Pension Schemes Act 2021

62 Fit and proper persons requirement

(1) 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 proper persons (see section 60(3)(a)).

(2) 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—

(a) a person who establishes the scheme;

(b) a trustee;

(c) a person who (alone or with others) has power to appoint or remove a trustee;

(d) a person who (alone or with others) has power to vary the provisions of the scheme;

(e) a person acting in a capacity specified in regulations made by the Department.

(3) In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—

(a) must take into account any matters specified in regulations made by the Department, and

(b) may take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.

(4) Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.

(5) For the purposes of this section, a person (“A”) is connected with another person (“B”) if—

(a) A is an associate of B;

(b) 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;

(c) A is a trustee of an occupational pension scheme established under a trust and—

(i) the beneficiaries of the trust include B or an associate of B, or

(ii) the provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.

(6) In this section—

• “associate” has the meaning given in Article 4 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));

• “director” and “shadow director” have the meaning given in Article 5 of that Order.

(7) Regulations under subsection (3)(a) are subject to confirmatory procedure.

(8) Regulations under subsection (2)(e) are subject to negative resolution.