There are two levels of legislation - primary legislation: high level statutes called "Acts", which are passed by both Houses of Parliament, and secondary legislation: created under delegated powers, usually by the relevant Secretary of State or HMRC. Secondary legislation often comes in the form of "Regulations" or "Orders" and contains the technical detail needed to support the high level principles contained in an Act.
The Courts do not create legislation but are frequently asked to interpret it.
Legislation can override a scheme's trust deed and rules, so it is important to be are aware of when and how this can happen and how it may affect the running of a particular scheme.
The main statutes which concern occupational pension schemes are:
We have updated this briefing note to cover The Pensions Schemes Act 2021.
Authored by the Pensions Team.
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