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

4.  A collective money purchase scheme must meet the following requirements relating to its financing—

(a) any assets held by or available to the trustees to meet the costs mentioned in section 65(2) of the 2021 Act (financial sustainability requirement) must be—

(i) of the classes and in the proportions set out in a Code;

(ii) valued in accordance with any discounted rates set out in a Code;

(iii) available to be used when the relevant costs fall due;

(b) the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);

(c) any funding commitment made to the scheme in respect of the costs mentioned in section 65(2) of the 2021 Act must be given in writing and duly executed by the party making the commitment.