The Pensions Regulator

Code of practice 10
Modification of subsisting rights

In this section...

Introduction

• The status of codes practice

• The purpose of this code of practice

• Terms used in this code

• Sections 67 to 67I of the Pensions Act 1995

• To whom does this code of practice apply?

• Other relevant codes

At a glance

Initial considerations for trustees and employers

The consent route

• The informed consent requirement

• Making representations

• Giving consent

• The timing requirement

The actuarial equivalence route

• The information requirement

• Making representations

• Revising a modification which is subject to the actuarial equivalence requirement

• The actuarial value requirement

• The actuarial equivalence statement requirement

Trustees' approval

The reporting requirement

Employer's responsibilities and the role of professional advisers

• The role of professional advisers

A glossary of terms used in the code

Annex A: Corresponding Northern Ireland legislation

Activities when seeking to modify subsisting rights

Using the consent route

Using the actuarial equivalence route