Also on 25 January, the Pensions Regulator announced that its Code of Practice No. 10 on the Modification of Subsisting Rights has come into force. The Pensions Act 2004 requires the Regulator to issue the code which relates to the restrictions contained in section 67 of the Pensions Act 1995 (as amended by the Pensions Act 2004) on amendments to scheme rules which might adversely affect members’ subsisting rights. Although the code does not carry the force of law, it provides practical guidelines for trustees and employers seeking to modify their pension scheme provisions.
The code of practice is available at http://www.thepensionsregulator.gov.uk/codesOfPractice/modification/index.aspx