The Pensions Act 2004 (Code of Practice) (Revocation) Order 2026
This Order revokes the Pensions Regulator’s Code of Practice regarding the authorisation and supervision of collective defined contribution schemes.
It exercises powers granted to the Secretary of State under the Pensions Act 2004 and applies to the regulatory framework governing occupational pension schemes in England, Wales, and Scotland.
The revocation precedes the issuance of a revised code intended to incorporate legislative extensions for unconnected multiple employer schemes.
Arguments For
The explanatory note states that revocation is necessary to facilitate the issuance of a new code of practice following legislative changes.
The document cites the Occupational Pension Schemes (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 as the basis for updating regulatory oversight.
Proponents may argue that the order ensures the regulatory framework remains consistent with the expanded scope of collective money purchase schemes.
The Pensions Regulator has provided formal consent for the revocation as required under section 92(2) of the Pensions Act 2004.
Arguments Against
Legal scholars might note that the revocation creates a temporary reliance on the issuance of a successor code to ensure continuous regulatory clarity.
Affected pension scheme operators may face administrative uncertainty during the transition between the revoked code and the implementation of the new code.
Critics might question the absence of a full impact assessment, though the document asserts that no significant impact on the private, voluntary, or public sectors is foreseen.
- -(1) This Order may be cited as the Pensions Act 2004 (Code of Practice) (Revocation) Order 2026.
- (2) This Order comes into force on 31st July 2026.
- (3) This Order extends to England and Wales and Scotland.
This section establishes the formal title of the statutory instrument and sets the date it becomes legally active as 31st July 2026.
It defines the geographical jurisdiction of the order as England, Wales, and Scotland.
- The Pensions Regulator’s Code of Practice: Authorisation and supervision of collective defined contribution schemes is revoked with effect from 31st July 2026.
This provision terminates the legal effect of the specific Code of Practice concerning collective defined contribution (CDC) schemes that was originally brought into effect in August 2022.
By revoking this code, the document removes the existing regulatory guidance for the authorisation and supervision of such schemes.
This action applies to the Pensions Regulator and all entities involved in the operation of collective money purchase schemes.
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