Citation and extent

1. —(1) These Regulations may be cited as the Pension Schemes Act 2021 (Commencement No. 8 and Transitional Provisions) Regulations 2024.

(2) These Regulations extend to England and Wales and Scotland.

Commencement

2. The day appointed for the coming into force of the following provisions of the Pension Schemes Act 2021, insofar as they are not already in force, is 6th April 2024—

(a) section 123 (funding of defined benefit schemes);

(b) Schedule 10 (funding of defined benefit schemes).

Transitional provisions

3.Section 222 of the Pensions Act 2004( 2 ), in so far as it relates to a particular pension scheme, is to continue to have effect without the amendment made by paragraph 3 of Schedule 10 to the Pension Schemes Act 2021, until such time as that scheme is required to have, in accordance with regulations made under section 221A of the Pensions Act 2004, a funding and investment strategy( 3 ).

4. Section 224 of the Pensions Act 2004, in so far as it relates to a particular pension scheme, is to continue to have effect without the amendment made by paragraph 4 of Schedule 10 to the Pension Schemes Act 2021, until such time as that scheme obtains an actuarial valuation with an effective date( 4 ) on or after 22nd September 2024.