or has been made in a way that is different to that set out in the scheme rules. Subsection (3) requires that the Regulator must be given a clear statement of why the adjustment has been made in a different way as well as any other information prescribed by the Secretary of State.
	Subsection (4) applies section 10 of the Pensions Act 1995 (civil penalties) to a trustee if they do not take all reasonable steps comply with the requirements under this section.