The Pensions Act 2004 (Code of Practice) (Authorisation and Supervision of Collective Defined Contribution Schemes) Appointed Day and Revocation Order 2026
The Secretary of State for Work and Pensions establishes 31 July 2026 as the date on which the Pensions Regulator’s updated Code of Practice regarding the authorisation and supervision of collective defined contribution (CDC) schemes takes legal effect.
The Order applies to the Pensions Regulator and trustees or managers of CDC schemes in England, Wales, and Scotland.
It further revokes the 2022 Order that brought the previous iteration of the Code into force.
Arguments For
The Order states that it is necessary to appoint a specific day for the Pensions Regulator's updated Code of Practice to come into effect to provide clarity on the regulatory framework for collective defined contribution (CDC) schemes.
The explanatory note asserts that no significant impact on the private, voluntary, or public sectors is foreseen, suggesting the administrative burden of the transition is minimal.
Arguments Against
Legal practitioners might note that the effectiveness of the Order depends on the simultaneous revocation of prior codes, which requires coordination with other statutory instruments such as S.I. 2026/709.
Industry stakeholders may argue that the implementation timeline provides limited window between the signing of the Order (2 July 2026) and the commencement date (31 July 2026) for schemes to ensure full compliance with any updated requirements in the new Code.
Citation and extent
- -(1) This Order may be cited as the Pensions Act 2004 (Code of Practice) (Authorisation and Supervision of Collective Defined Contribution Schemes) Appointed Day and Revocation Order 2026.
- (2) This Order extends to England and Wales and Scotland.
This section provides the official name of the statutory instrument for legal citation purposes.
It specifies the geographic jurisdiction of the Order, confirming it applies to England, Wales, and Scotland.
Appointed day
- The day appointed for the coming into effect of the Pensions Regulator's Code of Practice: Authorisation and supervision of collective defined contribution (CDC) schemes is 31st July 2026.
This provision sets the specific calendar date of 31 July 2026 for the updated regulatory Code of Practice to become active. From this date, the Pensions Regulator's standards for collective defined contribution schemes—those where risks and assets are shared among members—become enforceable.
Revocation
- The Pensions Act 2004 (Code of Practice) (Authorisation and Supervision of Collective Defined Contribution Schemes) Appointed Day Order 2022( 2 ) is revoked with effect from 31st July 2026.
This section cancels the 2022 Order that implemented the original Code of Practice for these pension schemes.
The revocation coincides with the commencement of the new Code, ensuring that only one version of the regulatory guidance is in effect at any given time.
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