The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2023

Schemes divided into sections

5.—(1) Where an undivided scheme becomes a collective money purchase scheme that is divided into sections (a “divided scheme”), an authorisation previously granted in respect of the undivided scheme (the “existing authorisation”) applies to a section if—

(a) that section of the divided scheme is a collective money purchase scheme by reason of section 52(2)(b) of the 2021 Act (collective money purchase benefits and schemes), and

(b) the qualifying benefits provided under that section of the divided scheme have the same characteristics set out in regulation 4(1) as those provided under the undivided scheme.

(2) Where an undivided scheme becomes a divided scheme and there are two or more sections providing benefits with the same characteristics set out in regulation 4(1), the trustees of the undivided scheme must determine which section within the divided scheme the existing authorisation will apply to.

(3) Where paragraph (2) applies, the trustees of the undivided scheme must, as soon as reasonably practicable, provide the Regulator with the following information(1)—

(a) the date from which the existing authorisation will apply to the section within the divided scheme, and

(b) the name of the section within the divided scheme to which the existing authorisation will apply.

(4) In this regulation, “undivided scheme” has the meaning given in section 56(2) of the 2021 Act (schemes divided into sections).

(1)

This information is required to enable the Pensions Regulator to carry out its function under section 77(1) of the Pension Schemes Act 2021