Pensions Act 2004

Pensions Act 2004

2004 CHAPTER 35

Commentary on Sections

Part 7 – Cross-Border Activities Within European Union

Summary

UK occupational pension scheme receiving contributions from European employer

Section 288: General authorisation to accept contributions from European employers

1156. An occupational pension scheme intending to commence cross-border activities must first be authorised by the Regulator. This section makes provision for the authorisation process, which will be set out in regulations. The Regulator will have the power to refuse authorisation and it will also have the power, where necessary, to revoke an existing authorisation. Subsection (1) provides that trustees or managers of occupational pension scheme applying to the Regulator for authorisation to accept contributions from European employers must do so in a form and manner prescribed in regulations. Subsection (2) provides that on receiving the application, the Regulator must, if satisfied that it meets the conditions set out in regulations, give authorisation. Otherwise the Regulation must refuse authorisation. Subsection (3) provides a power for provision to be made in regulations for the Regulator to be able to revoke authorisation given under this section and for provision to be made regarding any criteria applicable in the Regulator reaching a decision to revoke authorisation.