Member

88L: Clause 40, page 54, line 27, at end insert— “(16A) The following provisions are repealed at the end of 2035— (a) in section 204A of the Financial Services and Markets Act 2000 (meaning of “relevant requirement” and “appropriate regulator”)— (i) in subsection (2)(aza), the words “or the asset allocation requirement in section 28C”; (ii) in subsection (6)(aza), the words “or the asset allocation requirement in section 28C”; (b) in section 90(6)(ea) of the Pensions Act 2004, the words “or the asset allocation requirement in section 28C”; (c) the relevant asset allocation provisions of the Pensions Act 2008. (16B) For the purposes of subsection (16A), the “relevant asset allocation provisions” of the Pensions Act 2008 are the following— (a) in section 20(1A) (asset allocation requirement: Master Trusts)— (i) in the opening words, the words “and Condition 2”; (ii) Condition 2; (b) in section 20(1B) (exemptions), the words “or 2(b)”; (c) in section 20(1C) (protected period)— (i) in paragraph (a), the words “or Condition 2”; (ii) in paragraph (c), the words “or the conditions for approval under section 28C”; (d) in section 26 (quality requirement: UK personal pension schemes)— (i) subsection (7B); (ii) in subsection (7D), the words “or (7B)”; (iii) in subsection (7E)(a), the words “or sixth”; (iv) in subsection (7E)(c), the words “or the conditions for approval under section 28C”; (e) in section 28 (certification that quality requirement or alternative requirement is satisfied)— (i) in subsection (4)(a), the words “or 2”; (ii) in subsection (4)(b), the words “and sixth”; (iii) in subsection (4)(c), the words “or 2”; (f) section 28C (approvals in respect of asset allocation); (g) section 28G (suspension of asset allocation requirement: savers’ interest test); (h) in section 28H (risk notices), in subsection (1)(b), the words “or 28C”; (i) in section 28I (penalties)— (i) in subsection (1)(a), the words “or 28C”; (ii) in subsection (2)(a), the words “or (7B)”; (j) section 30A (review of exercise of powers under section 28C); (k) in section 143(5)(a) (orders and regulations)— (i) the word “(7B)”; (ii) the words “28C (other than subsection (10)(f))”; (iii) the word “28G”. (16C) In consequence of the repeals under subsection (16A), at the end of 2035— (a) in section 73(2)(dza) of the Pensions Act 2004 (inspection of premises), for “28G of the Pensions Act 2008 (scale and asset allocation)” substitute “28F of the Pensions Act 2008 (scale)”; (b) in section 28(4)(b) of the Pensions Act 2008 (certification that quality requirement or alternative requirement is satisfied), for “conditions” substitute “condition”. (16D) The Secretary of State may by regulations make transitional or saving provision in connection with any repeal or amendment under subsection (16A) or (16C).”