The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 No. 255

SCHEDULE 3 E+W+S Financial sustainability requirement

Part 3 E+W+S Requirements to be met by the collective money purchase scheme

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

(a) any assets held by or available to the trustees to meet the costs mentioned in section 14(2) of the 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 14(2) of the Act must be given in writing and duly executed by the party making the commitment.

Commencement Information

I1 Sch. 3 para. 4 in force at 1.8.2022, see reg. 1(3)