The Pensions Regulator

Code of practice 10
Modification of subsisting rights

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Trustees' approval

71. Before trustees can approve any regulated modification, whether they are exercising the power of amendment themselves or are asked to approve a modification proposed by someone else (usually the employer), they must always be sure that, for each affected member:
    • where the modification is a protected modification, the informed consent requirements have been complied with^;36or
    • where the modification is not a protected modification, the informed consent requirements or the actuarial value requirements are satisfied.³⁷
72. In respect of any regulated modification subject to the informed consent requirements, the trustees must not make the decision to effect the modification, or approve someone else's implementation of it, more than a reasonable period after the first member has given consent.³⁸
73. This reasonable period should normally be no more than six months, accepting that this period could vary with the period allocated for representations, obtaining consent and any legal or other issues around implementation.

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