Pension Schemes Act 2021

February 10, 2021

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<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="part-1"><num>PART 1</num><heading>Collective money purcha

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-definitions"><heading>Definitions</h

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1"><num>1</num><heading>Collective money purchase benefits and schemes</heading><subsection eId="section-1-1"><num>(1)</num><intro>For the purposes of this Part, a benefit provided under a pension scheme is a “collect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><intro>For the purposes of this Part, a benefit provided under a pension scheme is a “collective money purchase benefit” if—</intro><level class="para1" eId="section-1-1-a"><num>(a)</num><con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-1-a"><num>(a)</num><content>the benefit is a qualifying benefit (see section 2), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-1-b"><num>(b)</num><content>the scheme is a qualifying scheme (see sections 3 and 4).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-2"><num>(2)</num><intro>In this Part “<term refersTo="#term-collective-money-purchase-scheme" eId="term-collective-money-purchase-scheme">collective money purchase scheme</term>” means—</intro><level class="p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-a"><num>(a)</num><content>a qualifying scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-b"><num>(b)</num><content>a section of a qualifying scheme (see sections 3(6) to (9) and 5),</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Qualifying benefits</heading><subsection eId="section-2-1"><num>(1)</num><intro>A benefit provided under a pension scheme is a “qualifying benefit” if—</intro><level class="para1" eId="sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-1"><num>(1)</num><intro>A benefit provided under a pension scheme is a “qualifying benefit” if—</intro><level class="para1" eId="section-2-1-a"><num>(a)</num><content>the benefit is provided out of the ava

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-1-a"><num>(a)</num><content>the benefit is provided out of the available assets of the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-1-b"><num>(b)</num><content>under the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-1-c"><num>(c)</num><content>the benefit is not of a description specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-2"><num>(2)</num><intro>In subsection (1)—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-the-available-assets-of-the-scheme" eId="term-the-available-assets-of-the-scheme">the available

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>arise or derive from the payments made by or in respect of members of the scheme, and</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-8" class="schProv1"><num>8</num><content>The <ref eId="c00094" href="http://www.legislation.gov.uk/id/nisi/2005/255">Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))</ref> is amended as f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-9" class="schProv1"><num>9</num><content><mod>In Article 55 (registrable info

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-10" class="schProv1"><num>10</num><intro>In Article 75 (offences of providing

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-11-paragraph-10-b"><num>(b)</num><content><mod>after that head insert—<quotedStr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-11" class="schProv1"><num>11</num><content><mod>In Article 288 (Assembly etc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-determination-notice" eId="term-determination-notice">determination notice</term>” has the meaning given in Article 93(2)(a) of the Pensions (Northern Ireland) Order 2005 (S.I. 2

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-29" class="schProv1"><num>29</num><content>The Pensions (No. 2) Act (Northern Ireland) 2008 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-30" class="schProv1"><num>30</num><intro>In section 40 (fixed penalty notices)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-30-a"><num>(a)</num><content>omit the “or” after paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-8-paragraph-30-b"><num>(b)</num><content><mod>after paragraph (d) insert <quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-31" class="schProv1"><num>31</num><intro>In section 41 (escalating penalty not

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-31-a"><num>(a)</num><content>omit the “or” after paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-8-paragraph-31-b"><num>(b)</num><content><mod>after paragraph (d) insert <quoted

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-3"><num>(3)</num><content>Regulations under subsection (1)(c) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-4"><num>(4)</num><intro>Where a scheme is divided into sections, this section has effect as if—</intro><level class="para1" eId="section-2-4-a"><num>(a)</num><content>the reference to the scheme in subsecti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-a"><num>(a)</num><content>the reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-b"><num>(b)</num><content>the other references to the scheme were references to that section of it.m,.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>Qualifying schemes</heading><subsection eId="section-3-1"><num>(1)</num><content>A pension scheme is a “qualifying scheme” if it meets the requirements in this section.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>A pension scheme is a “qualifying scheme” if it meets the requirements in this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><content>The scheme must be an occupational pension scheme established under an irrevocable trust by a person or persons to whom section 1(2)(a) (employer) of the Pension Schemes Act 1993 app

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><intro>The scheme must be used, or intended to be used, only by—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>a single employer, or</content></level><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-a"><num>(a)</num><content>a single employer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-b"><num>(b)</num><content>two or more employers that are connected with each other.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><content>The scheme must not be a relevant public service pension scheme (see section 4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><content>The qualifying benefits provided under the scheme must consist of or include the payment of a pension.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-6"><num>(6)</num><content>If the scheme provides both qualifying benefits and other benefits, there must be appropriate separation of the qualifying benefits.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-7"><num>(7)</num><intro>There is “appropriate separation” of qualifying benefits and other benefits if (and only if)—</intro><level class="para1" eId="section-3-7-a"><num>(a)</num><content>the scheme is di

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-7-a"><num>(a)</num><content>the scheme is divided into sections,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-7-b"><num>(b)</num><content>none of the sections under which qualifying benefits are provided provides other types of benefit,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-7-c"><num>(c)</num><content>payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-7-d"><num>(d)</num><content>a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-8"><num>(8)</num><content>If the scheme provides a combination of qualifying benefits with different characteristics that is described in regulations made by the Secretary of State, there must be appropriate separ

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-9"><num>(9)</num><intro>There is “appropriate separation” of qualifying benefits with different characteristics if (and only if)—</intro><level class="para1" eId="section-3-9-a"><num>(a)</num><content>the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-a"><num>(a)</num><content>the scheme is divided into sections,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-b"><num>(b)</num><content>each of the different types of qualifying benefit is provided under a different section,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-c"><num>(c)</num><content>payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-d"><num>(d)</num><content>a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-10"><num>(10)</num><content>Regulations under subsection (8) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4"><num>4</num><heading>Qualifying schemes: supplementary</heading><subsection eId="section-4-1"><num>(1)</num><intro>For the purposes of section 3(4) a pension scheme is a relevant public service pension scheme if it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-1"><num>(1)</num><intro>For the purposes of section 3(4) a pension scheme is a relevant public service pension scheme if it is—</intro><level class="para1" eId="section-4-1-a"><num>(a)</num><content>a publi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-a"><num>(a)</num><content>a public service pension scheme within the meaning of the Pension Schemes Act 1993 (see section 1(1) of that Act),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-b"><num>(b)</num><content>a scheme under section 1 of the Public Service Pensions Act 2013 (new public service schemes),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-c"><num>(c)</num><content>a new public body pension scheme as defined in section 30 of that Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-d"><num>(d)</num><content>a statutory pension scheme that is connected with a scheme referred to in paragraph (b) or (c).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-2"><num>(2)</num><content>In subsection (1)(d) “<term refersTo="#term-connected" eId="term-connected">connected</term>” and “<term refersTo="#term-statutory-pension-scheme" eId="term-statutory-pension-schem

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-3"><num>(3)</num><content>The reference to a pension in section 3(5) does not include income withdrawal or dependants' income withdrawal within the meaning of paragraphs 7 and 21 of Schedule 28 to the Finance Act

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5"><num>5</num><heading>Schemes divided into sections</heading><subsection eId="section-5-1"><num>(1)</num><content>The Secretary of State may by regulations make provision about when a pension scheme is or is not divi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-1"><num>(1)</num><content>The Secretary of State may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-2"><num>(2)</num><intro>The Secretary of State may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purcha

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-a"><num>(a)</num><content>is a collective money purchase scheme by reason of section 1(2)(b), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-b"><num>(b)</num><content>satisfies conditions specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-3"><num>(3)</num><intro>For the purposes of this Part, where—</intro><level class="para1" eId="section-5-3-a"><num>(a)</num><content>a qualifying scheme is divided into sections, and</content></level><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-a"><num>(a)</num><content>a qualifying scheme is divided into sections, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-b"><num>(b)</num><content>each of those sections is a collective money purchase scheme by reason of section 1(2)(b),</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-4"><num>(4)</num><content>Regulations under subsection (1) are subject to negative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-5"><num>(5)</num><content>Regulations under subsection (2) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-6"><num>6</num><heading>Amendment of definitions of “money purchase benefits” etc</heading><sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-1"><num>(1)</num><intro>Schedule 1 contains amendments of definitions of “money purchase benefits” in—</intro><level class="para1" eId="section-6-1-a"><num>(a)</num><content>Schedule 10A to the Building So

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-a"><num>(a)</num><content>Schedule 10A to the Building Societies Act 1986 (disclosures about directors, other officers and employees in notes to accounts);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-b"><num>(b)</num><content>the Pension Schemes Act 1993;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-c"><num>(c)</num><content>Part 1 of the Pensions Act 2008 (pension scheme membership for jobholders).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-6-2"><num>(2)</num><intro>In section 32 of the Pensions Act 2011 (power to amend definitio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-6-2-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" eI

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-6-2-a-i"><num>(i)</num><content><mod>for “purpose the” substitute<quotedText sta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-6-2-a-ii"><num>(ii)</num><content><mod>at the end insert<quotedText startQuote="&

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-2-b"><num>(b)</num><content><mod>in subsection (2), at the end insert <quotedText>“ or by Schedule 1 to the Pension Schemes Act 2021 ”</quotedText>.</mod>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-authorisation"><heading>Authorisation</heading><section eId="section-7"><num>7</num><heading>Aut

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7"><num>7</num><heading>Authorisation of collective money purchase schemes</heading><subsection eId="section-7-1"><num>(1)</num><content>A person may not operate a collective money purchase scheme unless the scheme is

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-1"><num>(1)</num><content>A person may not operate a collective money purchase scheme unless the scheme is authorised.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-2"><num>(2)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-3"><num>(3)</num><content>If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-4"><num>(4)</num><intro>The notification must—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>explain that the notification is a triggering event (see section 31), and</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-4-a"><num>(a)</num><content>explain that the notification is a triggering event (see section 31), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-4-b"><num>(b)</num><content>include an explanation of the trustees' duties under sections 31 to 45.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-5"><num>(5)</num><intro>For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts—</intro><level class="para1" eId="section-7-5-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-a"><num>(a)</num><content>money paid by a member (or prospective member), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-b"><num>(b)</num><intro>money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except—</intro><level class="para2" eId="section-7-5-b-i"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-5-b-i"><num>(i)</num><content>the costs of setting up the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-5-b-ii"><num>(ii)</num><content>costs relating to obtaining authorisation for the scheme.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8"><num>8</num><heading>Application for authorisation</heading><subsection eId="section-8-1"><num>(1)</num><content>The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authorisati

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><content>The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authorisation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-2"><num>(2)</num><content>An application must be made in the manner and form specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><intro>An application must include—</intro><level class="para1" eId="section-8-3-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 13), and<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-3-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 13), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-3-b"><num>(b)</num><content>the scheme's continuity strategy (see section 17).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-4"><num>(4)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-8-4-a"><num>(a)</num><content>specify other information that must be included in an application;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-a"><num>(a)</num><content>specify other information that must be included in an application;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-b"><num>(b)</num><content>require a fee to be paid to the Pensions Regulator in respect of an application.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-5"><num>(5)</num><intro>In considering an application, the Pensions Regulator may take into account any matters it considers appropriate, including—</intro><level class="para1" eId="section-8-5-a"><num>(a)</nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-5-a"><num>(a)</num><content>additional information provided by the applicant, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-5-b"><num>(b)</num><content>subsequent changes to the application or to any information provided by the applicant.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-6"><num>(6)</num><content>Regulations under subsection (4) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9"><num>9</num><heading>Decision on application</heading><subsection eId="section-9-1"><num>(1)</num><content>Where an application is made for authorisation of a collective money purchase scheme under section 8, the Pe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-1"><num>(1)</num><content>Where an application is made for authorisation of a collective money purchase scheme under section 8, the Pensions Regulator must decide whether it is satisfied that the scheme meets the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-2"><num>(2)</num><content>The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-3"><num>(3)</num><intro>The authorisation criteria are—</intro><level class="para1" eId="section-9-3-a"><num>(a)</num><content>that the persons involved in the scheme are fit and proper persons (see section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-a"><num>(a)</num><content>that the persons involved in the scheme are fit and proper persons (see section 11),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-b"><num>(b)</num><content>that the design of the scheme is sound (see section 12),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-c"><num>(c)</num><content>that the scheme is financially sustainable (see section 14),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-d"><num>(d)</num><content>that the scheme has adequate systems and processes for communicating with members and others (see section 15),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-e"><num>(e)</num><content>that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 16), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-f"><num>(f)</num><content>that the scheme has an adequate continuity strategy (see section 17).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-4"><num>(4)</num><intro>If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—</intro><level class="para1" eId="section-9-4-a"><num>(a)</num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-4-a"><num>(a)</num><content>grant the authorisation,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-4-b"><num>(b)</num><content>notify the applicant of its decision, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-4-c"><num>(c)</num><content>add the scheme to its list of authorised collective money purchase schemes (see section 26).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-5"><num>(5)</num><intro>If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—</intro><level class="para1" eId="section-9-5-a"><num>(a)<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-a"><num>(a)</num><content>refuse to grant the authorisation, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-b"><num>(b)</num><content>notify the applicant of its decision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-6"><num>(6)</num><intro>A notification under subsection (5)(b) must also include—</intro><level class="para1" eId="section-9-6-a"><num>(a)</num><content>the reasons for the decision, and</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-6-a"><num>(a)</num><content>the reasons for the decision, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-6-b"><num>(b)</num><content>details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 10).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10"><num>10</num><heading>Reference to Tribunal of refusal to grant authorisation</heading><subsection eId="section-10-1"><num>(1)</num><intro>If the Pensions Regulator refuses to grant authorisation to a collective mo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-1"><num>(1)</num><intro>If the Pensions Regulator refuses to grant authorisation to a collective money purchase scheme, the decision may be referred to the Tribunal by—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-1-a"><num>(a)</num><content>the trustees, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-1-b"><num>(b)</num><content>any other person who appears to the Tribunal to be directly affected by the decision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-2"><num>(2)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>”, in relation to a reference under subsection (1), means—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-2-a"><num>(a)</num><content>the First-tier Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the First-tier Tribunal is to hear the reference;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-2-b"><num>(b)</num><content>the Upper Tribunal, in any other case.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-authorisation-criteria"><heading>Authorisation criteria</heading><section eId="section-11"><num>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11"><num>11</num><heading>Fit and proper persons requirement</heading><subsection eId="section-11-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the persons involved in a collective money purchase scheme are fit and pro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-2"><num>(2)</num><intro>The Pensions Regulator must assess whether each of the following is a fit and proper person to act in relation to the scheme in the capacity mentioned—</intro><level class="para1" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-a"><num>(a)</num><content>a person who establishes the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-b"><num>(b)</num><content>a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-c"><num>(c)</num><content>a person who (alone or with others) has power to appoint or remove a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-d"><num>(d)</num><content>a person who (alone or with others) has power to vary the provisions of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-e"><num>(e)</num><content>a person acting in a capacity specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-3"><num>(3)</num><intro>In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—</intro><level class="para1" eId="section-11-3-a"><num>(a)</num><conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-3-a"><num>(a)</num><content>must take into account any matters specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-3-b"><num>(b)</num><content>may take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-4"><num>(4)</num><content>Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-5"><num>(5)</num><intro>For the purposes of this section, a person (“A”) is connected with another person (“B”) if—</intro><level class="para1" eId="section-11-5-a"><num>(a)</num><content>A is an associate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-a"><num>(a)</num><content>A is an associate of B;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-b"><num>(b)</num><content>where B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-c"><num>(c)</num><intro>A is a trustee of an occupational pension scheme established under a trust and—</intro><level class="para2" eId="section-11-5-c-i"><num>(i)</num><content>the beneficiarie

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-5-c-i"><num>(i)</num><content>the beneficiaries of the trust include B or an associate of B, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-5-c-ii"><num>(ii)</num><content>the provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-6"><num>(6)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-associate" eId="term-associate">associate</term>” has the meaning given in section 435 of the I

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-pension-credit" eId="term-pension-credit">pension credit</term>” means a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 or Article 26(1)(b) of the Welf

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-5-paragraph-2-1"><num>(1)</num><content>A pause order must specify the period for which it has effect, which must not exceed three months.<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-5-paragraph-5-1"><num>(1)</num><intro>A pause order, or an order made under any of paragraphs 2, 3 and 4, may be made in relation to a collecti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-1" class="schProv1"><num>1</num><content>The <ref eId="c00092" href="http://www.legislation.gov.uk/id/nisi/2005/255">Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))</ref> is amended as fo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-4" class="schProv1"><num>4</num><content><mod>In Article 282 (admissibility of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-1" class="schProv1"><num>1</num><content>Part 4 of the <ref eId="c00093" href="http://www.legislation.gov.uk/id/nisi/2005/255">Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))</ref> (sche

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-11-paragraph-13-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-16" class="schProv1"><num>16</num><intro>In the <ref eId="c00101" href="http://www.legislation.gov.uk/id/nia/2016/1">Pension Schemes Act (Northern Ireland) 2016 (c. 1 (N.I.))</ref>, omit—</intro><le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-16-a"><num>(a)</num><content>sections 1 to 7 (Part 1: categories of pension scheme);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-16-b"><num>(b)</num><content>sections 8 to 35 (Part 2: pension schemes providing collective benefits);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-16-c"><num>(c)</num><content>sections 36, 37, 38(2), (3) and (5) to (7) and 39 to 45 (general changes to legislation about pension schemes);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-16-d"><num>(d)</num><content>Schedule 1 (early leavers: revaluation of accrued benefits);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-16-e"><num>(e)</num><intro>in Schedule 2 (other amendments to do with Parts 1 and 2)—</intro><level class="para2" eId="schedule-11-paragraph-16-e-i"><num>(i)</num><content>paragraphs 1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-i"><num>(i)</num><content>paragraphs 1 to 19;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-ii"><num>(ii)</num><content>paragraph 21;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-iii"><num>(iii)</num><content>paragraphs 23 to 27;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-iv"><num>(iv)</num><content>paragraphs 29 and 30;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-v"><num>(v)</num><content>paragraph 32;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-11-paragraph-16-e-vi"><num>(vi)</num><content>paragraphs 34 to 47.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-2" class="schProv1"><num>2</num><content><mod>Before Article 201 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-11-paragraph-3-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-11-paragraph-4-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-5" class="schProv1"><num>5</num><content><mod>In Article 205 (recovery plan),

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-6" class="schProv1"><num>6</num><content><mod>In Article 208 (matters requiri

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-11-paragraph-7-1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-earnings" eId="term-earnings">earnings</term>” has the meaning given in section 181(1) of the Pension Schemes Act 1993;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><content>The Pension Schemes Act 1993 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-2-paragraph-4-1"><num>(1)</num><intro>This paragraph applies where—</intro><level class="para1" eId="schedule-2-paragraph-4-1-a"><num>(a)</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-23" class="schProv1"><num>23</num><content>The Pensions Act 2014 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-5-paragraph-3-1"><num>(1)</num><content>If a pause order is made in relation to a collective money purchase scheme, the Pensions Regulator may

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-15" class="schProv1"><num>15</num><content>The Pensions Act 2008 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-15" class="schProv1"><num>15</num><content><mod>In Article 10 of the Pensions

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-11-paragraph-12-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-11-paragraph-15-1"><num>(1)</num><intro>In Article 3 of the <ref eId="c00099" href="http://www.legislation.gov.uk/id/nisi/1999/3147">Welfare

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-24" class="schProv1"><num>24</num><content><mod>In section 54(2) (regulatio

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-16" class="schProv1"><num>16</num><intro>In section 40 (fixed penalty notices)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-16-a"><num>(a)</num><content>omit the “or” after paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-16-b"><num>(b)</num><content><mod>after paragraph (d) insert<quotedT

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 181B(1) (money purchase benefits: supplementary), for “the definition” substitute <quotedText>“ paragraph (a) of the definitio

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-25" class="schProv1"><num>25</num><subparagraph eId="schedule-3-paragraph-25-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-17" class="schProv1"><num>17</num><intro>In section 41 (escalating penalty not

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-17-a"><num>(a)</num><content>omit the “or” after paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-17-b"><num>(b)</num><content><mod>after paragraph (d) insert<quotedT

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-7"><num>(7)</num><content>Regulations under subsection (3)(a) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-8"><num>(8)</num><content>Regulations under subsection (2)(e) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12"><num>12</num><heading>Scheme design requirement</heading><subsection eId="section-12-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisf

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the design of a collective money purchase scheme is sound (see section 9(3

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-2"><num>(2)</num><intro>In deciding whether the design of a collective money purchase scheme is sound, the Pensions Regulator must take into account—</intro><level class="para1" eId="section-12-2-a"><num>(a)<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 13);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-b"><num>(b)</num><content>any matters specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-3"><num>(3)</num><content>Regulations under subsection (2)(b) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-4"><num>(4)</num><content>Regulations under subsection (2)(b) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13"><num>13</num><heading>Viability report</heading><subsection eId="section-13-1"><num>(1)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-13-1-a"><num

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-1"><num>(1)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-13-1-a"><num>(a)</num><content>prepare a document explaining the design of the sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-a"><num>(a)</num><content>prepare a document explaining the design of the scheme and the reasons that they consider the design to be sound (a “viability report”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-b"><num>(b)</num><content>obtain a certificate from the scheme actuary certifying that, in the actuary's opinion, the design of the scheme is sound (a “viability certificate”).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-2"><num>(2)</num><content>The scheme actuary may not give a viability certificate unless satisfied that the scheme has rules that meet the requirements of section 18 and any regulations under that section.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-13-3-a"><num>(a)</num><content>specify information that must be included in a viability report,</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-a"><num>(a)</num><content>specify information that must be included in a viability report,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-b"><num>(b)</num><content>specify other requirements with which a viability report must comply,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-c"><num>(c)</num><content>make provision about the content of a viability certificate,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-d"><num>(d)</num><content>specify matters to which the scheme actuary must have regard when providing a viability certificate, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-3-e"><num>(e)</num><content>make provision about additional information or documents that must be prepared or obtained in connection with a viability report.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-4"><num>(4)</num><intro>The trustees of a collective money purchase scheme must, at least once a year—</intro><level class="para1" eId="section-13-4-a"><num>(a)</num><content>review the most recent viabili

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-a"><num>(a)</num><content>review the most recent viability report,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-b"><num>(b)</num><content>if appropriate, revise it, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-c"><num>(c)</num><content>obtain a new viability certificate in respect of the report (or revised report).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-5"><num>(5)</num><intro>If the most recent viability report becomes inaccurate or incomplete to any significant extent, the trustees must—</intro><level class="para1" eId="section-13-5-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-5-a"><num>(a)</num><content>revise the report, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-5-b"><num>(b)</num><content>obtain a new viability certificate in respect of the revised report.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-6"><num>(6)</num><intro>The trustees must provide the Pensions Regulator with the information and documents listed in subsection (7)—</intro><level class="para1" eId="section-13-6-a"><num>(a)</num><content><p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-a"><num>(a)</num><content>on applying for authorisation (see section 8),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-b"><num>(b)</num><content>within three months of the viability report being revised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-c"><num>(c)</num><content>at any other time, on request from the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-7"><num>(7)</num><intro>The information and documents to be provided are—</intro><level class="para1" eId="section-13-7-a"><num>(a)</num><content>the most recent viability report;</content></level><lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-7-a"><num>(a)</num><content>the most recent viability report;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-7-b"><num>(b)</num><content>the most recent viability certificate;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-7-c"><num>(c)</num><content>any additional information or documents specified or described in regulations under subsection (3)(e).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-8"><num>(8)</num><content>Regulations under subsection (3) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14"><num>14</num><heading>Financial sustainability requirement</heading><subsection eId="section-14-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme is financially sustainable (see section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-2"><num>(2)</num><intro>In order to be satisfied that a collective money purchase scheme is financially sustainable, the Pensions Regulator must be satisfied that the scheme has sufficient financial resources to

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-2-a"><num>(a)</num><content>the costs of setting up and running the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-2-b"><num>(b)</num><intro>in the event of a triggering event occurring—</intro><level class="para2" eId="section-14-2-b-i"><num>(i)</num><content>the costs of complying with the duties under secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-2-b-i"><num>(i)</num><content>the costs of complying with the duties under sections 31 to 45, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-2-b-ii"><num>(ii)</num><content>the costs of continuing to run the scheme for such period (which must be at least six months and no more than two years) as the Pensions Regulator thinks appropriate for t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-3"><num>(3)</num><content>In deciding whether it is satisfied that a scheme has sufficient financial resources to meet the costs mentioned in subsection (2), the Pensions Regulator must take into account any matt

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-4"><num>(4)</num><intro>Regulations under subsection (3) may include provision—</intro><level class="para1" eId="section-14-4-a"><num>(a)</num><content>requiring specified information to be provided to the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-4-a"><num>(a)</num><content>requiring specified information to be provided to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-4-b"><num>(b)</num><content>specifying requirements to be met by the scheme relating to its financing, such as requirements relating to assets, capital or liquidity.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-5"><num>(5)</num><content>Regulations under subsection (3) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15"><num>15</num><heading>Communication requirement</heading><subsection eId="section-15-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisf

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has adequate systems and processes for

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-2"><num>(2)</num><intro>In order to be satisfied that a scheme has adequate systems and processes for communicating with members and others, the Pensions Regulator must be satisfied that the scheme has adequate s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-a"><num>(a)</num><content>for providing information in relation to the scheme to persons falling within subsection (3);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-b"><num>(b)</num><content>for securing that information provided to those persons is correct and is not misleading.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-3"><num>(3)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-15-3-a"><num>(a)</num><content>a member or prospective member of the scheme, or<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-3-a"><num>(a)</num><content>a member or prospective member of the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-3-b"><num>(b)</num><content>a person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member.</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-4"><num>(4)</num><intro>In making the decision, the Pensions Regulator—</intro><level class="para1" eId="section-15-4-a"><num>(a)</num><content>must take into account any matters specified in regulations m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-4-a"><num>(a)</num><content>must take into account any matters specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-4-b"><num>(b)</num><content>may take into account any communications made using the systems and processes referred to in subsection (2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-5"><num>(5)</num><intro>Regulations under subsection (4)(a) may among other things—</intro><level class="para1" eId="section-15-5-a"><num>(a)</num><content>make provision about systems and processes used f

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-5-a"><num>(a)</num><content>make provision about systems and processes used for assessing and improving the effectiveness of communications;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-5-b"><num>(b)</num><content>make provision requiring specified information to be provided to the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-6"><num>(6)</num><content>Regulations under subsection (4)(a) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16"><num>16</num><heading>Systems and processes requirements</heading><subsection eId="section-16-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the systems and processes used in running a collective money purchase sche

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-2"><num>(2)</num><content>In deciding whether it is satisfied that the systems and processes used in running the scheme are sufficient for that purpose, the Pensions Regulator must take into account any matters s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-3"><num>(3)</num><intro>Regulations under subsection (2) may among other things—</intro><level class="para1" eId="section-16-3-a"><num>(a)</num><content>make provision about the matters set out in subsecti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-a"><num>(a)</num><content>make provision about the matters set out in subsection (4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-b"><num>(b)</num><content>require specified information to be provided to the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-4"><num>(4)</num><intro>The matters referred to in subsection (3)(a) are—</intro><level class="para1" eId="section-16-4-a"><num>(a)</num><content>features and functionality required of the IT systems used

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-a"><num>(a)</num><content>features and functionality required of the IT systems used in running the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-b"><num>(b)</num><content>standards that those IT systems must meet (for example, in relation to quality and in relation to security of data);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-c"><num>(c)</num><content>the maintenance of those IT systems;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-d"><num>(d)</num><content>records management, risk management and resource planning;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-e"><num>(e)</num><content>processes relating to transactions and investment decisions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-f"><num>(f)</num><content>processes relating to the appointment and removal of trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-g"><num>(g)</num><content>processes relating to the professional development of trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-h"><num>(h)</num><intro>processes relating to the appointment, removal, roles and responsibilities of—</intro><level class="para2" eId="section-16-4-h-i"><num>(i)</num><content>persons, other th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-16-4-h-i"><num>(i)</num><content>persons, other than the trustees, involved in running the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-16-4-h-ii"><num>(ii)</num><content>persons involved in providing services in relation to the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-5"><num>(5)</num><content>Regulations under subsection (2) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17"><num>17</num><heading>Continuity strategy requirement</heading><subsection eId="section-17-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><content>The trustees of a collective money purchase scheme must prepare a document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 31

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-3"><num>(3)</num><content>A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-4"><num>(4)</num><content>It must set out those levels of charges in the manner specified in regulations made by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-5"><num>(5)</num><intro>A continuity strategy must—</intro><level class="para1" eId="section-17-5-a"><num>(a)</num><content>contain such other information as may be specified in regulations made by the Sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-5-a"><num>(a)</num><content>contain such other information as may be specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-5-b"><num>(b)</num><content>be prepared in accordance with regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-6"><num>(6)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-17-6-a"><num>(a)</num><content>keep the continuity strategy under review, and</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-6-a"><num>(a)</num><content>keep the continuity strategy under review, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-6-b"><num>(b)</num><content>revise it if appropriate.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-7"><num>(7)</num><intro>The trustees must provide the continuity strategy to the Pensions Regulator—</intro><level class="para1" eId="section-17-7-a"><num>(a)</num><content>on application for authorisation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-7-a"><num>(a)</num><content>on application for authorisation (see section 8),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-7-b"><num>(b)</num><content>within three months of the continuity strategy being revised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-7-c"><num>(c)</num><content>at any other time, on request from the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-8"><num>(8)</num><content>In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.</content></s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-9"><num>(9)</num><content>Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-10"><num>(10)</num><content>Regulations under this section are subject to affirmative resolution procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-valuation-and-benefit-adjustment"><heading>Valuation and benefit adjustment</heading><section eI

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18"><num>18</num><heading>Calculation of benefits</heading><subsection eId="section-18-1"><num>(1)</num><content>A collective money purchase scheme must have rules about how the rate or amount of benefits provided unde

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-1"><num>(1)</num><content>A collective money purchase scheme must have rules about how the rate or amount of benefits provided under the scheme is to be determined.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-2"><num>(2)</num><intro>The rules must include—</intro><level class="para1" eId="section-18-2-a"><num>(a)</num><content>rules for determining the available assets of the scheme and their value,</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-2-a"><num>(a)</num><content>rules for determining the available assets of the scheme and their value,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-2-b"><num>(b)</num><content>rules for determining the required amount, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-2-c"><num>(c)</num><content>rules about how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including rules about when adjustments are to take effect.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-3"><num>(3)</num><content>In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 2(2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-4"><num>(4)</num><content>The Secretary of State may by regulations make provision about the matters mentioned in subsections (1) and (2), including provision about the methods and assumptions to be used.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-5"><num>(5)</num><intro>Regulations under subsection (4) making provision about the determination of the required amount may, among other things, make provision about—</intro><level class="para1" eId="section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-5-a"><num>(a)</num><content>how past or proposed adjustments to the rate or amount of benefits provided under the scheme are to be treated;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-5-b"><num>(b)</num><content>assumptions to be made about future adjustments to the rate or amount of such benefits.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-6"><num>(6)</num><intro>Regulations under subsection (4) may, among other things—</intro><level class="para1" eId="section-18-6-a"><num>(a)</num><content>provide for alternative methods and assumptions;</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-6-a"><num>(a)</num><content>provide for alternative methods and assumptions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-6-b"><num>(b)</num><content>require or enable the trustees to decide which methods and assumptions are to be used;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-6-c"><num>(c)</num><content>specify matters that the trustees must take into account, or principles they must follow, in making such decisions.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-7"><num>(7)</num><intro>Regulations under subsection (4)—</intro><level class="para1" eId="section-18-7-a"><num>(a)</num><content>may make provision applying in relation to rights under the scheme that hav

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-7-a"><num>(a)</num><content>may make provision applying in relation to rights under the scheme that have already accrued;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-7-b"><num>(b)</num><content>override the rules of the scheme to the extent that the rules conflict with the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-8"><num>(8)</num><content>Regulations under subsection (4) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19"><num>19</num><heading>Advice of scheme actuary</heading><subsection eId="section-19-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before making a decision as to the methods and assumptions to be used in determining the m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-2"><num>(2)</num><content>The Secretary of State may by regulations specify requirements with which the scheme actuary must comply when advising the trustees in accordance with subsection (1).</content></subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-3"><num>(3)</num><content>Regulations under subsection (2) may, among other things, require the scheme actuary to have regard to guidance that is prepared, and from time to time revised, by a person specified or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-4"><num>(4)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with subsection (1).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-5"><num>(5)</num><content>The first regulations under subsection (2) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-6"><num>(6)</num><content>Subsequent regulations under subsection (2) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20"><num>20</num><heading>Actuarial valuations</heading><subsection eId="section-20-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this section and regulations under subsection (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-2"><num>(2)</num><intro>In this Part “<term refersTo="#term-actuarial-valuation" eId="term-actuarial-valuation">actuarial valuation</term>” means a report prepared and signed by the scheme actuary setting out—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-2-a"><num>(a)</num><content>the available assets of the scheme and their value;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-2-b"><num>(b)</num><content>the required amount;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-2-c"><num>(c)</num><content>whether an adjustment to the rate or amount of benefits provided under the scheme is required and, if so, the amount of the adjustment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-3"><num>(3)</num><content>In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 2(2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-4"><num>(4)</num><content>A scheme actuary preparing an actuarial valuation in pursuance of a provision of this Part must determine the matters mentioned in subsection (2) in accordance with the scheme rules.

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-5"><num>(5)</num><intro>The Secretary of State may by regulations make provision about actuarial valuations, including—</intro><level class="para1" eId="section-20-5-a"><num>(a)</num><content>provision abo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-a"><num>(a)</num><content>provision about when actuarial valuations must be prepared;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-b"><num>(b)</num><content>provision about the date by reference to which a determination must be made;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-c"><num>(c)</num><content>provision about information and statements that an actuarial valuation must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-d"><num>(d)</num><content>provision requiring the trustees to obtain an actuarial valuation from the scheme actuary within a period specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-e"><num>(e)</num><content>provision requiring the trustees to send an actuarial valuation received by them to the Pensions Regulator within a period specified or described in the regulations.</cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-6"><num>(6)</num><intro>In a case that is not the subject of regulations under subsection (5)(a), the trustees must obtain—</intro><level class="para1" eId="section-20-6-a"><num>(a)</num><content>an actuar

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-6-a"><num>(a)</num><content>an actuarial valuation in which the date by reference to which the available assets of the scheme are determined (“<term refersTo="#term-the-effective-date" eId="term-the-effe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-6-b"><num>(b)</num><content>subsequent actuarial valuations in which the effective date is not more than one year after the effective date of the previous actuarial valuation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-7"><num>(7)</num><content>In a case that is not the subject of regulations under subsection (5)(b), the required amount must be determined by reference to the effective date.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-8"><num>(8)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-9"><num>(9)</num><content>Nothing in this section affects a power or duty of the trustees of a collective money purchase scheme to obtain actuarial valuations on other occasions.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-10"><num>(10)</num><content>The first regulations under subsection (5) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-11"><num>(11)</num><content>Subsequent regulations under subsection (5) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21"><num>21</num><heading>Certificate that actuarial valuation prepared in accordance with scheme rules</heading><content>A scheme actuary who prepares an actuarial valuation in pursuance of a provision of this Part mu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22"><num>22</num><heading>Benefits adjustments</heading><subsection eId="section-22-1"><num>(1)</num><content>This section applies where an adjustment to the rate or amount of benefits provided under a collective money

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-1"><num>(1)</num><content>This section applies where an adjustment to the rate or amount of benefits provided under a collective money purchase scheme is required in accordance with the scheme rules.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-2"><num>(2)</num><intro>The trustees must as soon as is reasonably practicable report in writing to the Pensions Regulator if the adjustment—</intro><level class="para1" eId="section-22-2-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-2-a"><num>(a)</num><content>is not made in accordance with the most recent actuarial valuation, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-2-b"><num>(b)</num><content>does not take effect in accordance with the scheme rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-3"><num>(3)</num><intro>A report under subsection (2) must—</intro><level class="para1" eId="section-22-3-a"><num>(a)</num><content>explain why the adjustment was not made in accordance with the most recen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-3-a"><num>(a)</num><content>explain why the adjustment was not made in accordance with the most recent actuarial valuation or (as the case may be) does not take effect in accordance with the scheme rules

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-3-b"><num>(b)</num><content>contain such other information as the Secretary of State may specify in regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-4"><num>(4)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-5"><num>(5)</num><content>Regulations under subsection (3)(b) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23"><num>23</num><heading>Powers of the Pensions Regulator</heading><subsection eId="section-23-1"><num>(1)</num><intro>The powers conferred by this section are exercisable where it appears to the Pensions Regulator (a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><intro>The powers conferred by this section are exercisable where it appears to the Pensions Regulator (as a result of a report made to it or otherwise) that the trustees of a collective money pu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-a"><num>(a)</num><content>failed to comply with a requirement imposed by or under this Part to obtain an actuarial valuation, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-b"><num>(b)</num><intro>failed to secure that any adjustment to the rate or amount of benefits provided under the scheme which is required in accordance with the scheme rules—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-1-b-i"><num>(i)</num><content>is made in accordance with the most recent actuarial valuation, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-1-b-ii"><num>(ii)</num><content>takes effect in accordance with the scheme rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><intro>The Pensions Regulator may direct the trustees—</intro><level class="para1" eId="section-23-2-a"><num>(a)</num><content>to obtain an actuarial valuation;</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-a"><num>(a)</num><content>to obtain an actuarial valuation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-b"><num>(b)</num><content>to take such other steps as the Pensions Regulator considers appropriate to remedy or mitigate the failure.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro>A direction under subsection (2)(a) must—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>specify the period within which the valuation is to be obtained;</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-a"><num>(a)</num><content>specify the period within which the valuation is to be obtained;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-b"><num>(b)</num><content>specify the date by reference to which the matters to be set out in the actuarial valuation are to be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-c"><num>(c)</num><content>contain such other information as the Secretary of State may specify in regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><content>In exercising a power conferred by this section, the Pensions Regulator must comply with any requirements specified in regulations made by the Secretary of State.</content></subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a direction under this section.</content></subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><content>Regulations under this section are subject to negative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><content>The powers conferred by this section are in addition to any powers exercisable by the Pensions Regulator under any other enactment.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24"><num>24</num><heading>Rules about modifying schemes</heading><subsection eId="section-24-1">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-1"><num>(1)</num><content>The Pensions Act 1995 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-2"><num>(2)</num><intro>In section 67 (the subsisting rights provisions)—</intro><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-2-a"><num>(a)</num><content><mod>after subsection (1) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-b"><num>(b)</num><content><mod>in subsection (2)(a)(i), after “if the modification is a protected modification,” insert <quotedText>“ or the scheme is a collective money purcha

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-c"><num>(c)</num><content><mod>in subsection (2)(a)(ii), for “if it is not” substitute <quotedText>“ if sub-paragraph (i) does not apply ”</quotedText>;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-d"><num>(d)</num><content>in subsection (3) omit paragraph (b) and the “or” before it;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-2-e"><num>(e)</num><content><mod>after subsection (3) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-3"><num>(3)</num><content><mod>In section 67A (the subsisting rights provisions: interp

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-4"><num>(4)</num><content><mod>After subsection (1) of that section insert—<quotedStruc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-5"><num>(5)</num><intro>In subsection (3) of that section—</intro><level class="par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-a"><num>(a)</num><content><mod>after “a modification” insert <quotedText>“ , other than a prohibited modification, ”</quotedText>;</mod></content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-5-b"><num>(b)</num><content><mod>for paragraph (a) substitute—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-c"><num>(c)</num><content><mod>in paragraph (b), after “rules” insert <quotedText>“ , other than a pension that is a collective money purchase benefit ”</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-5-d"><num>(d)</num><content>omit the words following paragraph (c).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-6"><num>(6)</num><content><mod>After subsection (3) of that section insert—<quotedStruc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-7"><num>(7)</num><content><mod>In subsection (4) of that section, after “a modification” insert <quotedText>“ , other than a prohibited modification, ”</quotedText>.</mod></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-8"><num>(8)</num><intro>In subsection (9) of that section—</intro><level class="par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-8-a"><num>(a)</num><content><mod>in paragraph (a), after sub-paragraph (xiii)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-8-b"><num>(b)</num><content><mod>in paragraph (b), after sub-paragraph (xi) in

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25"><num>25</num><heading>Transfer rights</heading><subsection eId="section-25-1"><num>(1)</num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><content>Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer rights: general) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-2"><num>(2)</num><intro>In section 93 (scope of Chapter 1)—</intro><level class="pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-2-a"><num>(a)</num><content><mod>in subsection (7) (crystallisation events), in paragraph (b), after “money purchase benefits” insert <quotedText>“ other than collective m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-2-b"><num>(b)</num><content><mod>after subsection (10) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-3"><num>(3)</num><content><mod>In section 97 (calculation of cash equivalents), after s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-4"><num>(4)</num><intro>In section 99 (trustees' duties after exercise of option), in s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-4-a"><num>(a)</num><content>omit the “and” at the end of paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-4-b"><num>(b)</num><content><mod>in paragraph (b), after “money purchase benefits” insert <quotedText>“ other than collective money purchase benefits ”</quo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-4-c"><num>(c)</num><content><mod>at the end of paragraph (b) insert<quotedText

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-5"><num>(5)</num><content><mod>After section 99 insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-6"><num>(6)</num><intro>In section 100B (meaning of “scheme rules”: occupational pensi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-6-a"><num>(a)</num><content><mod>in paragraph (a), at the end insert—<quotedSt

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-6-b"><num>(b)</num><content><mod>in paragraph (b), at the end insert—<quotedSt

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-ongoing-supervision"><heading>Ongoing supervision</heading><section eId="section-26"><num>26</nu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26"><num>26</num><heading>List of authorised schemes</heading><subsection eId="section-26-1"><num>(1)</num><content>The Pensions Regulator must maintain and publish a list of authorised collective money purchase scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><content>The Pensions Regulator must maintain and publish a list of authorised collective money purchase schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-2"><num>(2)</num><intro>The list—</intro><level class="para1" eId="section-26-2-a"><num>(a)</num><content>must identify each authorised collective money purchase scheme by name, and</content></level><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-2-a"><num>(a)</num><content>must identify each authorised collective money purchase scheme by name, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-2-b"><num>(b)</num><content>may include any other information that the Pensions Regulator considers appropriate.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27"><num>27</num><heading>Requirement to submit supervisory return</heading><subsection eId="section-27-1"><num>(1)</num><content>The Pensions Regulator may by notice require the trustees of a collective money purchase

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-1"><num>(1)</num><content>The Pensions Regulator may by notice require the trustees of a collective money purchase scheme to submit a supervisory return.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-2"><num>(2)</num><content>The Secretary of State may make regulations setting out the information that the Pensions Regulator may require in a supervisory return.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-3"><num>(3)</num><intro>The notice must specify—</intro><level class="para1" eId="section-27-3-a"><num>(a)</num><content>the information required to be included in the return,</content></level><level c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-3-a"><num>(a)</num><content>the information required to be included in the return,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-3-b"><num>(b)</num><content>the manner and form in which the return must be submitted, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-27-3-c"><num>(c)</num><content>the period (of at least 28 days) within which the return must be submitted.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-4"><num>(4)</num><content>The trustees of a collective money purchase scheme may not be required to submit a supervisory return more than once in any 12 month period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to submit a supervisory return when required to do so.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-6"><num>(6)</num><content>Regulations under subsection (2) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28"><num>28</num><heading>Duty to notify the Pensions Regulator of significant events</heading><subsection eId="section-28-1"><num>(1)</num><content>Where a person mentioned in subsection (2) becomes aware of the fact

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-1"><num>(1)</num><content>Where a person mentioned in subsection (2) becomes aware of the fact that a significant event has occurred in relation to an authorised collective money purchase scheme, the person must

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-2"><num>(2)</num><intro>The persons are—</intro><level class="para1" eId="section-28-2-a"><num>(a)</num><content>a trustee of the scheme;</content></level><level class="para1" eId="section-28-2-b"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-a"><num>(a)</num><content>a trustee of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-b"><num>(b)</num><content>an employer in relation to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-c"><num>(c)</num><content>a person who (alone or with others) has power to appoint or remove a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-d"><num>(d)</num><content>a person who (alone or with others) has power to vary the provisions of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-e"><num>(e)</num><content>a person who provides legal, financial or actuarial advice in relation to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-f"><num>(f)</num><content>a person who manages the scheme administration services;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-2-g"><num>(g)</num><content>a person acting in a capacity specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-3"><num>(3)</num><content>The Secretary of State must make regulations setting out the events that constitute significant events for the purposes of this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-4"><num>(4)</num><content>The Secretary of State may by regulations specify further information that is to be provided by a person required to give notice under this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-5"><num>(5)</num><intro>Except as provided by subsections (6) and (7), the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-28-5-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-5-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-5-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-6"><num>(6)</num><content>This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information would

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-7"><num>(7)</num><content>A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege (or, in Scotland, to confidentiality of communications) could be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-8"><num>(8)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by or under this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-9"><num>(9)</num><content>The first regulations under subsection (3) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-10"><num>(10)</num><content>Subsequent regulations under subsection (3), and regulations under subsection (2)(g) or (4), are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29"><num>29</num><heading>Risk notices</heading><subsection eId="section-29-1"><num>(1)</num><intro>The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-1"><num>(1)</num><intro>The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator considers that—</intro><level class="para1" eId="section-29-1-a"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-1-a"><num>(a)</num><content>there is an issue of concern in relation to the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-1-b"><num>(b)</num><content>the scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-2"><num>(2)</num><content>A risk notice is a notice that requires the trustees of the scheme to submit to the Pensions Regulator a plan (a “resolution plan”) setting out proposals for resolving the issue of conc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-3"><num>(3)</num><intro>A risk notice must—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>identify the issue of concern;</content></level><level class="para1" eId="section-29-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-a"><num>(a)</num><content>identify the issue of concern;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-b"><num>(b)</num><content>specify the date by which the resolution plan is to be submitted.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-4"><num>(4)</num><content>If the Pensions Regulator is not satisfied that the proposals in a resolution plan are likely to be adequate to resolve the issue of concern, the Regulator may give a further notice to t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-5"><num>(5)</num><intro>The trustees must implement the proposals in a resolution plan if the Pensions Regulator—</intro><level class="para1" eId="section-29-5-a"><num>(a)</num><content>is satisfied that t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-5-a"><num>(a)</num><content>is satisfied that the proposals are likely to be adequate to resolve the issue of concern, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-5-b"><num>(b)</num><content>notifies the trustees accordingly.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-6"><num>(6)</num><content>The Pensions Regulator may direct the trustees to comply with the requirement imposed by subsection (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-7"><num>(7)</num><intro>Where the trustees are required by subsection (5) to implement the proposals in a resolution plan, the trustees must—</intro><level class="para1" eId="section-29-7-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-7-a"><num>(a)</num><content>submit to the Pensions Regulator, before the end of a period specified in regulations made by the Secretary of State, a report setting out what progress they are making in imp

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-7-b"><num>(b)</num><content>submit further progress reports to the Pensions Regulator at intervals specified by the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-8"><num>(8)</num><content>Resolution plans and progress reports must be provided in the manner and form specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-9"><num>(9)</num><content>A reference to a resolution plan in subsections (4) to (8) includes a reference to a resolution plan as revised under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-10"><num>(10)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-29-10-a"><num>(a)</num><content>specify information that a risk notice must contain;</conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-10-a"><num>(a)</num><content>specify information that a risk notice must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-10-b"><num>(b)</num><content>provide that the date referred to in subsection (3)(b) or (4) must fall before the end of a period specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-11"><num>(11)</num><intro>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with—</intro><level class="para1" eId="section-29-11-a"><num>(a)</num><content>a not

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-11-a"><num>(a)</num><content>a notice under subsection (1) or (4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-11-b"><num>(b)</num><content>a direction under subsection (6), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-11-c"><num>(c)</num><content>a requirement imposed by subsection (7).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-12"><num>(12)</num><content>Regulations under this section are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30"><num>30</num><heading>Withdrawal of authorisation</heading><subsection eId="section-30-1"><num>(1)</num><content>If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><content>If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme meets the authorisation criteria, it may decide to withdraw the scheme's authorisation

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-2"><num>(2)</num><intro>A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-a"><num>(a)</num><content>explain that the issue of the notice is a triggering event (see section 31), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-b"><num>(b)</num><content>include an explanation of the trustees' duties under sections 31 to 45.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-3"><num>(3)</num><intro>On withdrawal of a scheme's authorisation, the Pensions Regulator must—</intro><level class="para1" eId="section-30-3-a"><num>(a)</num><content>notify the trustees that the scheme i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-a"><num>(a)</num><content>notify the trustees that the scheme is no longer authorised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-b"><num>(b)</num><content>remove the scheme from the list of authorised collective money purchase schemes.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-4"><num>(4)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-determination-notice" eId="term-determination-notice">determination notice</term>” has the meaning

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading>Information from occupational pension schemes</heading><par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-required-amount" eId="term-the-required-amount">the required amount</term>” means the amount expected to be required, applying appropriate actuarial assumptions, for the purp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-2" class="schProv1"><num>2</num><content><mod>After Article 215 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-5" class="schProv1"><num>5</num><content><mod>In Article 288 (Assembly etc con

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-2-paragraph-1-1"><num>(1)</num><content>If a pause order is made in relation to a collective money purchase scheme, any action taken in contrav

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-2-paragraph-5-1"><num>(1)</num><intro>A pause order, or an order made under any of paragraphs 2, 3 and 4, may be made in relation to a collecti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-3" class="schProv1"><num>3</num><content><mod>After Article <ref href="#d25e30

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-6" class="schProv1"><num>6</num><content><mod>In Schedule 1 (the Pensions Regu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-insolvency-event" eId="term-insolvency-event">insolvency event</term>” has the meaning given in section 121 of the Pensions Act 2004;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-member" eId="term-member">member</term>” has the meaning given in section 124(1) of the Pensions Act 1995 (read with regulations made under section 125(4) of that Act);</cont

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-5-paragraph-1-1"><num>(1)</num><content>If a pause order is made in relation to a collective money purchase scheme, any action taken in contrav

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-5-paragraph-4-1"><num>(1)</num><intro>This paragraph applies where—</intro><level class="para1" eId="schedule-5-paragraph-4-1-a"><num>(a)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“special procedure” has the meaning given in section 98 of that Act;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-the-available-assets-of-the-scheme" eId="term-the-available-assets-of-the-scheme">the available assets of the scheme</term>” means all the assets that—</intro><level class="par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>receives a transfer from a transferring scheme of the value of accrued rights to benefits under that scheme during a triggering event period for that scheme, and</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-22" class="schProv1"><num>22</num><subparagraph eId="schedule-6-paragraph-22-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-2" class="schProv1"><num>2</num><content>The Pensions Act 2004 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-8-paragraph-2-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-8-paragraph-5-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-8-paragraph-8-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-11" class="schProv1"><num>11</num><content><mod>After Article 72 (penalties re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-14" class="schProv1"><num>14</num><content><mod>After Article 83 insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 38B (section 38 contr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-4" class="schProv1"><num>4</num><intro>In section 75 (inspection of premises: powers of inspectors), in subsection (1)—</intro><level class="para1" eId="schedule-7-paragraph-4-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-4-a"><num>(a)</num><content><mod>after “subsection (1),” insert <quotedText>“ (2A), ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-4-b"><num>(b)</num><content><mod>for “(3) or (4)” substitute <quotedText>“ (3), (4) or (5A) ”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-7-paragraph-5-1"><num>(1)</num><content>Section 76 (inspection of premises: supplementary) is amended as follows.</content></subparagraph><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-6" class="schProv1"><num>6</num><intro>In section 78 (warrants), in subsection (1)(c)(iii)—</intro><level class="para1" eId="schedule-7-paragraph-6-a"><num>(a)</num><content><mod>after “virtue of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-6-a"><num>(a)</num><content><mod>after “virtue of”, in the first place it occurs, insert <quotedText>“ section 77A, 77B or 88A of this Act, ”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-6-b"><num>(b)</num><content><mod>for “either of them” substitute <quotedText>“ any of those provisions ”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-7-paragraph-7-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-8" class="schProv1"><num>8</num><intro>In section 90 (codes of practice), in s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-8-a"><num>(a)</num><content><mod>in paragraph (aa), after “test” insert <quotedText>“ , the employer insolvency test or the employer resources test ”</quo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-8-b"><num>(b)</num><content><mod>after paragraph (b) insert—<quotedS

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-7-paragraph-9-1"><num>(1)</num><content>Section 96 (the Regulator's standard procedure in relation to its regulatory functions) is amended as f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-10" class="schProv1"><num>10</num><content><mod>In section 256 (no indemnification for fines or civil penalties), in subsection (1)(b), after “virtue of” insert <quotedText>“ section 77A

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-7-paragraph-11-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-7-paragraph-12-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-7-paragraph-13-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-14" class="schProv1"><num>14</num><content><mod>In Schedule 2 (the reserved re

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-triggering-events-and-continuity-options"><heading>Trigge

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-31"><num>31</num><heading>Triggering events</heading><subsection eId="section-31-1"><num>(1)</num><content>A t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><content>A triggering event occurs in relation to a collective money purchase scheme if an event within the second column of the triggering events table occurs in relation to it, subject to subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-2"><num>(2)</num><content>An event within any of items 4 to 9 of the triggering events table is not a triggering event in relation to a collective money purchase scheme if it occurs within an existing triggering

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-3"><num>(3)</num><content>A triggering event occurs on the date specified in relation to the event in the third column of the triggering events table.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-31-4"><num>(4)</num><content>For the purposes of this Part “the triggering events table” is—<tblock cl

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-5"><num>(5)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-item-1-triggering-event" eId="term-item-1-triggering-event">item 1 triggering event</term>” means

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading><ref eId="c00058" href="http://www.legislation.gov.uk/id/uk

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-22" class="schProv1"><num>22</num><intro>In section 31 of the Pensions Act 200

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-22-a"><num>(a)</num><intro>in the definition of “freezing event”—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-3-paragraph-22-a-i"><num>(i)</num><content>omit the “or” at the end of each of paragraphs (a) and (b);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="schedule-3-paragraph-22-a-ii"><num>(ii)</num><content><mod>at the end of paragraph (c) in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-22-b"><num>(b)</num><content><mod>in the definition of “relevant provision”, in paragraph (c), after “2017” insert <quotedText>“ or (as the case may be) section 44 of the

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-2" class="schProv1"><num>2</num><content>The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-4-paragraph-3-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 176B(1) (money purchase benefits: supplementary), for “the definition” substitute <quotedText>“ paragraph (a) of the definitio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-6"><num>(6)</num><content>In this section “<term refersTo="#term-closed" eId="term-closed">closed</term>”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-32"><num>32</num><heading>Triggering event periods</heading><subsection eId="section-32-1"><num>(1)</num><intro><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-1"><num>(1)</num><intro>For the purposes of this Part, a “triggering event period” for a collective money purchase scheme is a period—</intro><level class="para1" eId="section-32-1-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-1-a"><num>(a)</num><content>starting with the date on which a triggering event occurs in relation to the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-1-b"><num>(b)</num><content>ending with the earliest of the dates given by subsection (2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-2"><num>(2)</num><intro>The dates are—</intro><level class="para1" eId="section-32-2-a"><num>(a)</num><intro>the date on which the trustees receive from the Pensions Regulator—</intro><level class="par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-a"><num>(a)</num><intro>the date on which the trustees receive from the Pensions Regulator—</intro><level class="para2" eId="section-32-2-a-i"><num>(i)</num><content>notification under section 3

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-2-a-i"><num>(i)</num><content>notification under section 37(4) that the Regulator is satisfied that the triggering event has been resolved, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-2-a-ii"><num>(ii)</num><content>notification under section 38(4) that the Regulator is satisfied that preparations for conversion to a closed scheme are complete and that the conversion will resolve the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-b"><num>(b)</num><content>the date on which the scheme is wound up;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-2-c"><num>(c)</num><content>in the case of an item 1 or 2 triggering event (notice in respect of a decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-3"><num>(3)</num><intro>For the purposes of subsection (2)(c), it becomes clear that authorisation is not to be withdrawn—</intro><level class="para1" eId="section-32-3-a"><num>(a)</num><content>in the cir

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-3-a"><num>(a)</num><content>in the circumstances set out in relation to the event in the second column of the table in subsection (4), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-3-b"><num>(b)</num><content>on the date given in relation to those circumstances in the third column of that table.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-32-4"><num>(4)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><xh

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>” has the meaning given in—</intro><level class="para1" eId="section-32-5-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-a"><num>(a)</num><content>section 96(7) of the Pensions Act 2004, in a case where the standard procedure applies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-b"><num>(b)</num><content>section 99(13) of that Act, in a case where the special procedure applies.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-33"><num>33</num><heading>Notification of triggering events</heading><subsection eId="section-33-1"><num>(1)</num

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-1"><num>(1)</num><content>If a triggering event listed in the first column of the table in subsection (2) occurs in relation to a collective money purchase scheme, each person specified in relation to the event i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-33-2"><num>(2)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><xh

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-3"><num>(3)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, a trustee who is aware of the event must (subject to subsections (5), (6), (12) and (13)) give the require

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-4"><num>(4)</num><intro>In this section “<term refersTo="#term-the-required-notification" eId="term-the-required-notification">the required notification</term>”, in relation to a triggering event, means notifica

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-4-a"><num>(a)</num><content>the occurrence of the event, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-4-b"><num>(b)</num><content>such other matters relating to the event as may be specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-5"><num>(5)</num><content>In the case of an item 4 or 5 triggering event, subsection (4)(a) does not apply as regards notification of the employer or relevant former employer in respect of whom the event occurs.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-6"><num>(6)</num><intro>In the case of an item 6 or 8 triggering event, subsection (4)(a) does not apply as regards notification of the person who decided that the scheme—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-6-a"><num>(a)</num><content>should be wound up, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-6-b"><num>(b)</num><content>(as the case may be) should become a closed scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-7"><num>(7)</num><content>If an item 4 or 5 triggering event occurs in relation to a collective money purchase scheme, each employer or relevant former employer in respect of whom the event occurs must (subject t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-8"><num>(8)</num><intro>If an item 6 or 8 triggering event occurs in relation to a collective money purchase scheme, the person who decided that the scheme—</intro><level class="para1" eId="section-33-8-a"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-8-a"><num>(a)</num><content>should be wound up, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-8-b"><num>(b)</num><content>(as the case may be) should become a closed scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-9"><num>(9)</num><content>If an item 7 or 9 triggering event occurs in relation to a collective money purchase scheme, each employer or relevant former employer who is aware of the event must (subject to subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-10"><num>(10)</num><content>A notification under this section must be given before the end of the period specified in regulations made by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-11"><num>(11)</num><intro>Except as provided by subsections (12) and (13), the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-33-11-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-11-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-11-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-12"><num>(12)</num><content>This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information wou

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-13"><num>(13)</num><content>A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege (or, in Scotland, to confidentiality of communications) could

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-14"><num>(14)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-15"><num>(15)</num><content>Regulations under this section are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34"><num>34</num><heading>Continuity options</heading><subsection eId="section-34-1"><num>(1)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must pursue one o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must pursue one of the continuity options.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-2"><num>(2)</num><intro>The continuity options are—</intro><level class="para1" eId="section-34-2-a"><num>(a)</num><content>continuity option 1 (discharge of liabilities and winding up) (see section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-a"><num>(a)</num><content>continuity option 1 (discharge of liabilities and winding up) (see section 36);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-b"><num>(b)</num><content>continuity option 2 (resolving triggering event) (see section 37);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-c"><num>(c)</num><content>continuity option 3 (conversion to closed scheme) (see section 38).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-3"><num>(3)</num><intro>The trustees must pursue continuity option 1—</intro><level class="para1" eId="section-34-3-a"><num>(a)</num><content>if the triggering event is an item 1 or 2 triggering event and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-3-a"><num>(a)</num><content>if the triggering event is an item 1 or 2 triggering event and the decision to withdraw authorisation has become final (see section 35), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-3-b"><num>(b)</num><content>if the triggering event is an item 3 triggering event.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-4"><num>(4)</num><intro>In those cases, the trustees must pursue continuity option 1 even if—</intro><level class="para1" eId="section-34-4-a"><num>(a)</num><content>the item 1, 2 or 3 triggering event occ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-4-a"><num>(a)</num><content>the item 1, 2 or 3 triggering event occurs within the triggering event period of an earlier triggering event, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-4-b"><num>(b)</num><content>the trustees have already decided to pursue continuity option 2 or 3 in respect of the earlier triggering event.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-5"><num>(5)</num><content>The trustees may pursue continuity option 3 only if (or to the extent that) the provisions of the scheme allow them to do so.Subject to that, this section overrides any provision

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-6"><num>(6)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-35"><num>35</num><heading>When a decision to withdraw authorisation becomes final</heading><subsection eId="secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-1"><num>(1)</num><intro>For the purposes of this Part, in relation to an item 1 or 2 triggering event, a decision to withdraw authorisation becomes final—</intro><level class="para1" eId="section-35-1-a"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-35-1-a"><num>(a)</num><content>in the circumstances set out in relation to the event in the second column of the table in subsection (2), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-35-1-b"><num>(b)</num><content>on the date given in relation to those circumstances in the third column of that table.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-35-2"><num>(2)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><xh

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-3"><num>(3)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>” has the meaning given in—</intro><level class="para1" eId="section-35-3-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-35-3-a"><num>(a)</num><content>section 96(7) of the Pensions Act 2004, in a case where the standard procedure applies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-35-3-b"><num>(b)</num><content>section 99(13) of that Act, in a case where the special procedure applies.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36"><num>36</num><heading>Continuity option 1: discharge of liabilities and winding up</heading><subsection eId="section-36-1"><num>(1)</num><intro>Where the trustees of a collective money purchase scheme are required,

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-1"><num>(1)</num><intro>Where the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1, they must—</intro><level class="para1" eId="section-36-1-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-1-a"><num>(a)</num><content>quantify, in the case of each beneficiary, the amount that represents the value of the beneficiary's accrued rights to benefits under the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-1-b"><num>(b)</num><content>formulate a proposal for discharging the scheme's liability to each beneficiary in respect of those rights, in one of the ways set out in subsection (2);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-1-c"><num>(c)</num><content>notify each employer and relevant former employer, and each beneficiary, of the proposal and of such other matters as may be specified in regulations made by the Secretary of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-2"><num>(2)</num><intro>The ways of discharging the scheme's liability referred to in subsection (1)(b) are—</intro><level class="para1" eId="section-36-2-a"><num>(a)</num><content>transferring the value o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-2-a"><num>(a)</num><content>transferring the value of the beneficiaries' accrued rights to benefits under the scheme to a collective money purchase scheme or to a Master Trust scheme;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-2-b"><num>(b)</num><content>transferring the value of those rights, in such circumstances as may be specified in regulations made by the Secretary of State, to a pension scheme that has characteristics s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-2-c"><num>(c)</num><content>securing, in such circumstances as may be specified in regulations made by the Secretary of State, the payment of benefits by such other means (an “alternative payment mechan

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-3"><num>(3)</num><content>A proposal under subsection (1)(b) may deal with the rights of different descriptions of beneficiaries in different ways.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-4"><num>(4)</num><intro>Subsections (1)(b) and (2) have effect subject to—</intro><level class="para1" eId="section-36-4-a"><num>(a)</num><content>Part 4ZA of the Pension Schemes Act 1993 (transfers and co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-4-a"><num>(a)</num><content>Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-4-b"><num>(b)</num><content>provision made by regulations under subsection (6).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-5"><num>(5)</num><intro>Notification under subsection (1)(c) must be given—</intro><level class="para1" eId="section-36-5-a"><num>(a)</num><content>in the manner specified in regulations made by the Secret

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-5-a"><num>(a)</num><content>in the manner specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-5-b"><num>(b)</num><content>before the end of the period specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-6"><num>(6)</num><intro>The Secretary of State may by regulations make provision for the purposes of enabling continuity option 1 to be given effect, which may include—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-6-a"><num>(a)</num><content>provision about how continuity option 1 is to be pursued by the trustees of a collective money purchase scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-6-b"><num>(b)</num><content>provision conferring rights on beneficiaries or employers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-6-c"><num>(c)</num><content>provision imposing duties on employers or trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-6-d"><num>(d)</num><content>provision conferring power on the Pensions Regulator to direct trustees to do things permitted or required by the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-6-e"><num>(e)</num><content>provision deeming a beneficiary the value of whose accrued rights are to be transferred to a scheme that is not a collective money purchase scheme or a Master Trust scheme to

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-7"><num>(7)</num><intro>Regulations under subsection (6) must include—</intro><level class="para1" eId="section-36-7-a"><num>(a)</num><content>provision about how the quantification referred to in subsecti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-a"><num>(a)</num><content>provision about how the quantification referred to in subsection (1)(a) is to be carried out (which may be different in relation to different descriptions of beneficiaries);</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-b"><num>(b)</num><content>provision for securing that a person who has become a pensioner beneficiary (whether before or after the occurrence of the triggering event as a result of which the trustees a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-c"><num>(c)</num><content>provision about how rights conferred by the regulations may be exercised (including the time periods within which they may be exercised);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-d"><num>(d)</num><content>provision specifying requirements (which may include approval or authorisation by the Pensions Regulator in accordance with the regulations) to be met in the case of a pension

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-e"><num>(e)</num><content>provision requiring those responsible for a pension scheme by means of which it is proposed to discharge the collective money purchase scheme's liabilities to beneficiaries (“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-f"><num>(f)</num><content>provision imposing duties on the trustees to notify all or a specified description of employers and beneficiaries of their rights under the regulations and of members' rights

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-36-7-g"><num>(g)</num><content>provision about the winding up of the collective money purchase scheme in circumstances where the scheme's liabilities to beneficiaries are discharged.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-8"><num>(8)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-beneficiary" eId="term-beneficiary">beneficiary</term>”, in relation to the collective money purc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-9"><num>(9)</num><content>Section 10 of the Pension Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-10"><num>(10)</num><content>Regulations under this section may provide for the application of section 10 of the Pensions Act 1995 to a person who fails to comply with a requirement imposed by the regulations.

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-11"><num>(11)</num><content>Regulations under subsection (2) or (6) are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-36-12"><num>(12)</num><content>Regulations under subsection (1)(c) or (5) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37"><num>37</num><heading>Continuity option 2: resolving triggering event</heading><subsection eId="section-37-1"><num>(1)</num><content>Where the trustees of a collective money purchase scheme decide to pursue continu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-1"><num>(1)</num><content>Where the trustees of a collective money purchase scheme decide to pursue continuity option 2, they must attempt to resolve the triggering event.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-2"><num>(2)</num><content>The trustees must notify the Pensions Regulator when they consider that the triggering event has been resolved.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-3"><num>(3)</num><intro>The notification must—</intro><level class="para1" eId="section-37-3-a"><num>(a)</num><content>set out how the trustees consider that the triggering event has been resolved;</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-3-a"><num>(a)</num><content>set out how the trustees consider that the triggering event has been resolved;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-3-b"><num>(b)</num><content>be given before the end of the period specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-4"><num>(4)</num><content>After receiving the notification, the Pensions Regulator must notify the trustees as to whether it is satisfied that the triggering event has been resolved.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-5"><num>(5)</num><content>The Pensions Regulator may not form the view that a triggering event (“<term refersTo="#term-the-relevant-event" eId="term-the-relevant-event">the relevant event</term>”) has been resolv

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-6"><num>(6)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-7"><num>(7)</num><content>Regulations under subsection (3)(b) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38"><num>38</num><heading>Continuity option 3: conversion to closed scheme</heading><subsection eId="section-38-1"><num>(1)</num><content>This section applies where the trustees of a collective money purchase scheme de

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-1"><num>(1)</num><content>This section applies where the trustees of a collective money purchase scheme decide to pursue continuity option 3.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-2"><num>(2)</num><content>The trustees must notify the Pensions Regulator when they consider that preparations for the conversion of the scheme into a closed scheme are complete.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-3"><num>(3)</num><content>The Secretary of State may by regulations require notification under subsection (2) to be given before the end of a period specified in the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-4"><num>(4)</num><intro>If the Pensions Regulator is satisfied—</intro><level class="para1" eId="section-38-4-a"><num>(a)</num><content>that preparations for the conversion of the scheme into a closed sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-38-4-a"><num>(a)</num><content>that preparations for the conversion of the scheme into a closed scheme are complete, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-38-4-b"><num>(b)</num><content>that the conversion will resolve the triggering event giving rise to the decision to pursue continuity option 3, and any other event within the triggering events table that ha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-5"><num>(5)</num><content>The conversion of the scheme into a closed scheme may be carried out only in accordance with the provisions of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-6"><num>(6)</num><content>The scheme may not begin operating as a closed scheme until the trustees have received notification under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-7"><num>(7)</num><content>Where the trustees have pursued continuity option 3 they may not later reverse the closure of the scheme (either completely or to any extent).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-8"><num>(8)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with a requirement or restriction imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-9"><num>(9)</num><content>Regulations under subsection (3) are subject to negative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-10"><num>(10)</num><content>In this section “<term refersTo="#term-closed" eId="term-closed">closed</term>”, in relation to a collective money purchase scheme, means closed to new contributions or new members (o

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39"><num>39</num><heading>Implementation strategy</heading><subsection eId="section-39-1"><num>(1)</num><intro>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must—</int

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-1"><num>(1)</num><intro>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must—</intro><level class="para1" eId="section-39-1-a"><num>(a)</num><content>produce a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-a"><num>(a)</num><content>produce a document setting out how the interests of members of the scheme are to be protected following the occurrence of the event (an “implementation strategy”), and</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-1-b"><num>(b)</num><content>submit it to the Pensions Regulator for approval before the end of a period specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-2"><num>(2)</num><intro>If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—</intro><level class="para1" eId="section-39-2-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-2-a"><num>(a)</num><content>the trustees are not required to submit an implementation strategy in respect of the earlier triggering event;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-2-b"><num>(b)</num><content>any implementation strategy approved by the Pensions Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-3"><num>(3)</num><intro>In the case of an item 1 or 2 triggering event—</intro><level class="para1" eId="section-39-3-a"><num>(a)</num><content>the trustees are required to submit an implementation strateg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-3-a"><num>(a)</num><content>the trustees are required to submit an implementation strategy only if the decision to withdraw authorisation has become final (see section 35);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-39-3-b"><num>(b)</num><content>if it becomes clear that authorisation is not to be withdrawn, subsection (2) ceases to have effect on the date on which that becomes clear.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-4"><num>(4)</num><content>The Pensions Regulator may direct the trustees to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-6"><num>(6)</num><content>This section overrides any provision of the collective money purchase scheme, to the extent that there is a conflict.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-7"><num>(7)</num><content>Regulations under subsection (1)(b) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40"><num>40</num><heading>Approval of implementation strategy</heading><subsection eId="section-40-1"><num>(1)</num><content>The Pensions Regulator may approve an implementation strategy only if it is satisfied that th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-1"><num>(1)</num><content>The Pensions Regulator may approve an implementation strategy only if it is satisfied that the strategy is adequate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-2"><num>(2)</num><content>Subsections (3) to (6) apply for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that an implementation strategy for a collective money purchase scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-3"><num>(3)</num><content>An implementation strategy must include information about the levels of administration charges in relation to members of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-4"><num>(4)</num><intro>The information must—</intro><level class="para1" eId="section-40-4-a"><num>(a)</num><content>relate to the levels of administration charges as at the date specified or described in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-4-a"><num>(a)</num><content>relate to the levels of administration charges as at the date specified or described in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-4-b"><num>(b)</num><content>be set out in the manner specified or described in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-5"><num>(5)</num><intro>An implementation strategy must include information about the following matters—</intro><level class="para1" eId="section-40-5-a"><num>(a)</num><content>the continuity option that i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-5-a"><num>(a)</num><content>the continuity option that is to be pursued (see section 34);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-5-b"><num>(b)</num><intro>where continuity option 1 (discharge of liabilities and winding up) is to be pursued—</intro><level class="para2" eId="section-40-5-b-i"><num>(i)</num><content>the scheme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-5-b-i"><num>(i)</num><content>the scheme or schemes to which it is proposed to transfer the value of accrued rights to benefits, or the alternative payment mechanism by which the payment of benefits is t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-5-b-ii"><num>(ii)</num><content>when the transfer is expected to take place, or (as the case may be) when the payment of benefits is expected to be secured;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-5-c"><num>(c)</num><content>where continuity option 2 (resolving the triggering event) is to be pursued, how it is proposed that the triggering event should be resolved;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-5-d"><num>(d)</num><intro>where continuity option 3 (conversion to closed scheme) is to be pursued—</intro><level class="para2" eId="section-40-5-d-i"><num>(i)</num><content>the way in which, the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-5-d-i"><num>(i)</num><content>the way in which, the extent to which and the time by which it is proposed to close the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-5-d-ii"><num>(ii)</num><content>how the scheme will continue to meet the authorisation criteria;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-40-5-d-iii"><num>(iii)</num><content>any revisions that will be needed to the viability report and the continuity strategy (see sections 13 and 17).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-6"><num>(6)</num><intro>An implementation strategy must—</intro><level class="para1" eId="section-40-6-a"><num>(a)</num><content>include any other information specified or described in regulations made by

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-6-a"><num>(a)</num><content>include any other information specified or described in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-40-6-b"><num>(b)</num><content>be prepared in accordance with regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-7"><num>(7)</num><content>Regulations under this section are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41"><num>41</num><heading>Trustees' duties once implementation strategy approved</heading><subsection eId="section-41-1"><num>(1)</num><intro>When the Pensions Regulator has notified the trustees of a collective money

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-1"><num>(1)</num><intro>When the Pensions Regulator has notified the trustees of a collective money purchase scheme that an implementation strategy relating to the scheme is approved, the trustees must—</intr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-1-a"><num>(a)</num><content>pursue the continuity option identified in the strategy, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-1-b"><num>(b)</num><content>take such other steps as are identified in the strategy in order to carry it out.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-2"><num>(2)</num><content>The Secretary of State may by regulations require the trustees of a collective money purchase scheme to make available an approved implementation strategy relating to the scheme, before

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-3"><num>(3)</num><intro>If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—</intro><level class="para1" eId="section-41-3-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-3-a"><num>(a)</num><content>the trustees cease to be subject to the requirements of subsection (1) and regulations under subsection (2) in respect of an approved implementation strategy relating to the e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-3-b"><num>(b)</num><content>in the case of an item 1 or 2 triggering event, if it becomes clear that authorisation is not to be withdrawn, the trustees are again subject to those requirements from the da

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-4"><num>(4)</num><content>The Pensions Regulator may direct the trustees to comply with subsection (1), if they fail to do so.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-6"><num>(6)</num><intro>To the extent that there is a conflict, this section overrides a provision of—</intro><level class="para1" eId="section-41-6-a"><num>(a)</num><content>a collective money purchase sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-6-a"><num>(a)</num><content>a collective money purchase scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-6-b"><num>(b)</num><content>a contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-7"><num>(7)</num><content>Regulations under subsection (2) are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42"><num>42</num><heading>Prohibition on winding up except in accordance with continuity option 1</heading><subsection eId="section-42-1"><num>(1)</num><content>A person may wind up a collective money purchase scheme o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-1"><num>(1)</num><content>A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-2"><num>(2)</num><content>Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-3"><num>(3)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43"><num>43</num><heading>Periodic reporting requirements</heading><subsection eId="section-43-1"><num>(1)</num><content>During a triggering event period for a collective money purchase scheme, the trustees must submit

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-1"><num>(1)</num><content>During a triggering event period for a collective money purchase scheme, the trustees must submit reports to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-2"><num>(2)</num><content>The first report must be submitted before the end of a period specified in regulations made by the Secretary of State.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-3"><num>(3)</num><content>Subsequent reports must be submitted at intervals specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-4"><num>(4)</num><intro>The reports must—</intro><level class="para1" eId="section-43-4-a"><num>(a)</num><content>report on progress in carrying out the implementation strategy,</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-4-a"><num>(a)</num><content>report on progress in carrying out the implementation strategy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-4-b"><num>(b)</num><content>record events or decisions of a description specified in regulations made by the Secretary of State,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-4-c"><num>(c)</num><content>contain such other information as is specified in regulations made by the Secretary of State, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-4-d"><num>(d)</num><content>be made in the manner and form specified by the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-5"><num>(5)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-6"><num>(6)</num><content>Regulations under this section are subject to negative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44"><num>44</num><heading>Pause orders</heading><subsection eId="section-44-1"><num>(1)</num><content>This section applies during a triggering event period for a collective money purchase scheme.</content></subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-1"><num>(1)</num><content>This section applies during a triggering event period for a collective money purchase scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-2"><num>(2)</num><content>The Pensions Regulator may make a pause order in relation to the scheme if either of the following two conditions is met.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-3"><num>(3)</num><content>Condition 1 is that the Pensions Regulator is satisfied that making a pause order will help the trustees to carry out the implementation strategy.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-4"><num>(4)</num><intro>Condition 2 is that the Pensions Regulator is satisfied that—</intro><level class="para1" eId="section-44-4-a"><num>(a)</num><content>there is, or is likely to be if a pause order i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-4-a"><num>(a)</num><content>there is, or is likely to be if a pause order is not made, an immediate risk to the interests of members of the scheme or the assets of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-4-b"><num>(b)</num><content>it is necessary to make a pause order to protect the interests of the generality of the members of the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-5"><num>(5)</num><intro>A pause order is an order that during the period for which it has effect one or more of the following directions has effect—</intro><level class="para1" eId="section-44-5-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-5-a"><num>(a)</num><content>a direction that no new members (or no new members of a specified description) are to be admitted to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-5-b"><num>(b)</num><intro>a direction that no further payments (or no further payments of a specified description) are to be made towards the scheme—</intro><level class="para2" eId="section-44-5-b-i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-b-i"><num>(i)</num><content>by or on behalf of employers or relevant former employers (or employers or relevant former employers of a specified description), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-b-ii"><num>(ii)</num><content>by or in respect of members (or members of a specified description);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-5-c"><num>(c)</num><intro>a direction that an amount (or specified amount) which—</intro><level class="para2" eId="section-44-5-c-i"><num>(i)</num><content>corresponds to a payment that would be d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-c-i"><num>(i)</num><content>corresponds to a payment that would be due to be made towards the scheme in respect of a member but for a direction under paragraph (b), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-c-ii"><num>(ii)</num><content>has been deducted from a payment of earnings in respect of an employment,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-5-d"><num>(d)</num><content>a direction that no benefits (or no benefits of a specified description) are to be paid to or in respect of members (or members of a specified description) under the scheme ru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-5-e"><num>(e)</num><intro>a direction that—</intro><level class="para2" eId="section-44-5-e-i"><num>(i)</num><content>no transfers (or no transfers of a specified description) of or in respect of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-e-i"><num>(i)</num><content>no transfers (or no transfers of a specified description) of or in respect of a member's rights under the scheme rules are to be made from the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-e-ii"><num>(ii)</num><content>no transfer payments (or no transfer payments of a specified description) in respect of a member's rights under the scheme rules are to be made from the scheme, or</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-44-5-e-iii"><num>(iii)</num><content>no other steps (or no other steps of a specified description) are to be taken to discharge a liability of the scheme to or in respect of a member of the scheme in respec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-6"><num>(6)</num><intro>In subsection (5)(b)—</intro><level class="para1" eId="section-44-6-a"><num>(a)</num><content>a reference to payments does not include payments due to be made before the order takes

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-6-a"><num>(a)</num><content>a reference to payments does not include payments due to be made before the order takes effect, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-6-b"><num>(b)</num><content>a reference to payments towards a scheme includes payments in respect of pension credits where the person entitled to the credit is a member of the scheme.</content></leve

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-7"><num>(7)</num><intro>A direction under subsection (5)(e) may provide that—</intro><level class="para1" eId="section-44-7-a"><num>(a)</num><content>no transfers of or in respect of a member's rights unde

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-7-a"><num>(a)</num><content>no transfers of or in respect of a member's rights under the scheme rules, or no such transfers of a specified description, may be made from the scheme, or</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-7-b"><num>(b)</num><content>no transfer payments in respect of such rights, or no such transfer payments of a specified description, may be made from the scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-8"><num>(8)</num><content>A pause order may also require the trustees of the scheme to obtain an actuarial valuation within a specified period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-9"><num>(9)</num><intro>A pause order containing such a requirement must specify—</intro><level class="para1" eId="section-44-9-a"><num>(a)</num><content>the date by reference to which the matters to be se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-9-a"><num>(a)</num><content>the date by reference to which the matters to be set out in the valuation must be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-9-b"><num>(b)</num><content>the information and statements that the valuation must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-44-9-c"><num>(c)</num><content>any other requirements that the valuation must satisfy.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-10"><num>(10)</num><content>Schedule 2 makes further provision about pause orders.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-11"><num>(11)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-earnings" eId="term-earnings">earnings</term>” has the meaning given in section 181(1) of the

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“earnings” has the meaning given in section 181(1) of the Pension Schemes Act 1993;</content></hcontainer>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45"><num>45</num><heading>Prohibition on increasing charges etc during triggering event period</heading><subsection eId="section-45-1"><num>(1)</num><intro>During a triggering event period for a collective money purcha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-1"><num>(1)</num><intro>During a triggering event period for a collective money purchase scheme, the trustees must not—</intro><level class="para1" eId="section-45-1-a"><num>(a)</num><content>impose admini

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-1-a"><num>(a)</num><content>impose administration charges on or in respect of members at levels above those set out in the implementation strategy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-1-b"><num>(b)</num><content>impose new administration charges on or in respect of members, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-1-c"><num>(c)</num><content>impose administration charges on or in respect of a member in consequence of the member leaving, or deciding to leave, the scheme during that period.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-2"><num>(2)</num><intro>The trustees of a receiving scheme that is a collective money purchase scheme or a Master Trust scheme must not—</intro><level class="para1" eId="section-45-2-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-2-a"><num>(a)</num><content>impose administration charges on or in respect of members at levels above those set out in the document provided to the Pensions Regulator by virtue of regulations under secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-2-b"><num>(b)</num><content>impose new administration charges on or in respect of members,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-3"><num>(3)</num><intro>The Secretary of State may by regulations—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>provide that subsection (1) or (2) does not apply in relation to a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-3-a"><num>(a)</num><content>provide that subsection (1) or (2) does not apply in relation to administration charges specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-3-b"><num>(b)</num><content>make provision about how levels of administration charges are to be calculated for the purposes of this section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-4"><num>(4)</num><intro>The costs referred to in subsection (2) are costs for which a receiving scheme is liable—</intro><level class="para1" eId="section-45-4-a"><num>(a)</num><content>which were incurred

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-4-a"><num>(a)</num><content>which were incurred by the transferring scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-4-b"><num>(b)</num><content>which relate directly to the transfer of the value of accrued rights to benefits under the transferring scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-5"><num>(5)</num><intro>To the extent that there is a conflict, this section overrides a provision of—</intro><level class="para1" eId="section-45-5-a"><num>(a)</num><content>a collective money purchase sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-5-a"><num>(a)</num><content>a collective money purchase scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-5-b"><num>(b)</num><content>a Master Trust scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-5-c"><num>(c)</num><content>a contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-5-d"><num>(d)</num><content>a Master Trust scheme contract within the meaning of section 39(1) of the Pension Schemes Act 2017 or any corresponding statutory provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-6"><num>(6)</num><content>The Secretary of State may by regulations apply some or all of the provisions of this section to a receiving scheme that has characteristics specified in regulations under section 36(2)(

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-7"><num>(7)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-8"><num>(8)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-receiving-scheme" eId="term-receiving-scheme">receiving scheme</term>” means a pension scheme tha

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-standard-procedure" eId="term-standard-procedure">standard procedure</term>” has the meaning given in section 96 of that Act;</content></hcontainer>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-9"><num>(9)</num><content>Regulations under subsection (3)(a) or (6), and the first regulations under subsection (3)(b), are subject to affirmative resolution procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-10"><num>(10)</num><content>Subsequent regulations under subsection (3)(b) are subject to negative resolution procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-publication-of-information"><heading>Publication of information</heading><section eId="section-4

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46"><num>46</num><heading>Publication of information</heading><subsection eId="section-46-1"><num>(1)</num><content>The Secretary of State may by regulations require the trustees of a collective money purchase scheme t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-1"><num>(1)</num><content>The Secretary of State may by regulations require the trustees of a collective money purchase scheme to publish information relating to the scheme that is specified or described in the r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-2"><num>(2)</num><intro>Regulations under subsection (1) may, among other things—</intro><level class="para1" eId="section-46-2-a"><num>(a)</num><content>require the trustees to publish a document specifie

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-46-2-a"><num>(a)</num><content>require the trustees to publish a document specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-46-2-b"><num>(b)</num><content>require information or a document to be made available free of charge;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-46-2-c"><num>(c)</num><content>require information or a document to be provided to a person in a form or by means specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-46-2-d"><num>(d)</num><content>require or permit information specified or described in the regulations to be excluded from a document when it is published in accordance with the regulations.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-3"><num>(3)</num><content>In complying with a requirement imposed by regulations under subsection (1) a trustee must have regard to any guidance prepared from time to time by the Secretary of State.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-4"><num>(4)</num><content>Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a requirement imposed by regulations under this section.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-5"><num>(5)</num><content>Regulations under subsection (1) are subject to negative resolution procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-powers-to-make-further-provision"><heading>Powers to make further provision</heading><section eI

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47"><num>47</num><heading>Powers to extend definition of qualifying schemes</heading><subsection eId="section-47-1"><num>(1)</num><intro>The Secretary of State may by regulations remove the exclusion of any of the foll

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-1"><num>(1)</num><intro>The Secretary of State may by regulations remove the exclusion of any of the following from the definition of “qualifying scheme” in section 3—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-1-a"><num>(a)</num><content>pension schemes not established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes Act 1993 applied when the scheme was established

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-1-b"><num>(b)</num><content>pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-2"><num>(2)</num><intro>The Secretary of State may by regulations make further provision about collective money purchase schemes that could not be qualifying schemes, or sections of qualifying schemes, but for re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-2-a"><num>(a)</num><content>provision about the authorisation of relevant schemes by the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-2-b"><num>(b)</num><content>provision about triggering events and continuity options;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-2-c"><num>(c)</num><content>provision about administration charges during triggering event periods.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-3"><num>(3)</num><intro>Regulations under subsection (2) making provision about relevant schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other may a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-3-a"><num>(a)</num><content>make provision corresponding or similar to provision made by or under Part 1 of the Pension Schemes Act 2017;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-3-b"><num>(b)</num><content>disapply any provision of that Part in relation to such schemes.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-4"><num>(4)</num><intro>The provision that may be made under subsection (1) or (2) may be made by—</intro><level class="para1" eId="section-47-4-a"><num>(a)</num><content>modifying or amending this Part;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-4-a"><num>(a)</num><content>modifying or amending this Part;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-4-b"><num>(b)</num><content>making consequential modifications or amendments of any other enactment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-5"><num>(5)</num><content>Regulations under this section are subject to affirmative resolution procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-supplementary"><heading>Supplementary</heading><secti

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48"><num>48</num><heading>Minor and consequential amendments</heading><content>Schedule 3 makes minor and consequential amendments relating to this Part.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49"><num>49</num><heading>Interpretation of Part 1</heading><subsection eId="section-49-1"><num>(1)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-administration-c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-1"><num>(1)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-administration-charge" eId="term-administration-charge">administration charge</term>” has the same

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-2"><num>(2)</num><intro>For the purposes of this Part, an employer (“A”) is connected with another employer (“B”)—</intro><level class="para1" eId="section-49-2-a"><num>(a)</num><content>where A is, or has

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-a"><num>(a)</num><content>where A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-b"><num>(b)</num><content>in circumstances specified in regulations made by the Secretary of State.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-3"><num>(3)</num><intro>This Part applies to a qualifying scheme—</intro><level class="para1" eId="section-49-3-a"><num>(a)</num><content>which provides both qualifying benefits and other benefits, and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-3-a"><num>(a)</num><content>which provides both qualifying benefits and other benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-3-b"><num>(b)</num><content>for which there is no power to wind up the scheme to the extent only that it provides qualifying benefits,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-4"><num>(4)</num><intro>Regulations made by the Secretary of State may make provision to the effect that, for the purposes of any specified provisions of this Part, a reference in this Part to a collective money

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-4-a"><num>(a)</num><content>is in the process of being wound up, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-4-b"><num>(b)</num><content>was a collective money purchase scheme immediately before the beginning of that process.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-5"><num>(5)</num><content>Regulations under subsection (2) or (4) are subject to affirmative resolution procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" eId="section-50"><num>50</num><heading>Index of defined expressions</heading><content>The Table below lists provisions that

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51"><num>51</num><heading>Regulations</heading><subsection eId="section-51-1"><num>(1)</num><content>Regulations under this Part are to be made by statutory instrument.</content></subsection><subsection eId="sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-1"><num>(1)</num><content>Regulations under this Part are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-2"><num>(2)</num><intro>A power to make regulations under this Part may be used—</intro><level class="para1" eId="section-51-2-a"><num>(a)</num><content>to make different provision for different purposes;<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-2-a"><num>(a)</num><content>to make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-2-b"><num>(b)</num><content>to make provision in relation to all or only some of the purposes for which it may be used.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-3"><num>(3)</num><intro>Regulations under this Part may—</intro><level class="para1" eId="section-51-3-a"><num>(a)</num><content>confer a discretion on a person;</content></level><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-3-a"><num>(a)</num><content>confer a discretion on a person;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-3-b"><num>(b)</num><content>make consequential, supplementary or incidental provision;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-51-3-c"><num>(c)</num><content>make transitional, transitory or saving provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-4"><num>(4)</num><content>Where regulations under this Part are subject to “negative resolution procedure”, the statutory instrument containing the regulations is subject to annulment in pursuance of a resolutio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-5"><num>(5)</num><content>Where regulations under this Part are subject to “affirmative resolution procedure”, the regulations must not be made unless a draft of the statutory instrument containing them has been

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51-6"><num>(6)</num><content>Any provision that may be made by regulations under this Part subject to negative resolution procedure may be made by regulations subject to affirmative resolution procedure.</conten

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:default="http://www.w3.org/1999/xhtml" eId="part-2"><num>PART 2</num><heading>Collective money purc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-definitions"><heading>Definitions</h

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52"><num>52</num><heading>Collective money purchase benefits and schemes</heading><subsection eId="section-52-1"><num>(1)</num><intro>For the purposes of this Part, a benefit provided under a pension scheme is a “coll

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-1"><num>(1)</num><intro>For the purposes of this Part, a benefit provided under a pension scheme is a “collective money purchase benefit” if—</intro><level class="para1" eId="section-52-1-a"><num>(a)</num><c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-1-a"><num>(a)</num><content>the benefit is a qualifying benefit (see section 53), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-1-b"><num>(b)</num><content>the scheme is a qualifying scheme (see sections 54 and 55).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-2"><num>(2)</num><intro>In this Part “<term refersTo="#term-collective-money-purchase-scheme" eId="term-collective-money-purchase-scheme">collective money purchase scheme</term>” means—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-2-a"><num>(a)</num><content>a qualifying scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-2-b"><num>(b)</num><content>a section of a qualifying scheme (see sections 54(6) to (9) and 56),</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53"><num>53</num><heading>Qualifying benefits</heading><subsection eId="section-53-1"><num>(1)</num><intro>A benefit provided under a pension scheme is a “qualifying benefit” if—</intro><level class="para1" eId="s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-1"><num>(1)</num><intro>A benefit provided under a pension scheme is a “qualifying benefit” if—</intro><level class="para1" eId="section-53-1-a"><num>(a)</num><content>the benefit is provided out of the a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-1-a"><num>(a)</num><content>the benefit is provided out of the available assets of the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-1-b"><num>(b)</num><content>under the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-1-c"><num>(c)</num><content>the benefit is not of a description specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-2"><num>(2)</num><intro>In subsection (1)—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-the-available-assets-of-the-scheme" eId="term-the-available-assets-of-the-scheme">the available

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-3"><num>(3)</num><content>Regulations under subsection (1)(c) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-53-4"><num>(4)</num><intro>Where a scheme is divided into sections, this section has effect as if—</intro><level class="para1" eId="section-53-4-a"><num>(a)</num><content>the reference to the scheme in subsec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-4-a"><num>(a)</num><content>the reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-53-4-b"><num>(b)</num><content>the other references to the scheme were references to that section of it.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54"><num>54</num><heading>Qualifying schemes</heading><subsection eId="section-54-1"><num>(1)</num><content>A pension scheme is a “qualifying scheme” if it meets the requirements in this section.</content></subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-1"><num>(1)</num><content>A pension scheme is a “qualifying scheme” if it meets the requirements in this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-2"><num>(2)</num><content>The scheme must be an occupational pension scheme established under an irrevocable trust by a person or persons to whom section 1(2)(a) (employer) of the Pension Schemes (Northern I

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-3"><num>(3)</num><intro>The scheme must be used, or intended to be used, only by—</intro><level class="para1" eId="section-54-3-a"><num>(a)</num><content>a single employer, or</content></level><level c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-a"><num>(a)</num><content>a single employer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-3-b"><num>(b)</num><content>two or more employers that are connected with each other.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-4"><num>(4)</num><content>The scheme must not be a relevant public service pension scheme (see section 55).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-5"><num>(5)</num><content>The qualifying benefits provided under the scheme must consist of or include the payment of a pension.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-6"><num>(6)</num><content>If the scheme provides both qualifying benefits and other benefits, there must be appropriate separation of the qualifying benefits.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-7"><num>(7)</num><intro>There is “appropriate separation” of qualifying benefits and other benefits if (and only if)—</intro><level class="para1" eId="section-54-7-a"><num>(a)</num><content>the scheme is

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-7-a"><num>(a)</num><content>the scheme is divided into sections,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-7-b"><num>(b)</num><content>none of the sections under which qualifying benefits are provided provides other types of benefit,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-7-c"><num>(c)</num><content>payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-7-d"><num>(d)</num><content>a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-8"><num>(8)</num><content>If the scheme provides a combination of qualifying benefits with different characteristics that is described in regulations made by the Department, there must be appropriate separation o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-9"><num>(9)</num><intro>There is “appropriate separation” of qualifying benefits with different characteristics if (and only if)—</intro><level class="para1" eId="section-54-9-a"><num>(a)</num><content>th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-9-a"><num>(a)</num><content>the scheme is divided into sections,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-9-b"><num>(b)</num><content>each of the different types of qualifying benefit is provided under a different section,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-9-c"><num>(c)</num><content>payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-54-9-d"><num>(d)</num><content>a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54-10"><num>(10)</num><content>Regulations under subsection (8) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55"><num>55</num><heading>Qualifying schemes: supplementary</heading><subsection eId="section-55-1"><num>(1)</num><intro>For the purposes of section 54(4) a pension scheme is a relevant public service pension scheme if

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-1"><num>(1)</num><intro>For the purposes of section 54(4) a pension scheme is a relevant public service pension scheme if it is—</intro><level class="para1" eId="section-55-1-a"><num>(a)</num><content>a pu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-1-a"><num>(a)</num><content>a public service pension scheme within the meaning of the Pension Schemes (Northern Ireland) Act 1993 (see section 1(1) of that Act),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-1-b"><num>(b)</num><content>a scheme under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (c. 2 (N.I.)) (new public service schemes),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-1-c"><num>(c)</num><content>a new public body pension scheme as defined in section 31 of that Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-55-1-d"><num>(d)</num><content>a statutory pension scheme that is connected with a scheme referred to in paragraph (b) or (c).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-2"><num>(2)</num><content>In subsection (1)(d), “<term refersTo="#term-connected" eId="term-connected">connected</term>” and “<term refersTo="#term-statutory-pension-scheme" eId="term-statutory-pension-scheme">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55-3"><num>(3)</num><content>The reference to a pension in section 54(5) does not include income withdrawal or dependants' income withdrawal within the meaning of paragraphs 7 and 21 of Schedule 28 to the Finance Ac

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56"><num>56</num><heading>Schemes divided into sections</heading><subsection eId="section-56-1"><num>(1)</num><content>The Department may by regulations make provision about when a pension scheme is or is not divided i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-1"><num>(1)</num><content>The Department may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-2"><num>(2)</num><intro>The Department may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-56-2-a"><num>(a)</num><content>is a collective money purchase scheme by reason of section 52(2)(b), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-56-2-b"><num>(b)</num><content>satisfies conditions specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-3"><num>(3)</num><intro>For the purposes of this Part, where—</intro><level class="para1" eId="section-56-3-a"><num>(a)</num><content>a qualifying scheme is divided into sections, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-56-3-a"><num>(a)</num><content>a qualifying scheme is divided into sections, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-56-3-b"><num>(b)</num><content>each of those sections is a collective money purchase scheme by reason of section 52(2)(b),</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-4"><num>(4)</num><content>Regulations under subsection (1) are subject to negative resolution.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56-5"><num>(5)</num><content>Regulations under subsection (2) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-57"><num>57</num><heading>Amendment of definitions of “money purchase benefits” etc</heading><s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57-1"><num>(1)</num><intro>Schedule 4 contains amendments of definitions of “money purchase benefits” in—</intro><level class="para1" eId="section-57-1-a"><num>(a)</num><content>Schedule 10A to the Building

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-57-1-a"><num>(a)</num><content>Schedule 10A to the Building Societies Act 1986 (disclosures about directors, other officers and employees in notes to accounts);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-57-1-b"><num>(b)</num><content>the Pension Schemes (Northern Ireland) Act 1993;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-57-1-c"><num>(c)</num><content>Part 1 of the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) (pension scheme membership for jobholders).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-57-2"><num>(2)</num><intro>In section 30 of the Pensions Act (Northern Ireland) 2012 (c. 3

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-57-2-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-57-2-a-i"><num>(i)</num><content><mod>for “purpose the” substitute<quotedText st

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-57-2-a-ii"><num>(ii)</num><content><mod>at the end insert<quotedText startQuote="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-57-2-b"><num>(b)</num><content><mod>in subsection (2), at the end insert <quotedText>“ or by Schedule 4 to the Pension Schemes Act 2021 ”</quotedText>.</mod></p

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-authorisation"><heading>Authorisation</heading><section eId="section-58"><num>58</num><heading>A

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58"><num>58</num><heading>Authorisation of collective money purchase schemes</heading><subsection eId="section-58-1"><num>(1)</num><content>A person may not operate a collective money purchase scheme unless the scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-1"><num>(1)</num><content>A person may not operate a collective money purchase scheme unless the scheme is authorised.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-2"><num>(2)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who breaches subsection (1).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-3"><num>(3)</num><content>If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-4"><num>(4)</num><intro>The notification must—</intro><level class="para1" eId="section-58-4-a"><num>(a)</num><content>explain that the notification is a triggering event (see section 82), and</content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-58-4-a"><num>(a)</num><content>explain that the notification is a triggering event (see section 82), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-58-4-b"><num>(b)</num><content>include an explanation of the trustees' duties under sections 82 to 96.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-5"><num>(5)</num><intro>For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts—</intro><level class="para1" eId="section-58-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-58-5-a"><num>(a)</num><content>money paid by a member (or prospective member), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-58-5-b"><num>(b)</num><intro>money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except—</intro><level class="para2" eId="section-58-5-b-i"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-58-5-b-i"><num>(i)</num><content>the costs of setting up the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-58-5-b-ii"><num>(ii)</num><content>costs relating to obtaining authorisation for the scheme.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59"><num>59</num><heading>Application for authorisation</heading><subsection eId="section-59-1"><num>(1)</num><content>The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authoris

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-1"><num>(1)</num><content>The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authorisation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-2"><num>(2)</num><content>An application must be made in the manner and form specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-3"><num>(3)</num><intro>An application must include—</intro><level class="para1" eId="section-59-3-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 64), and</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-3-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 64), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-3-b"><num>(b)</num><content>the scheme's continuity strategy (see section 68).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-4"><num>(4)</num><intro>The Department may by regulations—</intro><level class="para1" eId="section-59-4-a"><num>(a)</num><content>specify other information that must be included in an application;</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-4-a"><num>(a)</num><content>specify other information that must be included in an application;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-4-b"><num>(b)</num><content>require a fee to be paid to the Pensions Regulator in respect of an application.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-5"><num>(5)</num><intro>In considering an application, the Pensions Regulator may take into account any matters it considers appropriate, including—</intro><level class="para1" eId="section-59-5-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-5-a"><num>(a)</num><content>additional information provided by the applicant, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-59-5-b"><num>(b)</num><content>subsequent changes to the application or to any information provided by the applicant.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-6"><num>(6)</num><content>Regulations under subsection (4) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60"><num>60</num><heading>Decision on application</heading><subsection eId="section-60-1"><num>(1)</num><content>Where an application is made for authorisation of a collective money purchase scheme under section 59, th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-1"><num>(1)</num><content>Where an application is made for authorisation of a collective money purchase scheme under section 59, the Pensions Regulator must decide whether it is satisfied that the scheme meets th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-2"><num>(2)</num><content>The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-3"><num>(3)</num><intro>The authorisation criteria are—</intro><level class="para1" eId="section-60-3-a"><num>(a)</num><content>that the persons involved in the scheme are fit and proper persons (see secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-a"><num>(a)</num><content>that the persons involved in the scheme are fit and proper persons (see section 62),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-b"><num>(b)</num><content>that the design of the scheme is sound (see section 63),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-c"><num>(c)</num><content>that the scheme is financially sustainable (see section 65),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-d"><num>(d)</num><content>that the scheme has adequate systems and processes for communicating with members and others (see section 66),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-e"><num>(e)</num><content>that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 67), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-3-f"><num>(f)</num><content>that the scheme has an adequate continuity strategy (see section 68).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-4"><num>(4)</num><intro>If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—</intro><level class="para1" eId="section-60-4-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-4-a"><num>(a)</num><content>grant the authorisation,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-4-b"><num>(b)</num><content>notify the applicant of its decision, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-4-c"><num>(c)</num><content>add the scheme to its list of authorised collective money purchase schemes (see section 77).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-5"><num>(5)</num><intro>If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—</intro><level class="para1" eId="section-60-5-a"><num>(a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-5-a"><num>(a)</num><content>refuse to grant the authorisation, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-5-b"><num>(b)</num><content>notify the applicant of its decision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-6"><num>(6)</num><intro>A notification under subsection (5)(b) must also include—</intro><level class="para1" eId="section-60-6-a"><num>(a)</num><content>the reasons for the decision, and</content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-6-a"><num>(a)</num><content>the reasons for the decision, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-60-6-b"><num>(b)</num><content>details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 61).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61"><num>61</num><heading>Reference to Tribunal of refusal to grant authorisation</heading><subsection eId="section-61-1"><num>(1)</num><intro>If the Pensions Regulator refuses to grant authorisation to a collective mo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-1"><num>(1)</num><intro>If the Pensions Regulator refuses to grant authorisation to a collective money purchase scheme, the decision may be referred to the Tribunal by—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-1-a"><num>(a)</num><content>the trustees, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-1-b"><num>(b)</num><content>any other person who appears to the Tribunal to be directly affected by the decision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-61-2"><num>(2)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>”, in relation to a reference under subsection (1), means—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-a"><num>(a)</num><content>the First-tier Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the First-tier Tribunal is to hear the reference;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-2-b"><num>(b)</num><content>the Upper Tribunal, in any other case.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-authorisation-criteria"><heading>Authorisation criteria</heading><section eId="section-62"><num>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62"><num>62</num><heading>Fit and proper persons requirement</heading><subsection eId="section-62-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the persons involved in a collective money purchase scheme are fit and pro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-2"><num>(2)</num><intro>The Pensions Regulator must assess whether each of the following is a fit and proper person to act in relation to the scheme in the capacity mentioned—</intro><level class="para1" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-a"><num>(a)</num><content>a person who establishes the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-b"><num>(b)</num><content>a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-c"><num>(c)</num><content>a person who (alone or with others) has power to appoint or remove a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-d"><num>(d)</num><content>a person who (alone or with others) has power to vary the provisions of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-2-e"><num>(e)</num><content>a person acting in a capacity specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-3"><num>(3)</num><intro>In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—</intro><level class="para1" eId="section-62-3-a"><num>(a)</num><conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-3-a"><num>(a)</num><content>must take into account any matters specified in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-3-b"><num>(b)</num><content>may take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-4"><num>(4)</num><content>Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-5"><num>(5)</num><intro>For the purposes of this section, a person (“A”) is connected with another person (“B”) if—</intro><level class="para1" eId="section-62-5-a"><num>(a)</num><content>A is an associate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-5-a"><num>(a)</num><content>A is an associate of B;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-5-b"><num>(b)</num><content>where B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-62-5-c"><num>(c)</num><intro>A is a trustee of an occupational pension scheme established under a trust and—</intro><level class="para2" eId="section-62-5-c-i"><num>(i)</num><content>the beneficiarie

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-62-5-c-i"><num>(i)</num><content>the beneficiaries of the trust include B or an associate of B, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-62-5-c-ii"><num>(ii)</num><content>the provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-6"><num>(6)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-associate" eId="term-associate">associate</term>” has the meaning given in Article 4 of the Ins

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“director” and “shadow director” have the meaning given in Article 5 of that Order.</content></hcontainer>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-7"><num>(7)</num><content>Regulations under subsection (3)(a) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-8"><num>(8)</num><content>Regulations under subsection (2)(e) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63"><num>63</num><heading>Scheme design requirement</heading><subsection eId="section-63-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisf

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the design of a collective money purchase scheme is sound (see section 60(

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-2"><num>(2)</num><intro>In deciding whether the design of a collective money purchase scheme is sound, the Pensions Regulator must take into account—</intro><level class="para1" eId="section-63-2-a"><num>(a)<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-2-a"><num>(a)</num><content>the scheme's viability report and viability certificate (see section 64);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-63-2-b"><num>(b)</num><content>any matters specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-3"><num>(3)</num><content>Regulations under subsection (2)(b) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-4"><num>(4)</num><content>Regulations under subsection (2)(b) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64"><num>64</num><heading>Viability report</heading><subsection eId="section-64-1"><num>(1)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-64-1-a"><num

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-1"><num>(1)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-64-1-a"><num>(a)</num><content>prepare a document explaining the design of the sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-1-a"><num>(a)</num><content>prepare a document explaining the design of the scheme and the reasons that they consider the design to be sound (a “viability report”), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-1-b"><num>(b)</num><content>obtain a certificate from the scheme actuary certifying that, in the actuary's opinion, the design of the scheme is sound (a “viability certificate”).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-2"><num>(2)</num><content>The scheme actuary may not give a viability certificate unless satisfied that the scheme has rules that meet the requirements of section 69 and any regulations under that section.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-3"><num>(3)</num><intro>The Department may by regulations—</intro><level class="para1" eId="section-64-3-a"><num>(a)</num><content>specify information that must be included in a viability report,</cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-3-a"><num>(a)</num><content>specify information that must be included in a viability report,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-3-b"><num>(b)</num><content>specify other requirements with which a viability report must comply,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-3-c"><num>(c)</num><content>make provision about the content of a viability certificate,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-3-d"><num>(d)</num><content>specify matters to which the scheme actuary must have regard when providing a viability certificate, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-3-e"><num>(e)</num><content>make provision about additional information or documents that must be prepared or obtained in connection with a viability report.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-4"><num>(4)</num><intro>The trustees of a collective money purchase scheme must, at least once a year—</intro><level class="para1" eId="section-64-4-a"><num>(a)</num><content>review the most recent viabili

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-4-a"><num>(a)</num><content>review the most recent viability report,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-4-b"><num>(b)</num><content>if appropriate, revise it, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-4-c"><num>(c)</num><content>obtain a new viability certificate in respect of the report (or revised report).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-5"><num>(5)</num><intro>If the most recent viability report becomes inaccurate or incomplete to any significant extent, the trustees must—</intro><level class="para1" eId="section-64-5-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-5-a"><num>(a)</num><content>revise the report, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-5-b"><num>(b)</num><content>obtain a new viability certificate in respect of the revised report.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-6"><num>(6)</num><intro>The trustees must provide the Pensions Regulator with the information and documents listed in subsection (7)—</intro><level class="para1" eId="section-64-6-a"><num>(a)</num><content><p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-6-a"><num>(a)</num><content>on applying for authorisation (see section 59),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-6-b"><num>(b)</num><content>within three months of the viability report being revised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-6-c"><num>(c)</num><content>at any other time, on request from the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-7"><num>(7)</num><intro>The information and documents to be provided are—</intro><level class="para1" eId="section-64-7-a"><num>(a)</num><content>the most recent viability report;</content></level><lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-7-a"><num>(a)</num><content>the most recent viability report;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-7-b"><num>(b)</num><content>the most recent viability certificate;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-7-c"><num>(c)</num><content>any additional information or documents specified or described in regulations under subsection (3)(e).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-8"><num>(8)</num><content>Regulations under subsection (3) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65"><num>65</num><heading>Financial sustainability requirement</heading><subsection eId="section-65-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme is financially sustainable (see section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-2"><num>(2)</num><intro>In order to be satisfied that a collective money purchase scheme is financially sustainable, the Pensions Regulator must be satisfied that the scheme has sufficient financial resources to

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-2-a"><num>(a)</num><content>the costs of setting up and running the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-2-b"><num>(b)</num><intro>in the event of a triggering event occurring—</intro><level class="para2" eId="section-65-2-b-i"><num>(i)</num><content>the costs of complying with the duties under secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-65-2-b-i"><num>(i)</num><content>the costs of complying with the duties under sections 82 to 96, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-65-2-b-ii"><num>(ii)</num><content>the costs of continuing to run the scheme for such period (which must be at least six months and no more than two years) as the Pensions Regulator thinks appropriate for t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-3"><num>(3)</num><content>In deciding whether it is satisfied that a scheme has sufficient financial resources to meet the costs mentioned in subsection (2), the Pensions Regulator must take into account any matt

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-4"><num>(4)</num><intro>Regulations under subsection (3) may include provision—</intro><level class="para1" eId="section-65-4-a"><num>(a)</num><content>requiring specified information to be provided to the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-4-a"><num>(a)</num><content>requiring specified information to be provided to the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-4-b"><num>(b)</num><content>specifying requirements to be met by the scheme relating to its financing, such as requirements relating to assets, capital or liquidity.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-5"><num>(5)</num><content>Regulations under subsection (3) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66"><num>66</num><heading>Communication requirement</heading><subsection eId="section-66-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisf

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has adequate systems and processes for

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-2"><num>(2)</num><intro>In order to be satisfied that a scheme has adequate systems and processes for communicating with members and others, the Pensions Regulator must be satisfied that the scheme has adequate s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-a"><num>(a)</num><content>for providing information in relation to the scheme to persons falling within subsection (3);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-2-b"><num>(b)</num><content>for securing that information provided to those persons is correct and is not misleading.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-3"><num>(3)</num><intro>A person falls within this subsection if the person is—</intro><level class="para1" eId="section-66-3-a"><num>(a)</num><content>a member or prospective member of the scheme, or<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-3-a"><num>(a)</num><content>a member or prospective member of the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-3-b"><num>(b)</num><content>a person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member.</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-4"><num>(4)</num><intro>In making the decision, the Pensions Regulator—</intro><level class="para1" eId="section-66-4-a"><num>(a)</num><content>must take into account any matters specified in regulations m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-4-a"><num>(a)</num><content>must take into account any matters specified in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-4-b"><num>(b)</num><content>may take into account any communications made using the systems and processes referred to in subsection (2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-5"><num>(5)</num><intro>Regulations under subsection (4)(a) may among other things—</intro><level class="para1" eId="section-66-5-a"><num>(a)</num><content>make provision about systems and processes used f

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-5-a"><num>(a)</num><content>make provision about systems and processes used for assessing and improving the effectiveness of communications;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-66-5-b"><num>(b)</num><content>make provision requiring specified information to be provided to the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-6"><num>(6)</num><content>Regulations under subsection (4)(a) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67"><num>67</num><heading>Systems and processes requirements</heading><subsection eId="section-67-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the systems and processes used in running a collective money purchase sche

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-2"><num>(2)</num><content>In deciding whether it is satisfied that the systems and processes used in running the scheme are sufficient for that purpose, the Pensions Regulator must take into account any matters s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-3"><num>(3)</num><intro>Regulations under subsection (2) may among other things—</intro><level class="para1" eId="section-67-3-a"><num>(a)</num><content>make provision about the matters set out in subsecti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-3-a"><num>(a)</num><content>make provision about the matters set out in subsection (4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-3-b"><num>(b)</num><content>require specified information to be provided to the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-4"><num>(4)</num><intro>The matters referred to in subsection (3)(a) are—</intro><level class="para1" eId="section-67-4-a"><num>(a)</num><content>features and functionality required of the IT systems used

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-a"><num>(a)</num><content>features and functionality required of the IT systems used in running the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-b"><num>(b)</num><content>standards that those IT systems must meet (for example, in relation to quality and in relation to security of data);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-c"><num>(c)</num><content>the maintenance of those IT systems;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-d"><num>(d)</num><content>records management, risk management and resource planning;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-e"><num>(e)</num><content>processes relating to transactions and investment decisions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-f"><num>(f)</num><content>processes relating to the appointment and removal of trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-g"><num>(g)</num><content>processes relating to the professional development of trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-4-h"><num>(h)</num><intro>processes relating to the appointment, removal, roles and responsibilities of—</intro><level class="para2" eId="section-67-4-h-i"><num>(i)</num><content>persons, other th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-67-4-h-i"><num>(i)</num><content>persons, other than the trustees, involved in running the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-67-4-h-ii"><num>(ii)</num><content>persons involved in providing services in relation to the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-5"><num>(5)</num><content>Regulations under subsection (2) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68"><num>68</num><heading>Continuity strategy requirement</heading><subsection eId="section-68-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-1"><num>(1)</num><content>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-2"><num>(2)</num><content>The trustees of a collective money purchase scheme must prepare a document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 82

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-3"><num>(3)</num><content>A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-4"><num>(4)</num><content>It must set out those levels of charges in the manner specified in regulations made by the Department.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-5"><num>(5)</num><intro>A continuity strategy must—</intro><level class="para1" eId="section-68-5-a"><num>(a)</num><content>contain such other information as may be specified in regulations made by the Dep

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-5-a"><num>(a)</num><content>contain such other information as may be specified in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-5-b"><num>(b)</num><content>be prepared in accordance with regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-6"><num>(6)</num><intro>The trustees of a collective money purchase scheme must—</intro><level class="para1" eId="section-68-6-a"><num>(a)</num><content>keep the continuity strategy under review, and</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-6-a"><num>(a)</num><content>keep the continuity strategy under review, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-6-b"><num>(b)</num><content>revise it if appropriate.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-7"><num>(7)</num><intro>The trustees must provide the continuity strategy to the Pensions Regulator—</intro><level class="para1" eId="section-68-7-a"><num>(a)</num><content>on application for authorisation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-7-a"><num>(a)</num><content>on application for authorisation (see section 59),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-7-b"><num>(b)</num><content>within three months of the continuity strategy being revised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-7-c"><num>(c)</num><content>at any other time, on request from the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-8"><num>(8)</num><content>In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Department.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-9"><num>(9)</num><content>Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-10"><num>(10)</num><content>Regulations under this section are subject to confirmatory procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-valuation-and-benefit-adjustment"><heading>Valuation and benefit adjustment</heading><section eI

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69"><num>69</num><heading>Calculation of benefits</heading><subsection eId="section-69-1"><num>(1)</num><content>A collective money purchase scheme must have rules about how the rate or amount of benefits provided unde

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-1"><num>(1)</num><content>A collective money purchase scheme must have rules about how the rate or amount of benefits provided under the scheme is to be determined.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-2"><num>(2)</num><intro>The rules must include—</intro><level class="para1" eId="section-69-2-a"><num>(a)</num><content>rules for determining the available assets of the scheme and their value,</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-a"><num>(a)</num><content>rules for determining the available assets of the scheme and their value,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-b"><num>(b)</num><content>rules for determining the required amount, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-2-c"><num>(c)</num><content>rules about how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including rules about when adjustments are to take effect.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-3"><num>(3)</num><content>In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 53(2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-4"><num>(4)</num><content>The Department may by regulations make provision about the matters mentioned in subsections (1) and (2), including provision about the methods and assumptions to be used.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-5"><num>(5)</num><intro>Regulations under subsection (4) making provision about the determination of the required amount may, among other things, make provision about—</intro><level class="para1" eId="section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-5-a"><num>(a)</num><content>how past or proposed adjustments to the rate or amount of benefits provided under the scheme are to be treated;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-5-b"><num>(b)</num><content>assumptions to be made about future adjustments to the rate or amount of such benefits.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-6"><num>(6)</num><intro>Regulations under subsection (4) may, among other things—</intro><level class="para1" eId="section-69-6-a"><num>(a)</num><content>provide for alternative methods and assumptions;</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-6-a"><num>(a)</num><content>provide for alternative methods and assumptions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-6-b"><num>(b)</num><content>require or enable the trustees to decide which methods and assumptions are to be used;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-6-c"><num>(c)</num><content>specify matters that the trustees must take into account, or principles they must follow, in making such decisions.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-7"><num>(7)</num><intro>Regulations under subsection (4)—</intro><level class="para1" eId="section-69-7-a"><num>(a)</num><content>may make provision applying in relation to rights under the scheme that hav

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-7-a"><num>(a)</num><content>may make provision applying in relation to rights under the scheme that have already accrued;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-69-7-b"><num>(b)</num><content>override the rules of the scheme to the extent that the rules conflict with the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-8"><num>(8)</num><content>Regulations under subsection (4) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70"><num>70</num><heading>Advice of scheme actuary</heading><subsection eId="section-70-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before making a decision as to the methods and assumptions to be used in determining the m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-2"><num>(2)</num><content>The Department may by regulations specify requirements with which the scheme actuary must comply when advising the trustees in accordance with subsection (1).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-3"><num>(3)</num><content>Regulations under subsection (2) may, among other things, require the scheme actuary to have regard to guidance that is prepared, and from time to time revised, by a person specified or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-4"><num>(4)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-5"><num>(5)</num><content>The first regulations under subsection (2) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-6"><num>(6)</num><content>Subsequent regulations under subsection (2) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71"><num>71</num><heading>Actuarial valuations</heading><subsection eId="section-71-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-1"><num>(1)</num><content>The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this section and regulations under subsection (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-2"><num>(2)</num><intro>In this Part “<term refersTo="#term-actuarial-valuation" eId="term-actuarial-valuation">actuarial valuation</term>” means a report prepared and signed by the scheme actuary setting out—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-2-a"><num>(a)</num><content>the available assets of the scheme and their value;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-2-b"><num>(b)</num><content>the required amount;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-2-c"><num>(c)</num><content>whether an adjustment to the rate or amount of benefits provided under the scheme is required and, if so, the amount of the adjustment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-3"><num>(3)</num><content>In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 53(2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-4"><num>(4)</num><content>A scheme actuary preparing an actuarial valuation in pursuance of a provision of this Part must determine the matters mentioned in subsection (2) in accordance with the scheme rules.

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-5"><num>(5)</num><intro>The Department may by regulations make provision about actuarial valuations, including—</intro><level class="para1" eId="section-71-5-a"><num>(a)</num><content>provision about when

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-5-a"><num>(a)</num><content>provision about when actuarial valuations must be prepared;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-5-b"><num>(b)</num><content>provision about the date by reference to which a determination must be made;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-5-c"><num>(c)</num><content>provision about information and statements that an actuarial valuation must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-5-d"><num>(d)</num><content>provision requiring the trustees to obtain an actuarial valuation from the scheme actuary within a period specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-5-e"><num>(e)</num><content>provision requiring the trustees to send an actuarial valuation received by them to the Pensions Regulator within a period specified or described in the regulations.</cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-6"><num>(6)</num><intro>In a case that is not the subject of regulations under subsection (5)(a), the trustees must obtain—</intro><level class="para1" eId="section-71-6-a"><num>(a)</num><content>an actuar

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-6-a"><num>(a)</num><content>an actuarial valuation in which the date by reference to which the available assets of the scheme are determined (“<term refersTo="#term-the-effective-date" eId="term-the-effe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-6-b"><num>(b)</num><content>subsequent actuarial valuations in which the effective date is not more than one year after the effective date of the previous actuarial valuation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-7"><num>(7)</num><content>In a case that is not the subject of regulations under subsection (5)(b), the required amount must be determined by reference to the effective date.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-8"><num>(8)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-9"><num>(9)</num><content>Nothing in this section affects a power or duty of the trustees of a collective money purchase scheme to obtain actuarial valuations on other occasions.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-10"><num>(10)</num><content>The first regulations under subsection (5) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-11"><num>(11)</num><content>Subsequent regulations under subsection (5) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72"><num>72</num><heading>Certificate that actuarial valuation prepared in accordance with scheme rules</heading><content>A scheme actuary who prepares an actuarial valuation in pursuance of a provision of this Part mu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73"><num>73</num><heading>Benefits adjustments</heading><subsection eId="section-73-1"><num>(1)</num><content>This section applies where an adjustment to the rate or amount of benefits provided under a collective money

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-1"><num>(1)</num><content>This section applies where an adjustment to the rate or amount of benefits provided under a collective money purchase scheme is required in accordance with the scheme rules.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-2"><num>(2)</num><intro>The trustees must as soon as is reasonably practicable report in writing to the Pensions Regulator if the adjustment—</intro><level class="para1" eId="section-73-2-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-2-a"><num>(a)</num><content>is not made in accordance with the most recent actuarial valuation, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-2-b"><num>(b)</num><content>does not take effect in accordance with the scheme rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-3"><num>(3)</num><intro>A report under subsection (2) must—</intro><level class="para1" eId="section-73-3-a"><num>(a)</num><content>explain why the adjustment was not made in accordance with the most recen

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-3-a"><num>(a)</num><content>explain why the adjustment was not made in accordance with the most recent actuarial valuation or (as the case may be) does not take effect in accordance with the scheme rules

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-73-3-b"><num>(b)</num><content>contain such other information as the Department may specify in regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-4"><num>(4)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73-5"><num>(5)</num><content>Regulations under subsection (3)(b) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74"><num>74</num><heading>Powers of the Pensions Regulator</heading><subsection eId="section-74-1"><num>(1)</num><intro>The powers conferred by this section are exercisable where it appears to the Pensions Regulator (a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-1"><num>(1)</num><intro>The powers conferred by this section are exercisable where it appears to the Pensions Regulator (as a result of a report made to it or otherwise) that the trustees of a collective money pu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-1-a"><num>(a)</num><content>failed to comply with a requirement imposed by or under this Part to obtain an actuarial valuation, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-1-b"><num>(b)</num><intro>failed to secure that any adjustment to the rate or amount of benefits provided under the scheme which is required in accordance with the scheme rules—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-74-1-b-i"><num>(i)</num><content>is made in accordance with the most recent actuarial valuation, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-74-1-b-ii"><num>(ii)</num><content>takes effect in accordance with the scheme rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-2"><num>(2)</num><intro>The Pensions Regulator may direct the trustees—</intro><level class="para1" eId="section-74-2-a"><num>(a)</num><content>to obtain an actuarial valuation;</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-2-a"><num>(a)</num><content>to obtain an actuarial valuation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-2-b"><num>(b)</num><content>to take such other steps as the Pensions Regulator considers appropriate to remedy or mitigate the failure.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-3"><num>(3)</num><intro>A direction under subsection (2)(a) must—</intro><level class="para1" eId="section-74-3-a"><num>(a)</num><content>specify the period within which the valuation is to be obtained;</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-3-a"><num>(a)</num><content>specify the period within which the valuation is to be obtained;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-3-b"><num>(b)</num><content>specify the date by reference to which the matters to be set out in the actuarial valuation are to be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-74-3-c"><num>(c)</num><content>contain such other information as the Department may specify in regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-4"><num>(4)</num><content>In exercising a power conferred by this section, the Pensions Regulator must comply with any requirements specified in regulations made by the Department.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-5"><num>(5)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a direction under this section.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-6"><num>(6)</num><content>Regulations under this section are subject to negative resolution.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-7"><num>(7)</num><content>The powers conferred by this section are in addition to any powers exercisable by the Pensions Regulator under any other statutory provision.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-members-rights"><heading>Members' rights

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75"><num>75</num><heading>Rules about modifying schemes</heading><subsection eId="section-75-1">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-1"><num>(1)</num><content>The Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-2"><num>(2)</num><intro>In Article 67 (the subsisting rights provisions)—</intro><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-2-a"><num>(a)</num><content><mod>after paragraph (1) insert—<quotedStructure s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-2-b"><num>(b)</num><content><mod>in paragraph (2)(a)(i), after “if the modification is a protected modification,” insert <quotedText>“ or the scheme is a collective money purchas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-2-c"><num>(c)</num><content><mod>in paragraph (2)(a)(ii), for “if it is not” substitute <quotedText>“ if head (i) does not apply ”</quotedText>;</mod></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-2-d"><num>(d)</num><content>in paragraph (3) omit sub-paragraph (b) and the “or” before it;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-2-e"><num>(e)</num><content><mod>after paragraph (3) insert—<quotedStructure s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-3"><num>(3)</num><content><mod>In Article 67A (the subsisting rights provisions: interp

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-4"><num>(4)</num><content><mod>After paragraph (1) of that Article insert—<quotedStruct

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-5"><num>(5)</num><intro>In paragraph (3) of that Article—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-5-a"><num>(a)</num><content><mod>after “a modification” insert <quotedText>“ , other than a prohibited modification, ”</quotedText>;</mod></content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-5-b"><num>(b)</num><content><mod>for sub-paragraph (a) substitute—<quotedStruc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-5-c"><num>(c)</num><content><mod>in sub-paragraph (b), after “rules” insert <quotedText>“ , other than a pension that is a collective money purchase benefit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-5-d"><num>(d)</num><content>omit the words following sub-paragraph (c).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-6"><num>(6)</num><content><mod>After paragraph (3) of that Article insert—<quotedStruct

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-7"><num>(7)</num><content><mod>In paragraph (4) of that Article, after “a modification” insert <quotedText>“ , other than a prohibited modification, ”</quotedText>.</mod></p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-8"><num>(8)</num><intro>In paragraph (9) of that Article—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-8-a"><num>(a)</num><content><mod>in sub-paragraph (a), after head (ix) insert—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-8-b"><num>(b)</num><content><mod>in sub-paragraph (b), after head (vii) insert

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76"><num>76</num><heading>Transfer rights</heading><subsection eId="section-76-1"><num>(1)</num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-1"><num>(1)</num><content>Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 (transfer rights: general) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-2"><num>(2)</num><intro>In section 89 (scope of Chapter 1)—</intro><level class="pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-2-a"><num>(a)</num><content><mod>in subsection (7) (crystallisation events), in paragraph (b), after “money purchase benefits” insert <quotedText>“ other than collective m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-2-b"><num>(b)</num><content><mod>after subsection (10) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-3"><num>(3)</num><content><mod>In section 93 (calculation of cash equivalents), after s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-4"><num>(4)</num><intro>In section 95 (trustees' duties after exercise of option), in s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-4-a"><num>(a)</num><content>omit the “and” at the end of paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-4-b"><num>(b)</num><content><mod>in paragraph (b), after “money purchase benefits” insert <quotedText>“ other than collective money purchase benefits ”</quo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-4-c"><num>(c)</num><content><mod>at the end of paragraph (b) insert<quotedText

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-5"><num>(5)</num><content><mod>After section 95 insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-6"><num>(6)</num><intro>In section 96B (meaning of “scheme rules”: occupational pensio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-6-a"><num>(a)</num><content><mod>in paragraph (a), at the end insert—<quotedSt

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-6-b"><num>(b)</num><content><mod>in paragraph (b), at the end insert—<quotedSt

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-ongoing-supervision"><heading>Ongoing supervision</heading><section eId="section-77"><num>77</nu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77"><num>77</num><heading>List of authorised schemes</heading><subsection eId="section-77-1"><num>(1)</num><content>The Pensions Regulator must maintain and publish a list of authorised collective money purchase scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-1"><num>(1)</num><content>The Pensions Regulator must maintain and publish a list of authorised collective money purchase schemes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-2"><num>(2)</num><intro>The list—</intro><level class="para1" eId="section-77-2-a"><num>(a)</num><content>must identify each authorised collective money purchase scheme by name, and</content></level><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-a"><num>(a)</num><content>must identify each authorised collective money purchase scheme by name, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-2-b"><num>(b)</num><content>may include any other information that the Pensions Regulator considers appropriate.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78"><num>78</num><heading>Requirement to submit supervisory return</heading><subsection eId="section-78-1"><num>(1)</num><content>The Pensions Regulator may by notice require the trustees of a collective money purchase

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-1"><num>(1)</num><content>The Pensions Regulator may by notice require the trustees of a collective money purchase scheme to submit a supervisory return.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-2"><num>(2)</num><content>The Department may make regulations setting out the information that the Pensions Regulator may require in a supervisory return.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-3"><num>(3)</num><intro>The notice must specify—</intro><level class="para1" eId="section-78-3-a"><num>(a)</num><content>the information required to be included in the return,</content></level><level c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-3-a"><num>(a)</num><content>the information required to be included in the return,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-3-b"><num>(b)</num><content>the manner and form in which the return must be submitted, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-3-c"><num>(c)</num><content>the period (of at least 28 days) within which the return must be submitted.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-4"><num>(4)</num><content>The trustees of a collective money purchase scheme may not be required to submit a supervisory return more than once in any 12 month period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-5"><num>(5)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to submit a supervisory return when required to

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-6"><num>(6)</num><content>Regulations under subsection (2) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79"><num>79</num><heading>Duty to notify the Pensions Regulator of significant events</heading><subsection eId="section-79-1"><num>(1)</num><content>Where a person mentioned in subsection (2) becomes aware of the fact

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-1"><num>(1)</num><content>Where a person mentioned in subsection (2) becomes aware of the fact that a significant event has occurred in relation to an authorised collective money purchase scheme, the person must

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-2"><num>(2)</num><intro>The persons are—</intro><level class="para1" eId="section-79-2-a"><num>(a)</num><content>a trustee of the scheme;</content></level><level class="para1" eId="section-79-2-b"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-a"><num>(a)</num><content>a trustee of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-b"><num>(b)</num><content>an employer in relation to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-c"><num>(c)</num><content>a person who (alone or with others) has power to appoint or remove a trustee;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-d"><num>(d)</num><content>a person who (alone or with others) has power to vary the provisions of the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-e"><num>(e)</num><content>a person who provides legal, financial or actuarial advice in relation to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-f"><num>(f)</num><content>a person who manages the scheme administration services;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-2-g"><num>(g)</num><content>a person acting in a capacity specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-3"><num>(3)</num><content>The Department must make regulations setting out the events that constitute significant events for the purposes of this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-4"><num>(4)</num><content>The Department may by regulations specify further information that is to be provided by a person required to give notice under this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-5"><num>(5)</num><intro>Except as provided by subsections (6) and (7), the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-79-5-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-5-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-5-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-6"><num>(6)</num><content>This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information would

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-7"><num>(7)</num><content>A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege could be maintained in legal proceedings.</content></subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-8"><num>(8)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by or under

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-9"><num>(9)</num><content>The first regulations under subsection (3) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-10"><num>(10)</num><content>Subsequent regulations under subsection (3), and regulations under subsection (2)(g) or (4), are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80"><num>80</num><heading>Risk notices</heading><subsection eId="section-80-1"><num>(1)</num><intro>The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-1"><num>(1)</num><intro>The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator considers that—</intro><level class="para1" eId="section-80-1-a"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-1-a"><num>(a)</num><content>there is an issue of concern in relation to the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-1-b"><num>(b)</num><content>the scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-2"><num>(2)</num><content>A risk notice is a notice that requires the trustees of the scheme to submit to the Pensions Regulator a plan (a “resolution plan”) setting out proposals for resolving the issue of conc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-3"><num>(3)</num><intro>A risk notice must—</intro><level class="para1" eId="section-80-3-a"><num>(a)</num><content>identify the issue of concern;</content></level><level class="para1" eId="section-80-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-3-a"><num>(a)</num><content>identify the issue of concern;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-3-b"><num>(b)</num><content>specify the date by which the resolution plan is to be submitted.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-4"><num>(4)</num><content>If the Pensions Regulator is not satisfied that the proposals in a resolution plan are likely to be adequate to resolve the issue of concern, the Regulator may give a further notice to t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-5"><num>(5)</num><intro>The trustees must implement the proposals in a resolution plan if the Pensions Regulator—</intro><level class="para1" eId="section-80-5-a"><num>(a)</num><content>is satisfied that t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-5-a"><num>(a)</num><content>is satisfied that the proposals are likely to be adequate to resolve the issue of concern, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-5-b"><num>(b)</num><content>notifies the trustees accordingly.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-6"><num>(6)</num><content>The Pensions Regulator may direct the trustees to comply with the requirement imposed by subsection (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-7"><num>(7)</num><intro>Where the trustees are required by subsection (5) to implement the proposals in a resolution plan, the trustees must—</intro><level class="para1" eId="section-80-7-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-7-a"><num>(a)</num><content>submit to the Pensions Regulator, before the end of a period specified in regulations made by the Department, a report setting out what progress they are making in implementin

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-7-b"><num>(b)</num><content>submit further progress reports to the Pensions Regulator at intervals specified by the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-8"><num>(8)</num><content>Resolution plans and progress reports must be provided in the manner and form specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-9"><num>(9)</num><content>A reference to a resolution plan in subsections (4) to (8) includes a reference to a resolution plan as revised under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-10"><num>(10)</num><intro>The Department may by regulations—</intro><level class="para1" eId="section-80-10-a"><num>(a)</num><content>specify information that a risk notice must contain;</content></lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-10-a"><num>(a)</num><content>specify information that a risk notice must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-10-b"><num>(b)</num><content>provide that the date referred to in subsection (3)(b) or (4) must fall before the end of a period specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-11"><num>(11)</num><intro>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to comply with—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-11-a"><num>(a)</num><content>a notice under subsection (1) or (4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-11-b"><num>(b)</num><content>a direction under subsection (6), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-80-11-c"><num>(c)</num><content>a requirement imposed by subsection (7).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-80-12"><num>(12)</num><content>Regulations under this section are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81"><num>81</num><heading>Withdrawal of authorisation</heading><subsection eId="section-81-1"><num>(1)</num><content>If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-1"><num>(1)</num><content>If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme meets the authorisation criteria, it may decide to withdraw the scheme's authorisation

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-2"><num>(2)</num><intro>A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-2-a"><num>(a)</num><content>explain that the issue of the notice is a triggering event (see section 82), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-2-b"><num>(b)</num><content>include an explanation of the trustees' duties under sections 82 to 96.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-3"><num>(3)</num><intro>On withdrawal of a scheme's authorisation, the Pensions Regulator must—</intro><level class="para1" eId="section-81-3-a"><num>(a)</num><content>notify the trustees that the scheme i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-a"><num>(a)</num><content>notify the trustees that the scheme is no longer authorised, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-b"><num>(b)</num><content>remove the scheme from the list of authorised collective money purchase schemes.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-4"><num>(4)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-determination-notice" eId="term-determination-notice">determination notice</term>” has the meaning

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-insolvency-event" eId="term-insolvency-event">insolvency event</term>” has the meaning given in Article 105 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-1" class="schProv1"><num>1</num><content>The Pension Schemes Act 1993 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-6" class="schProv1"><num>6</num><content>The Pensions (Northern Ireland) Order 1995 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-23" class="schProv1"><num>23</num><content>The Pensions Act (Northern Ireland) 2015 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-3-paragraph-2-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-7" class="schProv1"><num>7</num><content><mod>In Article 51 (annual increase i

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-24" class="schProv1"><num>24</num><content><mod>In section 51(4) (regulatio

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-3" class="schProv1"><num>3</num><intro>In section 101AI (right to cash transfe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-3-a"><num>(a)</num><content><mod>in paragraph (a), at the end insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-3-b"><num>(b)</num><content><mod>in paragraph (b), at the end insert

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-8" class="schProv1"><num>8</num><content><mod>In Article 75 (deficiencies in t

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-25" class="schProv1"><num>25</num><subparagraph eId="schedule-6-paragraph-25-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 186 (Parliamentary co

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-9" class="schProv1"><num>9</num><content><mod>In Article 85 (schedules of paym

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-5" class="schProv1"><num>5</num><content><mod>In Schedule 3 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute <quotedText>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-10" class="schProv1"><num>10</num><content><mod>In Article 87 (application of

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-triggering-events-and-continuity-options"><heading>Trig

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-82"><num>82</num><heading>Triggering events</heading><subsection eId="section-82-1"><num>(1)</num><content>A

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-1"><num>(1)</num><content>A triggering event occurs in relation to a collective money purchase scheme if an event within the second column of the triggering events table occurs in relation to it, subject to subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-2"><num>(2)</num><content>An event within any of items 4 to 9 of the triggering events table is not a triggering event in relation to a collective money purchase scheme if it occurs within an existing triggering

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-3"><num>(3)</num><content>A triggering event occurs on the date specified in relation to the event in the third column of the triggering events table.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-82-4"><num>(4)</num><content>For the purposes of this Part “the triggering events table” is—<tblock

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-5"><num>(5)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-item-1-triggering-event" eId="term-item-1-triggering-event">item 1 triggering event</term>” means

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82-6"><num>(6)</num><content>In this section “<term refersTo="#term-closed" eId="term-closed">closed</term>”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-83"><num>83</num><heading>Triggering event periods</heading><subsection eId="section-83-1"><num>(1)</num><intro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-1"><num>(1)</num><intro>For the purposes of this Part, a “triggering event period” for a collective money purchase scheme is a period—</intro><level class="para1" eId="section-83-1-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-1-a"><num>(a)</num><content>starting with the date on which a triggering event occurs in relation to the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-1-b"><num>(b)</num><content>ending with the earliest of the dates given by subsection (2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-2"><num>(2)</num><intro>The dates are—</intro><level class="para1" eId="section-83-2-a"><num>(a)</num><intro>the date on which the trustees receive from the Pensions Regulator—</intro><level class="par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-2-a"><num>(a)</num><intro>the date on which the trustees receive from the Pensions Regulator—</intro><level class="para2" eId="section-83-2-a-i"><num>(i)</num><content>notification under section 8

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-83-2-a-i"><num>(i)</num><content>notification under section 88(4) that the Regulator is satisfied that the triggering event has been resolved, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-83-2-a-ii"><num>(ii)</num><content>notification under section 89(4) that the Regulator is satisfied that preparations for conversion to a closed scheme are complete and that the conversion will resolve the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-2-b"><num>(b)</num><content>the date on which the scheme is wound up;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-2-c"><num>(c)</num><content>in the case of an item 1 or 2 triggering event (notice in respect of a decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-3"><num>(3)</num><intro>For the purposes of subsection (2)(c), it becomes clear that authorisation is not to be withdrawn—</intro><level class="para1" eId="section-83-3-a"><num>(a)</num><content>in the cir

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-3-a"><num>(a)</num><content>in the circumstances set out in relation to the event in the second column of the table in subsection (4), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-3-b"><num>(b)</num><content>on the date given in relation to those circumstances in the third column of that table.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-83-4"><num>(4)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-5"><num>(5)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>” has the meaning given in—</intro><level class="para1" eId="section-83-5-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-5-a"><num>(a)</num><content>Article 91(7) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), in a case where the standard procedure applies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-83-5-b"><num>(b)</num><content>Article 94(13) of that Order, in a case where the special procedure applies.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-84"><num>84</num><heading>Notification of triggering events</heading><subsection eId="section-84-1"><num>(1)</n

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-1"><num>(1)</num><content>If a triggering event listed in the first column of the table in subsection (2) occurs in relation to a collective money purchase scheme, each person specified in relation to the event i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-84-2"><num>(2)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-3"><num>(3)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, a trustee who is aware of the event must (subject to subsections (5), (6), (12) and (13)) give the require

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-4"><num>(4)</num><intro>In this section “<term refersTo="#term-the-required-notification" eId="term-the-required-notification">the required notification</term>”, in relation to a triggering event, means notifica

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-4-a"><num>(a)</num><content>the occurrence of the event, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-4-b"><num>(b)</num><content>such other matters relating to the event as may be specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-5"><num>(5)</num><content>In the case of an item 4 or 5 triggering event, subsection (4)(a) does not apply as regards notification of the employer or relevant former employer in respect of whom the event occurs.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-6"><num>(6)</num><intro>In the case of an item 6 or 8 triggering event, subsection (4)(a) does not apply as regards notification of the person who decided that the scheme—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-6-a"><num>(a)</num><content>should be wound up, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-6-b"><num>(b)</num><content>(as the case may be) should become a closed scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-7"><num>(7)</num><content>If an item 4 or 5 triggering event occurs in relation to a collective money purchase scheme, each employer or relevant former employer in respect of whom the event occurs must (subject t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-8"><num>(8)</num><intro>If an item 6 or 8 triggering event occurs in relation to a collective money purchase scheme, the person who decided that the scheme—</intro><level class="para1" eId="section-84-8-a"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-8-a"><num>(a)</num><content>should be wound up, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-8-b"><num>(b)</num><content>(as the case may be) should become a closed scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-9"><num>(9)</num><content>If an item 7 or 9 triggering event occurs in relation to a collective money purchase scheme, each employer or relevant former employer who is aware of the event must (subject to subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-10"><num>(10)</num><content>A notification under this section must be given before the end of the period specified in regulations made by the Department.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-11"><num>(11)</num><intro>Except as provided by subsections (12) and (13), the disclosure of information under this section does not breach—</intro><level class="para1" eId="section-84-11-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-11-a"><num>(a)</num><content>any obligation of confidence owed by the person making the disclosure, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-11-b"><num>(b)</num><content>any other restriction on the disclosure of information (however imposed).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-12"><num>(12)</num><content>This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information wou

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-13"><num>(13)</num><content>A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege could be maintained in legal proceedings.</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-14"><num>(14)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by this se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-15"><num>(15)</num><content>Regulations under this section are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85"><num>85</num><heading>Continuity options</heading><subsection eId="section-85-1"><num>(1)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must pursue one o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-1"><num>(1)</num><content>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must pursue one of the continuity options.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-2"><num>(2)</num><intro>The continuity options are—</intro><level class="para1" eId="section-85-2-a"><num>(a)</num><content>continuity option 1 (discharge of liabilities and winding up) (see section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-2-a"><num>(a)</num><content>continuity option 1 (discharge of liabilities and winding up) (see section 87);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-2-b"><num>(b)</num><content>continuity option 2 (resolving triggering event) (see section 88);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-2-c"><num>(c)</num><content>continuity option 3 (conversion to closed scheme) (see section 89).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-3"><num>(3)</num><intro>The trustees must pursue continuity option 1—</intro><level class="para1" eId="section-85-3-a"><num>(a)</num><content>if the triggering event is an item 1 or 2 triggering event and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-3-a"><num>(a)</num><content>if the triggering event is an item 1 or 2 triggering event and the decision to withdraw authorisation has become final (see section 86), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-3-b"><num>(b)</num><content>if the triggering event is an item 3 triggering event.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-4"><num>(4)</num><intro>In those cases, the trustees must pursue continuity option 1 even if—</intro><level class="para1" eId="section-85-4-a"><num>(a)</num><content>the item 1, 2 or 3 triggering event occ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-4-a"><num>(a)</num><content>the item 1, 2 or 3 triggering event occurs within the triggering event period of an earlier triggering event, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-4-b"><num>(b)</num><content>the trustees have already decided to pursue continuity option 2 or 3 in respect of the earlier triggering event.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-5"><num>(5)</num><content>The trustees may pursue continuity option 3 only if (or to the extent that) the provisions of the scheme allow them to do so.Subject to that, this section overrides any provision

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-6"><num>(6)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by this sect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-86"><num>86</num><heading>When a decision to withdraw authorisation becomes final</heading><subsection eId="sec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-1"><num>(1)</num><intro>For the purposes of this Part, in relation to an item 1 or 2 triggering event, a decision to withdraw authorisation becomes final—</intro><level class="para1" eId="section-86-1-a"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-a"><num>(a)</num><content>in the circumstances set out in relation to the event in the second column of the table in subsection (2), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-b"><num>(b)</num><content>on the date given in relation to those circumstances in the third column of that table.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-86-2"><num>(2)</num><content>The table is—<tblock class="table" ukl:Orientation="portrait"><foreign><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-3"><num>(3)</num><intro>In this section “<term refersTo="#term-the-tribunal" eId="term-the-tribunal">the Tribunal</term>” has the meaning given in—</intro><level class="para1" eId="section-86-3-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-3-a"><num>(a)</num><content>Article 91(7) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), in a case where the standard procedure applies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-3-b"><num>(b)</num><content>Article 94(13) of that Order, in a case where the special procedure applies.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87"><num>87</num><heading>Continuity option 1: discharge of liabilities and winding up</heading><subsection eId="section-87-1"><num>(1)</num><intro>Where the trustees of a collective money purchase scheme are required,

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-1"><num>(1)</num><intro>Where the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1, they must—</intro><level class="para1" eId="section-87-1-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-1-a"><num>(a)</num><content>quantify, in the case of each beneficiary, the amount that represents the value of the beneficiary's accrued rights to benefits under the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-1-b"><num>(b)</num><content>formulate a proposal for discharging the scheme's liability to each beneficiary in respect of those rights, in one of the ways set out in subsection (2);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-1-c"><num>(c)</num><content>notify each employer and relevant former employer, and each beneficiary, of the proposal and of such other matters as may be specified in regulations made by the Department.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-2"><num>(2)</num><intro>The ways of discharging the scheme's liability referred to in subsection (1)(b) are—</intro><level class="para1" eId="section-87-2-a"><num>(a)</num><content>transferring the value o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-2-a"><num>(a)</num><content>transferring the value of the beneficiaries' accrued rights to benefits under the scheme to a collective money purchase scheme or to a Master Trust scheme;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-2-b"><num>(b)</num><content>transferring the value of those rights, in such circumstances as may be specified in regulations made by the Department, to a pension scheme that has characteristics specified

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-2-c"><num>(c)</num><content>securing, in such circumstances as may be specified in regulations made by the Department, the payment of benefits by such other means (an “alternative payment mechanism”) as

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-3"><num>(3)</num><content>A proposal under subsection (1)(b) may deal with the rights of different descriptions of beneficiaries in different ways.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-4"><num>(4)</num><intro>Subsections (1)(b) and (2) have effect subject to—</intro><level class="para1" eId="section-87-4-a"><num>(a)</num><content>Part 4ZA of the Pension Schemes (Northern Ireland) Act 199

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-4-a"><num>(a)</num><content>Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 (transfers and contribution refunds);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-4-b"><num>(b)</num><content>provision made by regulations under subsection (6).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-5"><num>(5)</num><intro>Notification under subsection (1)(c) must be given—</intro><level class="para1" eId="section-87-5-a"><num>(a)</num><content>in the manner specified in regulations made by the Depart

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-5-a"><num>(a)</num><content>in the manner specified in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-5-b"><num>(b)</num><content>before the end of the period specified in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-6"><num>(6)</num><intro>The Department may by regulations make provision for the purposes of enabling continuity option 1 to be given effect, which may include—</intro><level class="para1" eId="section-87-6-a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-6-a"><num>(a)</num><content>provision about how continuity option 1 is to be pursued by the trustees of a collective money purchase scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-6-b"><num>(b)</num><content>provision conferring rights on beneficiaries or employers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-6-c"><num>(c)</num><content>provision imposing duties on employers or trustees;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-6-d"><num>(d)</num><content>provision conferring power on the Pensions Regulator to direct trustees to do things permitted or required by the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-6-e"><num>(e)</num><content>provision deeming a beneficiary the value of whose accrued rights are to be transferred to a scheme that is not a collective money purchase scheme or a Master Trust scheme to

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-7"><num>(7)</num><intro>Regulations under subsection (6) must include—</intro><level class="para1" eId="section-87-7-a"><num>(a)</num><content>provision about how the quantification referred to in subsecti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-a"><num>(a)</num><content>provision about how the quantification referred to in subsection (1)(a) is to be carried out (which may be different in relation to different descriptions of beneficiaries);</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-b"><num>(b)</num><content>provision for securing that a person who has become a pensioner beneficiary (whether before or after the occurrence of the triggering event as a result of which the trustees a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-c"><num>(c)</num><content>provision about how rights conferred by the regulations may be exercised (including the time periods within which they may be exercised);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-d"><num>(d)</num><content>provision specifying requirements (which may include approval or authorisation by the Pensions Regulator in accordance with the regulations) to be met in the case of a pension

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-e"><num>(e)</num><content>provision requiring those responsible for a pension scheme by means of which it is proposed to discharge the collective money purchase scheme's liabilities to beneficiaries (“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-f"><num>(f)</num><content>provision imposing duties on the trustees to notify all or a specified description of employers and beneficiaries of their rights under the regulations and of members' rights

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-87-7-g"><num>(g)</num><content>provision about the winding up of the collective money purchase scheme in circumstances where the scheme's liabilities to beneficiaries are discharged.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-8"><num>(8)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-beneficiary" eId="term-beneficiary">beneficiary</term>”, in relation to the collective money purc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-9"><num>(9)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by this sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-10"><num>(10)</num><content>Regulations under this section may provide for the application of Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) to a person who fails to comply wi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-11"><num>(11)</num><content>Regulations under subsection (2) or (6) are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87-12"><num>(12)</num><content>Regulations under subsection (1)(c) or (5) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88"><num>88</num><heading>Continuity option 2: resolving triggering event</heading><subsection eId="section-88-1"><num>(1)</num><content>Where the trustees of a collective money purchase scheme decide to pursue continu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-1"><num>(1)</num><content>Where the trustees of a collective money purchase scheme decide to pursue continuity option 2, they must attempt to resolve the triggering event.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-2"><num>(2)</num><content>The trustees must notify the Pensions Regulator when they consider that the triggering event has been resolved.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-3"><num>(3)</num><intro>The notification must—</intro><level class="para1" eId="section-88-3-a"><num>(a)</num><content>set out how the trustees consider that the triggering event has been resolved;</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-3-a"><num>(a)</num><content>set out how the trustees consider that the triggering event has been resolved;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-88-3-b"><num>(b)</num><content>be given before the end of the period specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-4"><num>(4)</num><content>After receiving the notification, the Pensions Regulator must notify the trustees as to whether it is satisfied that the triggering event has been resolved.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-5"><num>(5)</num><content>The Pensions Regulator may not form the view that a triggering event (“<term refersTo="#term-the-relevant-event" eId="term-the-relevant-event">the relevant event</term>”) has been resolv

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-6"><num>(6)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to a trustee who fails to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-88-7"><num>(7)</num><content>Regulations under subsection (3)(b) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89"><num>89</num><heading>Continuity option 3: conversion to closed scheme</heading><subsection eId="section-89-1"><num>(1)</num><content>This section applies where the trustees of a collective money purchase scheme de

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-1"><num>(1)</num><content>This section applies where the trustees of a collective money purchase scheme decide to pursue continuity option 3.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-2"><num>(2)</num><content>The trustees must notify the Pensions Regulator when they consider that preparations for the conversion of the scheme into a closed scheme are complete.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-3"><num>(3)</num><content>The Department may by regulations require notification under subsection (2) to be given before the end of a period specified in the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-4"><num>(4)</num><intro>If the Pensions Regulator is satisfied—</intro><level class="para1" eId="section-89-4-a"><num>(a)</num><content>that preparations for the conversion of the scheme into a closed sche

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-4-a"><num>(a)</num><content>that preparations for the conversion of the scheme into a closed scheme are complete, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-89-4-b"><num>(b)</num><content>that the conversion will resolve the triggering event giving rise to the decision to pursue continuity option 3, and any other event within the triggering events table that ha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-5"><num>(5)</num><content>The conversion of the scheme into a closed scheme may be carried out only in accordance with the provisions of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-6"><num>(6)</num><content>The scheme may not begin operating as a closed scheme until the trustees have received notification under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-7"><num>(7)</num><content>Where the trustees have pursued continuity option 3 they may not later reverse the closure of the scheme (either completely or to any extent).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-8"><num>(8)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to comply with a requirement or restriction impo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-9"><num>(9)</num><content>Regulations under subsection (3) are subject to negative resolution.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-89-10"><num>(10)</num><content>In this section “<term refersTo="#term-closed" eId="term-closed">closed</term>”, in relation to a collective money purchase scheme, means closed to new contributions or new members (o

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90"><num>90</num><heading>Implementation strategy</heading><subsection eId="section-90-1"><num>(1)</num><intro>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must—</int

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-1"><num>(1)</num><intro>If a triggering event occurs in relation to a collective money purchase scheme, the trustees must—</intro><level class="para1" eId="section-90-1-a"><num>(a)</num><content>produce a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-a"><num>(a)</num><content>produce a document setting out how the interests of members of the scheme are to be protected following the occurrence of the event (an “implementation strategy”), and</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-1-b"><num>(b)</num><content>submit it to the Pensions Regulator for approval before the end of a period specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-2"><num>(2)</num><intro>If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—</intro><level class="para1" eId="section-90-2-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-2-a"><num>(a)</num><content>the trustees are not required to submit an implementation strategy in respect of the earlier triggering event;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-2-b"><num>(b)</num><content>any implementation strategy approved by the Pensions Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-3"><num>(3)</num><intro>In the case of an item 1 or 2 triggering event—</intro><level class="para1" eId="section-90-3-a"><num>(a)</num><content>the trustees are required to submit an implementation strateg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-3-a"><num>(a)</num><content>the trustees are required to submit an implementation strategy only if the decision to withdraw authorisation has become final (see section 86);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-90-3-b"><num>(b)</num><content>if it becomes clear that authorisation is not to be withdrawn, subsection (2) ceases to have effect on the date on which that becomes clear.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-4"><num>(4)</num><content>The Pensions Regulator may direct the trustees to comply with a requirement imposed by this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-5"><num>(5)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-6"><num>(6)</num><content>This section overrides any provision of the collective money purchase scheme, to the extent that there is a conflict.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-90-7"><num>(7)</num><content>Regulations under subsection (1)(b) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91"><num>91</num><heading>Approval of implementation strategy</heading><subsection eId="section-91-1"><num>(1)</num><content>The Pensions Regulator may approve an implementation strategy only if it is satisfied that th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-1"><num>(1)</num><content>The Pensions Regulator may approve an implementation strategy only if it is satisfied that the strategy is adequate.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-2"><num>(2)</num><content>Subsections (3) to (6) apply for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that an implementation strategy for a collective money purchase scheme

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-3"><num>(3)</num><content>An implementation strategy must include information about the levels of administration charges in relation to members of the scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-4"><num>(4)</num><intro>The information must—</intro><level class="para1" eId="section-91-4-a"><num>(a)</num><content>relate to the levels of administration charges as at the date specified or described in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-4-a"><num>(a)</num><content>relate to the levels of administration charges as at the date specified or described in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-4-b"><num>(b)</num><content>be set out in the manner specified or described in the regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-5"><num>(5)</num><intro>An implementation strategy must include information about the following matters—</intro><level class="para1" eId="section-91-5-a"><num>(a)</num><content>the continuity option that i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-5-a"><num>(a)</num><content>the continuity option that is to be pursued (see section 85);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-5-b"><num>(b)</num><intro>where continuity option 1 (discharge of liabilities and winding up) is to be pursued—</intro><level class="para2" eId="section-91-5-b-i"><num>(i)</num><content>the scheme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-91-5-b-i"><num>(i)</num><content>the scheme or schemes to which it is proposed to transfer the value of accrued rights to benefits, or the alternative payment mechanism by which the payment of benefits is t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-91-5-b-ii"><num>(ii)</num><content>when the transfer is expected to take place, or (as the case may be) when the payment of benefits is expected to be secured;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-5-c"><num>(c)</num><content>where continuity option 2 (resolving the triggering event) is to be pursued, how it is proposed that the triggering event should be resolved;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-5-d"><num>(d)</num><intro>where continuity option 3 (conversion to closed scheme) is to be pursued—</intro><level class="para2" eId="section-91-5-d-i"><num>(i)</num><content>the way in which, the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-91-5-d-i"><num>(i)</num><content>the way in which, the extent to which and the time by which it is proposed to close the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-91-5-d-ii"><num>(ii)</num><content>how the scheme will continue to meet the authorisation criteria;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-91-5-d-iii"><num>(iii)</num><content>any revisions that will be needed to the viability report and the continuity strategy (see sections 64 and 68).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-6"><num>(6)</num><intro>An implementation strategy must—</intro><level class="para1" eId="section-91-6-a"><num>(a)</num><content>include any other information specified or described in regulations made by

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-6-a"><num>(a)</num><content>include any other information specified or described in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-91-6-b"><num>(b)</num><content>be prepared in accordance with regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-91-7"><num>(7)</num><content>Regulations under this section are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92"><num>92</num><heading>Trustees' duties once implementation strategy approved</heading><subsection eId="section-92-1"><num>(1)</num><intro>When the Pensions Regulator has notified the trustees of a collective money

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-1"><num>(1)</num><intro>When the Pensions Regulator has notified the trustees of a collective money purchase scheme that an implementation strategy relating to the scheme is approved, the trustees must—</intr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-1-a"><num>(a)</num><content>pursue the continuity option identified in the strategy, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-1-b"><num>(b)</num><content>take such other steps as are identified in the strategy in order to carry it out.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-2"><num>(2)</num><content>The Department may by regulations require the trustees of a collective money purchase scheme to make available an approved implementation strategy relating to the scheme, before the end

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-3"><num>(3)</num><intro>If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—</intro><level class="para1" eId="section-92-3-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-3-a"><num>(a)</num><content>the trustees cease to be subject to the requirements of subsection (1) and regulations under subsection (2) in respect of an approved implementation strategy relating to the e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-3-b"><num>(b)</num><content>in the case of an item 1 or 2 triggering event, if it becomes clear that authorisation is not to be withdrawn, the trustees are again subject to those requirements from the da

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-4"><num>(4)</num><content>The Pensions Regulator may direct the trustees to comply with subsection (1), if they fail to do so.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-5"><num>(5)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a direction under subsection (4).<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-6"><num>(6)</num><intro>To the extent that there is a conflict, this section overrides a provision of—</intro><level class="para1" eId="section-92-6-a"><num>(a)</num><content>a collective money purchase sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-6-a"><num>(a)</num><content>a collective money purchase scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-92-6-b"><num>(b)</num><content>a contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-92-7"><num>(7)</num><content>Regulations under subsection (2) are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93"><num>93</num><heading>Prohibition on winding up except in accordance with continuity option 1</heading><subsection eId="section-93-1"><num>(1)</num><content>A person may wind up a collective money purchase scheme o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-1"><num>(1)</num><content>A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 87).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-2"><num>(2)</num><content>Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-93-3"><num>(3)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to a person who fails to comply with subsection (1).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94"><num>94</num><heading>Periodic reporting requirements</heading><subsection eId="section-94-1"><num>(1)</num><content>During a triggering event period for a collective money purchase scheme, the trustees must submit

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-1"><num>(1)</num><content>During a triggering event period for a collective money purchase scheme, the trustees must submit reports to the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-2"><num>(2)</num><content>The first report must be submitted before the end of a period specified in regulations made by the Department.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-3"><num>(3)</num><content>Subsequent reports must be submitted at intervals specified by the Pensions Regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-4"><num>(4)</num><intro>The reports must—</intro><level class="para1" eId="section-94-4-a"><num>(a)</num><content>report on progress in carrying out the implementation strategy,</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-94-4-a"><num>(a)</num><content>report on progress in carrying out the implementation strategy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-94-4-b"><num>(b)</num><content>record events or decisions of a description specified in regulations made by the Department,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-94-4-c"><num>(c)</num><content>contain such other information as is specified in regulations made by the Department, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-94-4-d"><num>(d)</num><content>be made in the manner and form specified by the Pensions Regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-5"><num>(5)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who fails to comply with a requirement imposed by this sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-94-6"><num>(6)</num><content>Regulations under this section are subject to negative resolution.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95"><num>95</num><heading>Pause orders</heading><subsection eId="section-95-1"><num>(1)</num><content>This section applies during a triggering event period for a collective money purchase scheme.</content></subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-1"><num>(1)</num><content>This section applies during a triggering event period for a collective money purchase scheme.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-2"><num>(2)</num><content>The Pensions Regulator may make a pause order in relation to the scheme if either of the following two conditions is met.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-3"><num>(3)</num><content>Condition 1 is that the Pensions Regulator is satisfied that making a pause order will help the trustees to carry out the implementation strategy.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-4"><num>(4)</num><intro>Condition 2 is that the Pensions Regulator is satisfied that—</intro><level class="para1" eId="section-95-4-a"><num>(a)</num><content>there is, or is likely to be if a pause order i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-4-a"><num>(a)</num><content>there is, or is likely to be if a pause order is not made, an immediate risk to the interests of members of the scheme or the assets of the scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-4-b"><num>(b)</num><content>it is necessary to make a pause order to protect the interests of the generality of the members of the scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-5"><num>(5)</num><intro>A pause order is an order that during the period for which it has effect one or more of the following directions has effect—</intro><level class="para1" eId="section-95-5-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-5-a"><num>(a)</num><content>a direction that no new members (or no new members of a specified description) are to be admitted to the scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-5-b"><num>(b)</num><intro>a direction that no further payments (or no further payments of a specified description) are to be made towards the scheme—</intro><level class="para2" eId="section-95-5-b-i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-b-i"><num>(i)</num><content>by or on behalf of employers or relevant former employers (or employers or relevant former employers of a specified description), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-b-ii"><num>(ii)</num><content>by or in respect of members (or members of a specified description);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-5-c"><num>(c)</num><intro>a direction that an amount (or specified amount) which—</intro><level class="para2" eId="section-95-5-c-i"><num>(i)</num><content>corresponds to a payment that would be d

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-c-i"><num>(i)</num><content>corresponds to a payment that would be due to be made towards the scheme in respect of a member but for a direction under paragraph (b), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-c-ii"><num>(ii)</num><content>has been deducted from a payment of earnings in respect of an employment,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-5-d"><num>(d)</num><content>a direction that no benefits (or no benefits of a specified description) are to be paid to or in respect of members (or members of a specified description) under the scheme ru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-5-e"><num>(e)</num><intro>a direction that—</intro><level class="para2" eId="section-95-5-e-i"><num>(i)</num><content>no transfers (or no transfers of a specified description) of or in respect of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-e-i"><num>(i)</num><content>no transfers (or no transfers of a specified description) of or in respect of a member's rights under the scheme rules are to be made from the scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-e-ii"><num>(ii)</num><content>no transfer payments (or no transfer payments of a specified description) in respect of a member's rights under the scheme rules are to be made from the scheme, or</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-95-5-e-iii"><num>(iii)</num><content>no other steps (or no other steps of a specified description) are to be taken to discharge a liability of the scheme to or in respect of a member of the scheme in respec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-6"><num>(6)</num><intro>In subsection (5)(b)—</intro><level class="para1" eId="section-95-6-a"><num>(a)</num><content>a reference to payments does not include payments due to be made before the order takes

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-6-a"><num>(a)</num><content>a reference to payments does not include payments due to be made before the order takes effect, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-6-b"><num>(b)</num><content>a reference to payments towards a scheme includes payments in respect of pension credits where the person entitled to the credit is a member of the scheme.</content></leve

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-7"><num>(7)</num><intro>A direction under subsection (5)(e) may provide that—</intro><level class="para1" eId="section-95-7-a"><num>(a)</num><content>no transfers of or in respect of a member's rights unde

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-7-a"><num>(a)</num><content>no transfers of or in respect of a member's rights under the scheme rules, or no such transfers of a specified description, may be made from the scheme, or</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-7-b"><num>(b)</num><content>no transfer payments in respect of such rights, or no such transfer payments of a specified description, may be made from the scheme,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-8"><num>(8)</num><content>A pause order may also require the trustees of the scheme to obtain an actuarial valuation within a specified period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-9"><num>(9)</num><intro>A pause order containing such a requirement must specify—</intro><level class="para1" eId="section-95-9-a"><num>(a)</num><content>the date by reference to which the matters to be se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-9-a"><num>(a)</num><content>the date by reference to which the matters to be set out in the valuation must be determined;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-9-b"><num>(b)</num><content>the information and statements that the valuation must contain;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-95-9-c"><num>(c)</num><content>any other requirements that the valuation must satisfy.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-10"><num>(10)</num><content>Schedule 5 makes further provision about pause orders.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-95-11"><num>(11)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-earnings" eId="term-earnings">earnings</term>” has the meaning given in section 176(1) of the

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-department" eId="term-the-department">the Department</term>” means the Department for Communities in Northern Ireland;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><content>The Pensions Act 2008 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-11" class="schProv1"><num>11</num><content>The Pensions (Northern Ireland) Order 2005 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-11-paragraph-14-1"><num>(1)</num><content>The amendments of the Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005 (

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-12" class="schProv1"><num>12</num><intro>In Article 2 (general interpretation)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-12-a"><num>(a)</num><content><mod>in sub-paragraph (a), after head (

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-12-b"><num>(b)</num><content><mod>in sub-paragraph (b), after head (

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 99A(1) (money purchase benefits: supplementary), for “the definition” substitute <quotedText>“ paragraph (a) of the definition

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-13" class="schProv1"><num>13</num><intro>In Article 9 (improvement notices), i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-13-a"><num>(a)</num><content>omit the “or” at the end of sub-paragraph (f);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-13-b"><num>(b)</num><content><mod>after sub-paragraph (g) insert<quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-6-paragraph-14-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-15" class="schProv1"><num>15</num><intro>In Article 88(2) (regulatory funct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-15-a"><num>(a)</num><content>omit the “and” at the end of sub-paragraph (p);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-15-b"><num>(b)</num><content><mod>after sub-paragraph (p) insert—<qu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-16" class="schProv1"><num>16</num><content><mod>In Article 92(5) (special p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-17" class="schProv1"><num>17</num><content><mod>In Article 110 (schemes eligib

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-18" class="schProv1"><num>18</num><content><mod>In Article 226A (requirement f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-19" class="schProv1"><num>19</num><intro>In Article 231 (representative of non

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-19-a"><num>(a)</num><content>omit the “or” at the end of sub-paragraph (d);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-19-b"><num>(b)</num><content><mod>after sub-paragraph (e) insert<quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-20" class="schProv1"><num>20</num><intro>In Article 267 (duty of trustees or m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-20-a"><num>(a)</num><content>omit the “or” at the end of sub-paragraph (d);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-20-b"><num>(b)</num><content><mod>after sub-paragraph (e) insert<quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-21" class="schProv1"><num>21</num><content><mod>In Schedule 2 (the reserved re

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96"><num>96</num><heading>Prohibition on increasing charges etc during triggering event period</heading><subsection eId="section-96-1"><num>(1)</num><intro>During a triggering event period for a collective money purcha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-1"><num>(1)</num><intro>During a triggering event period for a collective money purchase scheme, the trustees must not—</intro><level class="para1" eId="section-96-1-a"><num>(a)</num><content>impose admini

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-1-a"><num>(a)</num><content>impose administration charges on or in respect of members at levels above those set out in the implementation strategy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-1-b"><num>(b)</num><content>impose new administration charges on or in respect of members, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-1-c"><num>(c)</num><content>impose administration charges on or in respect of a member in consequence of the member leaving, or deciding to leave, the scheme during that period.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-2"><num>(2)</num><intro>The trustees of a receiving scheme that is a collective money purchase scheme or a Master Trust scheme must not—</intro><level class="para1" eId="section-96-2-a"><num>(a)</num><content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-2-a"><num>(a)</num><content>impose administration charges on or in respect of members at levels above those set out in the document provided to the Pensions Regulator by virtue of regulations under secti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-2-b"><num>(b)</num><content>impose new administration charges on or in respect of members,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-3"><num>(3)</num><intro>The Department may by regulations—</intro><level class="para1" eId="section-96-3-a"><num>(a)</num><content>provide that subsection (1) or (2) does not apply in relation to administr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-3-a"><num>(a)</num><content>provide that subsection (1) or (2) does not apply in relation to administration charges specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-3-b"><num>(b)</num><content>make provision about how levels of administration charges are to be calculated for the purposes of this section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-4"><num>(4)</num><intro>The costs referred to in subsection (2) are costs for which a receiving scheme is liable—</intro><level class="para1" eId="section-96-4-a"><num>(a)</num><content>which were incurred

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-4-a"><num>(a)</num><content>which were incurred by the transferring scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-4-b"><num>(b)</num><content>which relate directly to the transfer of the value of accrued rights to benefits under the transferring scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-5"><num>(5)</num><intro>To the extent that there is a conflict, this section overrides a provision of—</intro><level class="para1" eId="section-96-5-a"><num>(a)</num><content>a collective money purchase sc

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-5-a"><num>(a)</num><content>a collective money purchase scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-5-b"><num>(b)</num><content>a Master Trust scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-5-c"><num>(c)</num><content>a contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-96-5-d"><num>(d)</num><content>a Master Trust scheme contract within the meaning of section 39(1) of the Pension Schemes Act 2017 or any corresponding statutory provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-6"><num>(6)</num><content>The Department may by regulations apply some or all of the provisions of this section to a receiving scheme that has characteristics specified in regulations under section 87(2)(b).<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-7"><num>(7)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to comply with this section.</content></subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-8"><num>(8)</num><intro>In this section—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-receiving-scheme" eId="term-receiving-scheme">receiving scheme</term>” means a pension scheme tha

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-9"><num>(9)</num><content>Regulations under subsection (3)(a) or (6), and the first regulations under subsection (3)(b), are subject to confirmatory procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-96-10"><num>(10)</num><content>Subsequent regulations under subsection (3)(b) are subject to negative resolution.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-publication-of-information"><heading>Publication of information</heading><section eId="section-9

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97"><num>97</num><heading>Publication of information</heading><subsection eId="section-97-1"><num>(1)</num><content>The Department may by regulations require the trustees of a collective money purchase scheme to publis

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-1"><num>(1)</num><content>The Department may by regulations require the trustees of a collective money purchase scheme to publish information relating to the scheme that is specified or described in the regulatio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-2"><num>(2)</num><intro>Regulations under subsection (1) may, among other things—</intro><level class="para1" eId="section-97-2-a"><num>(a)</num><content>require the trustees to publish a document specifie

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-2-a"><num>(a)</num><content>require the trustees to publish a document specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-2-b"><num>(b)</num><content>require information or a document to be made available free of charge;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-2-c"><num>(c)</num><content>require information or a document to be provided to a person in a form or by means specified or described in the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-97-2-d"><num>(d)</num><content>require or permit information specified or described in the regulations to be excluded from a document when it is published in accordance with the regulations.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-3"><num>(3)</num><content>In complying with a requirement imposed by regulations under subsection (1) a trustee must have regard to any guidance prepared from time to time by the Department.</content></subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-4"><num>(4)</num><content>Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-97-5"><num>(5)</num><content>Regulations under subsection (1) are subject to negative resolution.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-powers-to-make-further-provision"><heading>Powers to make further provision</heading><section eI

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98"><num>98</num><heading>Powers to extend definition of qualifying schemes</heading><subsection eId="section-98-1"><num>(1)</num><intro>The Department may by regulations remove the exclusion of any of the following fr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-1"><num>(1)</num><intro>The Department may by regulations remove the exclusion of any of the following from the definition of “qualifying scheme” in section 54—</intro><level class="para1" eId="section-98-1-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-1-a"><num>(a)</num><content>pension schemes not established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes (Northern Ireland) Act 1993 applied when the sch

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-1-b"><num>(b)</num><content>pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-2"><num>(2)</num><intro>The Department may by regulations make further provision about collective money purchase schemes that could not be qualifying schemes, or sections of qualifying schemes, but for regulation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-2-a"><num>(a)</num><content>provision about the authorisation of relevant schemes by the Pensions Regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-2-b"><num>(b)</num><content>provision about triggering events and continuity options;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-2-c"><num>(c)</num><content>provision about administration charges during triggering event periods.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-3"><num>(3)</num><intro>Regulations under subsection (2) making provision about relevant schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other may a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-3-a"><num>(a)</num><content>make provision corresponding or similar to provision made by or under Part 1 of the Pension Schemes Act 2017;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-3-b"><num>(b)</num><content>disapply, in relation to such schemes, any statutory provision corresponding to anything in that Part.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-4"><num>(4)</num><intro>The provision that may be made under subsection (1) or (2) may be made by—</intro><level class="para1" eId="section-98-4-a"><num>(a)</num><content>modifying or amending this Part;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-4-a"><num>(a)</num><content>modifying or amending this Part;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-98-4-b"><num>(b)</num><content>making consequential modifications or amendments of any other statutory provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-98-5"><num>(5)</num><content>Regulations under this section are subject to confirmatory procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-supplementary"><heading>Supplementary</heading><sec

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-99"><num>99</num><heading>Minor and consequential amendments</heading><content>Schedule 6 makes minor and consequential amendments relating to this Part.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100"><num>100</num><heading>Interpretation of Part 2</heading><subsection eId="section-100-1"><num>(1)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-administratio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-1"><num>(1)</num><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-administration-charge" eId="term-administration-charge">administration charge</term>” has the sam

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“Master Trust scheme” means a Master Trust scheme within the meaning of the Pension Schemes Act 2017 or any corresponding statutory provision;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote"> Section 6</au

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-determination-notice" eId="term-determination-notice">determination notice</term>” has the meaning given in section 98(2)(a) of the Pensions Act 2004;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-1-paragraph-1-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-6" class="schProv1"><num>6</num><content>The Pensions Act 1995 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 51 (annual increase i

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 75 (deficiencies in t

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 87 (schedules of paym

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-10" class="schProv1"><num>10</num><content><mod>In section 89 (application of

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-building-societies-act-1986-c-53"><head

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-pension-schemes-act-1993-c-48"><heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-1-crossheading-pensions-act-2008-c-30"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote"> Section 44</authorialNote></num><heading>Pause orders</heading><hcontaine

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-crossheading-consequences-of-a-pause-order"><heading>Consequences of a pause order</heading><paragraph eI

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading>Sanctions for avoidance of employer debt etc</heading><para

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-2-paragraph-2-1"><num>(1)</num><content>A pause order must specify the period for which it has effect, which must not exceed three months.<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-1" class="schProv1"><num>1</num><content><mod>In section 10 of the Pensions Ac

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-8-paragraph-3-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-8-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-8-paragraph-9-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-12" class="schProv1"><num>12</num><content><mod>After Article 75 (offences of

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-crossheading-period-of-effect-etc-of-pause-order"><heading>Period of effect etc of pause order</heading><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Validation of action in contravention of pause order</heading><paragraph eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-2-paragraph-3-1"><num>(1)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-2-paragraph-3-1"><num>(1)</num><content>If a pause order is made in relation to a collective money purchase scheme, the Pensions Regulator may

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-crossheading-validation-of-action-in-contravention-of-pause-order"><heading>Validation of action in contraven

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-crossheading-notification-of-trustees-employers-and-members"><heading>Notification of trustees, employers and

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-crossheading-supplementary"><heading>Supplementary</heading><paragraph eId="schedule-2-paragraph-5" class

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-3"><num>SCHEDULE 3<authorialNote class="referenceNote"> Section 48</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-crossheading-pension-schemes-act-1993-c-48"><heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-crossheading-pensions-act-1995-c-26"><heading>Pen

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-11" class="schProv1"><num>11</num><content>The Pensions Act 2004 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-5" class="schProv1"><num>5</num><content>The Pensions (No. 2) Act (Northern Ireland) 2008 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-1" class="schProv1"><num>1</num><content>The Pension Schemes (Northern Ireland) Act 1993 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-1" class="schProv1"><num>1</num><content>The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-8-paragraph-4-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-8-paragraph-7-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-8-paragraph-10-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-13" class="schProv1"><num>13</num><content><mod>After Article <ref href="#d25e

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-16" class="schProv1"><num>16</num><content>The Pensions (Northern Ireland) Order 2005 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-12" class="schProv1"><num>12</num><content><mod>In section 13 (improvement not

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-4-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-6-paragraph-2-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-17" class="schProv1"><num>17</num><content><mod>In Article 34B (Article 34 con

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-3-paragraph-13-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 78A(1) (money purchase benefits: supplementary), for “the definition” substitute <quotedText>“ paragraph (a) of the definition

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-3" class="schProv1"><num>3</num><intro>In section 97AI (right to cash transfer

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-3-a"><num>(a)</num><content><mod>in paragraph (a), at the end insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-3-b"><num>(b)</num><content><mod>in paragraph (b), at the end insert

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-18" class="schProv1"><num>18</num><intro>In Article 70 (inspection of premises: powers of inspectors), in paragraph (1)—</intro><level class="para1" eId="schedule-8-paragraph-18-a"><num>(a)</num><con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-18-a"><num>(a)</num><content>after “paragraph (1),” insert “<ref href="#d25e28375">(2A)</ref>,”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-18-b"><num>(b)</num><content>for “(3) or (4)” substitute “(3), (4) or <ref href="#d25e28426">(5A)</ref>”.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-3-paragraph-14-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 181 (Assembly, etc. control of regulations and orders), in subsection (2) (regulations and orders subject to confirmatory procedure), after “2

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-8-paragraph-19-1"><num>(1)</num><content>Article 71 (inspection of premises: supplementary) is amended as follows.</content></subparagrap

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-15" class="schProv1"><num>15</num><content><mod>In section 97(5) (special p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-5" class="schProv1"><num>5</num><content><mod>In Schedule 2 (methods of revaluing accrued pension benefits), in paragraph 3A (the cash balance method), for “cash balance benefit” substitute <quotedText>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-20" class="schProv1"><num>20</num><intro>In Article 73 (warrants), in paragraph (1)(c)(iii)—</intro><level class="para1" eId="schedule-8-paragraph-20-a"><num>(a)</num><content>after “virtue of”, i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-20-a"><num>(a)</num><content>after “virtue of”, in the first place it occurs, insert “Article <ref href="#d25e28565">72A</ref>, <ref href="#d25e28706">72B</ref> or <ref href="#d25e29155">83A</r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-20-b"><num>(b)</num><content>for “either of them” substitute “any of those provisions”.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-16" class="schProv1"><num>16</num><content><mod>In section 126 (schemes eligib

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-21" class="schProv1"><num>21</num><subparagraph eId="schedule-8-paragraph-21-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-17" class="schProv1"><num>17</num><content><mod>In section 249A (requirement f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-22" class="schProv1"><num>22</num><intro>In Article 85 (codes of practice), in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-8-paragraph-22-a"><num>(a)</num><content>in sub-paragraph (aa), after “test” insert “, the employer insolvency test or the employer resources test”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-8-paragraph-22-b"><num>(b)</num><content><mod>after sub-paragraph (b) insert—<qu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-18" class="schProv1"><num>18</num><intro>In section 254 (representative of non

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-18-a"><num>(a)</num><content>omit the “or” at the end of paragraph (d);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-18-b"><num>(b)</num><content><mod>after paragraph (e) insert<quotedT

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-8-paragraph-23-1"><num>(1)</num><content>Article 91 (the Regulator’s standard procedure in relation to its regulatory functions) is amended a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-19" class="schProv1"><num>19</num><intro>In section 291 (duty of trustees or m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-19-a"><num>(a)</num><content>omit the “or” at the end of paragraph (d);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-19-b"><num>(b)</num><content><mod>after paragraph (e) insert<quotedT

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-24" class="schProv1"><num>24</num><content>In Article 233 (no indemnification for fines or civil penalties), in paragraph (1)(b), after “virtue of” insert “Article <ref href="#d25e28565">72A</ref>, <ref

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-20" class="schProv1"><num>20</num><intro>In section 318 (general interpretatio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-20-a"><num>(a)</num><content><mod>in paragraph (a), after sub-paragr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-20-b"><num>(b)</num><content><mod>in paragraph (b), after sub-paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-25" class="schProv1"><num>25</num><subparagraph eId="schedule-8-paragraph-25-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-21" class="schProv1"><num>21</num><content><mod>In Schedule 2 (the reserved re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-8-paragraph-26-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-27" class="schProv1"><num>27</num><content><mod>In Schedule 1 (the Pensions Re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-28" class="schProv1"><num>28</num><content><mod>In Schedule 2 (the reserved re

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-crossheading-pensions-act-2004-c-35"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-crossheading-pensions-act-2008-c-30"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-crossheading-pensions-act-2014-c-19"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-4"><num>SCHEDULE 4<authorialNote class="referenceNote"> Section 57</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-triggering-event" eId="term-triggering-event">triggering event</term>” has the meaning given in section 31.</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-1" class="schProv1"><num>1</num><content><mod>In Schedule 10A to the Building Societies Act 1986 (disclosures about directors, other officers and employees in notes to accounts), in paragraph 1(2), in th

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-18" class="schProv1"><num>18</num><content>The Pension Schemes Act 2017 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-7-paragraph-19-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-20" class="schProv1"><num>20</num><subparagraph eId="schedule-7-paragraph-20-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-4-crossheading-building-societies-act-1986-c-53"><heading>Building Societies Act 1986 (c. 53)</heading><par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-4-crossheading-pension-schemes-northern-ireland-act-19

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-4-crossheading-pensions-no-2-act-northern-ireland-2008

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-5"><num>SCHEDULE 5<authorialNote class="referenceNote"> Section 95</authorialNote></num><heading>Pause orders: Northern Ireland</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-5-crossheading-consequences-of-a-pause-order"><heading>Consequences of a pause order</heading><paragraph eI

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-5-crossheading-period-of-effect-etc-of-pause-order"><heading>Period of effect etc of pause order</heading><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-5-crossheading-validation-of-action-in-contravention-of-pause-order"><heading>Validation of action in contraven

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-5-crossheading-notification-of-trustees-employers-and-members"><heading>Notification of trustees, employers and

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-5-crossheading-supplementary"><heading>Supplementary</heading><paragraph eId="schedule-5-paragraph-5" class

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-6"><num>SCHEDULE 6<authorialNote class="referenceNote"> Section 99</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-6-crossheading-pension-schemes-northern-ireland-act-19

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-6-crossheading-pensions-northern-ireland-order-1995-si

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-6-crossheading-pensions-northern-ireland-order-2005-si

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-6-crossheading-pensions-no-2-act-northern-ireland-2008

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-6-crossheading-pensions-act-northern-ireland-2015-c-5-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-7"><num>SCHEDULE 7<authorialNote class="referenceNote"> Section 116</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-7-crossheading-pensions-act-1995-c-26"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-7-crossheading-pensions-act-2004-c-35"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-7-crossheading-pensions-act-2008-c-30"><heading>Pen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-7-crossheading-pension-schemes-act-2017-c-17"><heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-8"><num>SCHEDULE 8<authorialNote class="referenceNote"> Section 117</

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="schedule-8-part-1"><num>PART 1</num><heading>Amendments of the Pensions (Northern Ireland) Order 200

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-introductory"><heading>Introductory</heading><paragraph eId="schedule-8-paragraph-1"

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-grounds-for-issuing-an-article-3

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-reasonableness-of-issuing-contri

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-determination-of-sum-specified-i

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-sanctions-for-failure-to-comply-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-sanctions-for-avoidance-of-emplo

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-part-1-crossheading-duty-to-notify-the-regulator-of-

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-part-2"><num>PART 2</num><heading>Minor and consequential amendments</heading><hcontainer name="

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-9"><num>SCHEDULE 9<authorialNote class="referenceNote">Section 120</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-10"><num>SCHEDULE 10<authorialNote class="referenceNote">Section 123<

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-part-1"><num>PART 1</num><heading>Amendments of Part 3 of the Pensions Act 2004</heading><parag

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-1" class="schProv1"><num>1</num><content>Part 3 of the Pensions Act 2004 (scheme funding) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-2" class="schProv1"><num>2</num><content><mod>Before section 222 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-10-paragraph-3-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-10-paragraph-4-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 226 (recovery plan),

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 229 (matters requiri

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-10-paragraph-7-1"><n

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-part-2"><num>PART 2</num><heading>Minor and consequential amendments</heading><paragraph eId="s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-8" class="schProv1"><num>8</num><content>The Pensions Act 2004 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 60 (registrable info

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-10" class="schProv1"><num>10</num><intro>In section 80 (offences of providing

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-10-paragraph-10-a"><num>(a)</num><content>omit the “or” at the end of sub-paragraph (iv);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-10-paragraph-10-b"><num>(b)</num><content><mod>after that sub-paragraph insert—<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-11" class="schProv1"><num>11</num><content><mod>In section 316 (Parliamentary

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-11"><num>SCHEDULE 11<authorialNote class="referenceNote">Section 129<

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-1"><num>PART 1</num><heading>Funding of defined benefit schemes</heading><hcontainer name=

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-2"><num>PART 2</num><heading>Other provision</heading><hcontainer name="crossheading" clas

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-2"><num>(2)</num><intro>For the purposes of this Part, an employer (“A”) is connected with another employer (“B”)—</intro><level class="para1" eId="section-100-2-a"><num>(a)</num><content>where A is, or h

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-2-a"><num>(a)</num><content>where A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-2-b"><num>(b)</num><content>in circumstances specified in regulations made by the Department.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-3"><num>(3)</num><intro>This Part applies to a qualifying scheme—</intro><level class="para1" eId="section-100-3-a"><num>(a)</num><content>which provides both qualifying benefits and other benefits, and</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-3-a"><num>(a)</num><content>which provides both qualifying benefits and other benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-3-b"><num>(b)</num><content>for which there is no power to wind up the scheme to the extent only that it provides qualifying benefits,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-4"><num>(4)</num><intro>Regulations made by the Department may make provision to the effect that, for the purposes of any specified provisions of this Part, a reference in this Part to a collective money purchas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-4-a"><num>(a)</num><content>is in the process of being wound up, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-100-4-b"><num>(b)</num><content>was a collective money purchase scheme immediately before the beginning of that process.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-100-5"><num>(5)</num><content>Regulations under subsection (2) or (4) are subject to confirmatory procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" eId="section-101"><num>101</num><heading>Index of defined expressions</heading><content>The Table below lists provisions

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102"><num>102</num><heading>Regulations</heading><subsection eId="section-102-1"><num>(1)</num><content>A power of the Department to make regulations under this Part is exercisable by statutory rule for the purposes of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-1"><num>(1)</num><content>A power of the Department to make regulations under this Part is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-2"><num>(2)</num><intro>A power to make regulations under this Part may be used—</intro><level class="para1" eId="section-102-2-a"><num>(a)</num><content>to make different provision for different purposes

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-2-a"><num>(a)</num><content>to make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-2-b"><num>(b)</num><content>to make provision in relation to all or only some of the purposes for which it may be used.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-3"><num>(3)</num><intro>Regulations under this Part may—</intro><level class="para1" eId="section-102-3-a"><num>(a)</num><content>confer a discretion on a person;</content></level><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-3-a"><num>(a)</num><content>confer a discretion on a person;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-3-b"><num>(b)</num><content>make consequential, supplementary or incidental provision;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-3-c"><num>(c)</num><content>make transitional, transitory or saving provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-4"><num>(4)</num><content>Where regulations under this Part are subject to “negative resolution”, they are subject to negative resolution within the meaning given in section 41(6) of the Interpretation Act (Nor

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-5"><num>(5)</num><intro>Where regulations under this Part are subject to “confirmatory procedure”—</intro><level class="para1" eId="section-102-5-a"><num>(a)</num><content>they must be laid before the No

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-5-a"><num>(a)</num><content>they must be laid before the Northern Ireland Assembly after being made, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-102-5-b"><num>(b)</num><content>they take effect on such date as may be specified in the regulations, but (without prejudice to the validity of anything done under the regulations or to the making of new re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-6"><num>(6)</num><content>Section 41(3) of the Interpretation Act (Northern Ireland) 1954 applies in relation to the laying of regulations under this Part as it applies in relation to the laying of a statutory d

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-102-7"><num>(7)</num><content>Any provision that may be made by regulations under this Part subject to negative resolution may be made by regulations subject to confirmatory procedure.</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-3"><num>PART 3</num><heading>The Pensions Regulator</heading><hcontainer name="crossheading" uk

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-contribution-notices-where-avoidance-of-emp

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-103"><num>103</num><heading>Grounds for issuing a section 38 contribution notice</heading><subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-103-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-103-2"><num>(2)</num><intro>In section 38 (contribution notices where avoidance of employer debt)—</intro><level class="para1" eId="section-103-2-a"><num>(a)</num><intro>in subsection (5)(a)—</intro><leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-103-2-a"><num>(a)</num><intro>in subsection (5)(a)—</intro><level class="para2" eId="section-103-2-a-i"><num>(i)</num><content><mod>after “test” insert <quotedText>“ , th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-103-2-a-i"><num>(i)</num><content><mod>after “test” insert <quotedText>“ , the employer insolvency test or the employer resources test ”</quotedText>;<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-103-2-a-ii"><num>(ii)</num><content><mod>for “section 38A)” substitute <quotedText>“ sections 38A, 38C and 38E) ”</quotedText>;</mod></content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-103-2-b"><num>(b)</num><content><mod>in subsection (12)(c), after “test” insert <quotedText>“ , the employer insolvency test or the employer resources test ”</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-103-3"><num>(3)</num><content><mod>After section 38B insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-103-4"><num>(4)</num><content><mod>After section 38D (inserted by subsection (3)) insert—<

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-104"><num>104</num><heading>Reasonableness of issuing a contribution notice</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-104-1"><num>(1)</num><content>Section 38 of the Pensions Act 2004 (contribution notices where avoidance of employer debt) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-104-2"><num>(2)</num><content><mod>In subsection (7) (matters that may be relevant to impo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-104-3"><num>(3)</num><content><mod>In subsection (7), after paragraph (eb) insert—<quotedS

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-104-4"><num>(4)</num><content><mod>After subsection (7A) insert—<quotedStructure startQuot

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-105"><num>105</num><heading>Determination of sum specified in a contribution notice</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-1"><num>(1)</num><content>Section 39 of the Pensions Act 2004 (the sum specified in a section 38 contribution notice) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-105-2"><num>(2)</num><content><mod>For subsection (4) substitute—<quotedStructure startQuo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-105-3"><num>(3)</num><content>Omit subsection (4A).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-106"><num>106</num><heading>Sanctions for failure to comply with a contribution notice</heading>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-106-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-106-2"><num>(2)</num><intro>In section 40 (content and effect of a section 38 contribution

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-106-2-a"><num>(a)</num><content><mod>after subsection (2) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-106-2-b"><num>(b)</num><content><mod>in subsection (9), after paragraph (b) (and

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-106-3"><num>(3)</num><intro>In section 41 (section 38 contribution notice: relationship wi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-106-3-a"><num>(a)</num><content><mod>after subsection (8) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-106-3-b"><num>(b)</num><content><mod>after subsection (10) insert—<quotedStructur

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-106-3-c"><num>(c)</num><content><mod>after subsection (11) insert—<quotedStructur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-106-4"><num>(4)</num><content><mod>After section 42 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-106-5"><num>(5)</num><content><mod>After section 42A (inserted by subsection (4)) insert—<

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-sanctions-for-avoidance-of-employer-debt-et

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-107"><num>107</num><heading>Sanctions for avoidance of employer debt etc</heading><subsection eI

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-107-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-107-2"><num>(2)</num><content><mod>After section 58 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-107-3"><num>(3)</num><content><mod>After section 58B (inserted by subsection (2)) insert—<

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-collecting-information"><heading>Collect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-108"><num>108</num><heading>Duty to notify the Regulator of certain events</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-108-2"><num>(2)</num><intro>In section 69 (duty to notify the Regulator of certain events)—</intro><level class="para1" eId="section-108-2-a"><num>(a)</num><content><mod>in subsection (7), for “section 10 of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-108-2-a"><num>(a)</num><content><mod>in subsection (7), for “section 10 of the Pensions Act 1995 (c. 26) (civil penalties)” substitute <quotedText>“ section 88A (financial penalties

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-108-2-b"><num>(b)</num><content><mod>in subsection (8), for “That section” substitute <quotedText>“ Section 88A ”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-108-3"><num>(3)</num><content><mod>In section 80 (offences of providing false or misleadin

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109"><num>109</num><heading>Duty to give notices and statements to the Regulator in respect of c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-109-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-2"><num>(2)</num><content><mod>After section 69 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-109-3"><num>(3)</num><content><mod>In section 80 (offences of providing false or misleadin

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-gathering-information"><heading>Gatherin

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110"><num>110</num><heading>Interviews</heading><subsection eId="section-110-1"><num>(1)</num><c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-110-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-2"><num>(2)</num><content><mod>After section 72 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-110-3"><num>(3)</num><content>In section 72 (provision of information), omit subsections (1A) and (1B).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-110-4"><num>(4)</num><intro>In section 77 (penalties relating to sections 72 to 75)—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-110-4-a"><num>(a)</num><content><mod>after subsection (1) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-4-b"><num>(b)</num><content><mod>in subsection (3), after “subsection (1)” insert <quotedText>“ , (1A) ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-110-4-c"><num>(c)</num><content><mod>in subsection (4), after “subsection (1)” insert <quotedText>“ , (1A) ”</quotedText>.</mod></content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111"><num>111</num><heading>Inspection of premises</heading><subsection eId="section-111-1"><num

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-111-1"><num>(1)</num><content>Section 73 of the Pensions Act 2004 (inspection of premises) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-2"><num>(2)</num><intro>In subsection (2)—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-2-a"><num>(a)</num><content><mod>after paragraph (da) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-2-b"><num>(b)</num><content><mod>in paragraph (e), for “(da)” substitute <quotedText>“ (dc) ”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-3"><num>(3)</num><content><mod>After subsection (2) insert—<quotedStructure startQuote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-4"><num>(4)</num><content><mod>After subsection (5) insert—<quotedStructure startQuote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-5"><num>(5)</num><intro>In subsection (6) (premises liable to inspection)—</intro>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-111-5-a"><num>(a)</num><content>in paragraph (b), omit the “or” at the end;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-111-5-b"><num>(b)</num><content><mod>after paragraph (c) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-6"><num>(6)</num><content><mod>After subsection (6) insert—<quotedStructure startQuote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-111-7"><num>(7)</num><content><mod>In subsection (7), for “this section,” substitute<quot

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-112"><num>112</num><heading>Fixed penalty notices and escalating penalty notices</heading><conte

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-provision-of-false-or-misleading-informatio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-113"><num>113</num><heading>Provision of false or misleading information to Regulator</heading><

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-114"><num>114</num><heading>Provision of false or misleading information to trustees or managers

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-financial-penalties"><heading>Financial

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-115"><num>115</num><heading>Financial penalties</heading><content><mod>After section 88 of th

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-supplementary"><heading>Supplementary</heading><section eId="section-116"><num>116</num><heading

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-116"><num>116</num><heading>Minor and consequential amendments</heading><content>Schedule 7 contains minor and consequential amendments.</content></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-3-crossheading-northern-ireland"><heading>Northern Ireland</heading><section eId="section-117"><num>117</num><h

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-117"><num>117</num><heading>The Pensions Regulator: Northern Ireland</heading><intro>In Schedule 8—</intro><level class="para1" eId="section-117-a"><num>(a)</num><content>Part 1 makes provision for Northern Irel

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-a"><num>(a)</num><content>Part 1 makes provision for Northern Ireland which corresponds to that made by sections 103 to 115;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-117-b"><num>(b)</num><content>Part 2 contains minor and consequential amendments.</content></level>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-4"><num>PART 4</num><heading>Pensions dashboards</heading><section eId="section-118"><num>118</

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-118"><num>118</num><heading>Qualifying pensions dashboard service</heading><subsection eId="sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-118-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-118-2"><num>(2)</num><content><mod>After section 238 insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-118-3"><num>(3)</num><content><mod>In section 316 (Parliamentary control of subordinate le

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-119"><num>119</num><heading>Information from occupational pension schemes</heading><subsection e

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-119-1"><num>(1)</num><content>The Pensions Act 2004 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-119-2"><num>(2)</num><content><mod>After section 238C of the Pensions Act 2004 (inserted b

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-119-3"><num>(3)</num><content><mod>In section 310 (admissibility of statements), in subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-119-4"><num>(4)</num><content><mod>In section 316 (Parliamentary control of subordinate le

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-119-5"><num>(5)</num><content><mod>In Schedule 1 (the Pensions Regulator), in Part 4 (proc

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-120"><num>120</num><heading>Pensions dashboards: Northern Ireland</heading><content>Schedule 9 contains provision for Northern Ireland corresponding to the provision made for England and Wales and Scotland in sections

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121"><num>121</num><heading>Information from personal and stakeholder pension schemes</heading><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-121-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-121-2"><num>(2)</num><content><mod>After section 137FA insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-121-3"><num>(3)</num><content><mod>In section 138F (notification of rules), in subsection (2) (rules not to be notified to the Bank of England), after “section” insert <quotedText>“ 137FAA,

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-122"><num>122</num><heading>The Money and Pensions Service: the pensions guidance function</head

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-5"><num>PART 5</num><heading>Further provision relating to pension schemes</heading><hcontainer

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-scheme-funding"><heading>Scheme funding</heading><section eId="section-123"><num>123</num><headi

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-123"><num>123</num><heading>Funding of defined benefit schemes</heading><intro>Schedule 10 contains—</intro><level class="para1" eId="section-123-a"><num>(a)</num><content>in Part 1, amendments of Part 3 of the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-a"><num>(a)</num><content>in Part 1, amendments of Part 3 of the Pensions Act 2004 (scheme funding), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-123-b"><num>(b)</num><content>in Part 2, minor and consequential amendments relating to the amendments mentioned in paragraph (a).</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-climate-change-risk"><heading>Climate ch

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124"><num>124</num><heading>Climate change risk</heading><subsection eId="section-124-1"><num>(1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-124-1"><num>(1)</num><content>The Pensions Act 1995 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-2"><num>(2)</num><content><mod>After section 41 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-124-3"><num>(3)</num><content><mod>In section 116 (breach of regulations), in subsection (3)(b), after “10” insert <quotedText>“ or under provision contained in regulations made by virtue of sec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-124-4"><num>(4)</num><intro>In section 175 (Parliamentary control of orders and regulation

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-124-4-a"><num>(a)</num><content><mod>in subsection (1), after “(2)” insert <quotedText>“ , (2A) ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-124-4-b"><num>(b)</num><content><mod>after subsection (2) insert—<quotedStructure

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-transfer-rights"><heading>Transfer right

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125"><num>125</num><heading>Exercise of right to cash equivalent</heading><subsection eId="secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-125-1"><num>(1)</num><content>The Pension Schemes Act 1993 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-2"><num>(2)</num><content><mod>In section 95 (ways of taking right to cash equivalent)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-125-3"><num>(3)</num><content><mod>In section 98 (loss of right to cash equivalent), in subsection (2), for “99(2A)” substitute <quotedText>“ 99(2ZA) or (2A) ”</quotedText>.</m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-4"><num>(4)</num><content><mod>In section 99 (trustees' duties after exercise of optio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-5"><num>(5)</num><content><mod>In section 99, after subsection (2ZA) (inserted by subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-6"><num>(6)</num><content><mod>In section 101F (power to give transfer notice), after

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-7"><num>(7)</num><content><mod>In section 101J (time for compliance with transfer noti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-125-8"><num>(8)</num><content><mod>In section 101J, after subsection (2AA) (inserted by su

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-the-pension-protection-fund"><heading>The Pension Protection Fund</heading><section eId="section

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126"><num>126</num><heading>Modification of provisions relating to pensionable service</heading><subsection eId="section-126-1"><num>(1)</num><content>The amendments of the Pension Protection Fund (Compensation) Regula

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-1"><num>(1)</num><content>The amendments of the Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670) made by regulation 2(2) and (3) of the Pension Protection Fund (Pensionable Service) and Oc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-126-2"><num>(2)</num><content>The amendment of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441) made by regulation 3 of the 2018 Regulations is to be deemed always

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-administration-charges"><heading>Administration charges</heading><section eId="section-127"><num

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127"><num>127</num><heading>Administration charges</heading><subsection eId="section-127-1"><num>(1)</num><intro>In section 1 of the Welfare Reform and Pensions Act 1999 (meaning of “stakeholder pension scheme”), in s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127-1"><num>(1)</num><intro>In section 1 of the Welfare Reform and Pensions Act 1999 (meaning of “stakeholder pension scheme”), in subsection (5) (fourth condition: charge cap)—</intro><level class="para1" eId=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-1-a"><num>(a)</num><content><mod>for “result in” substitute <quotedText>“ constitute ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-1-b"><num>(b)</num><content><mod>after “members” insert <quotedText>“ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits unde

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127-2"><num>(2)</num><intro>In Schedule 18 to the Pensions Act 2014 (power to restrict charges or impose requirements in relation to schemes), in paragraph 1(5), in the definition of “administration charge”—</i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-2-a"><num>(a)</num><content><mod>for “result in” substitute <quotedText>“ constitute ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-2-b"><num>(b)</num><content><mod>after “members” insert <quotedText>“ or the making of transfer payments with a view to acquiring rights or entitlements to pension benefits unde

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127-3"><num>(3)</num><intro>In section 113 of the Pension Schemes Act 1993 (disclosure of information about schemes to members etc)—</intro><level class="para1" eId="section-127-3-a"><num>(a)</num><content><m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-3-a"><num>(a)</num><content><mod>in subsection (6)(b), after “the” insert <quotedText>“ other ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-3-b"><num>(b)</num><content><mod>in subsection (7), after “or” insert <quotedText>“ other ”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-127-4"><num>(4)</num><intro>In section 137FA of the Financial Services and Markets Act 2000 (FCA general rules: disclosure of information about pension scheme transaction costs etc)—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-4-a"><num>(a)</num><content><mod>in subsection (3)(b), after “the” insert <quotedText>“ other ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-4-b"><num>(b)</num><content><mod>in subsection (4), after “or” insert <quotedText>“ other ”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-127-4-c"><num>(c)</num><content><mod>in subsection (7), after “costs or” insert <quotedText>“ other ”</quotedText>.</mod></content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-categories-of-pension-schemes"><heading>Categories of pension schemes</heading><section eId="sec

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-128"><num>128</num><heading>Pension Schemes Act 2015: repeals</heading><intro>In the Pension Schemes Act 2015, omit—</intro><level class="para1" eId="section-128-a"><num>(a)</num><content>sections 1 to 7 (Part 1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-a"><num>(a)</num><content>sections 1 to 7 (Part 1: categories of pension scheme);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-b"><num>(b)</num><content>sections 8 to 35 (Part 2: pension schemes providing collective benefits);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-c"><num>(c)</num><content>sections 36, 37, 38(2), (3) and (5) to (7) and 39 to 45 (general changes to legislation about pension schemes);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-d"><num>(d)</num><content>Schedule 1 (early leavers: revaluation of accrued benefits);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-128-e"><num>(e)</num><intro>in Schedule 2 (other amendments to do with Parts 1 and 2)—</intro><level class="para2" eId="section-128-e-i"><num>(i)</num><content>paragraphs 1 to 22;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-e-i"><num>(i)</num><content>paragraphs 1 to 22;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-e-ii"><num>(ii)</num><content>paragraphs 25 to 29;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-e-iii"><num>(iii)</num><content>paragraphs 31 and 32;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-e-iv"><num>(iv)</num><content>paragraphs 34 and 35;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-128-e-v"><num>(v)</num><content>paragraphs 37 to 51.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-5-crossheading-northern-ireland"><heading>Northern Ireland</heading><section eId="section-129"><num>129</num><h

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-129"><num>129</num><heading>Further provision relating to pension schemes: Northern Ireland</heading><intro>Schedule 11 contains—</intro><level class="para1" eId="section-129-a"><num>(a)</num><content>in Part 1,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-129-a"><num>(a)</num><content>in Part 1, provision for Northern Ireland corresponding to the provision made for England and Wales and Scotland in Schedule 10, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-129-b"><num>(b)</num><content>in Part 2, provision for Northern Ireland corresponding to the provision made for England and Wales and Scotland in sections 124 to 128.</content></level>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-6"><num>PART 6</num><heading>Final</heading><section eId="section-130"><num>130</num><heading>Extent</heading><subsection eId="section-130-1"><num>(1)</num><content>This Act extends to England and Wales and Scotland o

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130"><num>130</num><heading>Extent</heading><subsection eId="section-130-1"><num>(1)</num><content>This Act extends to England and Wales and Scotland only, subject as follows.</content></subsection><subsection eId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-1"><num>(1)</num><content>This Act extends to England and Wales and Scotland only, subject as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-2"><num>(2)</num><intro>Subject to subsection (4), the following provisions extend to Northern Ireland only—</intro><level class="para1" eId="section-130-2-a"><num>(a)</num><content>Part 2;</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-2-b"><num>(b)</num><content>section 117 and Schedule 8;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-2-c"><num>(c)</num><content>section 120 and Schedule 9;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-2-d"><num>(d)</num><content>section 129 and Schedule 11.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-3"><num>(3)</num><intro>The following provisions extend to England and Wales, Scotland and Northern Ireland—</intro><level class="para1" eId="section-130-3-a"><num>(a)</num><content>section 126(2);</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-3-a"><num>(a)</num><content>section 126(2);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-130-3-b"><num>(b)</num><content>this section and sections 131 and 132.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-130-4"><num>(4)</num><content>An amendment or repeal contained in this Act has the same extent as the enactment to which it relates.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131"><num>131</num><heading>Commencement</heading><subsection eId="section-131-1"><num>(1)</num><content>This Act comes into force on such day as the Secretary of State may by regulations appoint, subject to subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-1"><num>(1)</num><content>This Act comes into force on such day as the Secretary of State may by regulations appoint, subject to subsections (2) and (3).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-2"><num>(2)</num><intro>Subject to subsection (3), the following provisions come into force on such day as the Department for Communities in Northern Ireland may by order appoint—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-2-b"><num>(b)</num><content>section 117 and Schedule 8;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-2-c"><num>(c)</num><content>section 120 and Schedule 9;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-2-d"><num>(d)</num><content>section 129 and Schedule 11.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-3"><num>(3)</num><intro>The following provisions come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-131-3-a"><num>(a)</num><content>any provision of Part 1, 2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-a"><num>(a)</num><content>any provision of Part 1, 2 or 4 so far as it confers power to make regulations or is otherwise necessary for enabling the exercise of such a power on or after the day on whic

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-b"><num>(b)</num><content>any provision of Schedule 10 so far as it confers power to make regulations or is otherwise necessary for enabling the exercise of such a power on or after the day on which t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-c"><num>(c)</num><content>any provision of Part 1 of Schedule 11 so far as it confers power to make regulations or is otherwise necessary for enabling the exercise of such a power on or after the day

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-d"><num>(d)</num><content>section 130;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-e"><num>(e)</num><content>this section;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-131-3-f"><num>(f)</num><content>section 132.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-4"><num>(4)</num><content>Regulations or orders under this section may appoint different days for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-5"><num>(5)</num><content>The Secretary of State may by regulations make transitional, transitory or saving provision in connection with the coming into force of a provision of this Act, other than a provision m

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-6"><num>(6)</num><content>The Department for Communities in Northern Ireland may by order make transitional, transitory or saving provision in connection with the coming into force of a provision mentioned in su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-7"><num>(7)</num><content>Regulations made by the Secretary of State under this section are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-131-8"><num>(8)</num><content>The power of the Department for Communities in Northern Ireland to make an order under subsection (2) or (6) is exercisable by statutory rule for the purposes of the Statutory Rules (No

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-132"><num>132</num><heading>Short title</heading><content>This Act may be cited as the Pension Schemes Act 2021.</content></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedules" eId="schedules"><heading>SCHEDULES</heading><hcontainer name="schedule" eId="schedule-1">