Pension Schemes Act 2021

64 Viability report

(1) The trustees of a collective money purchase scheme must—

(a) prepare a document explaining the design of the scheme and the reasons that they consider the design to be sound (a “viability report”), and

(b) obtain a certificate from the scheme actuary certifying that, in the actuary’s opinion, the design of the scheme is sound (a “viability certificate”).

(2) The scheme actuary may not give a viability certificate unless satisfied that the scheme has rules that meet the requirements of section 69 and any regulations under that section.

(3) The Department may by regulations—

(a) specify information that must be included in a viability report,

(b) specify other requirements with which a viability report must comply,

(c) make provision about the content of a viability certificate,

(d) specify matters to which the scheme actuary must have regard when providing a viability certificate, and

(e) make provision about additional information or documents that must be prepared or obtained in connection with a viability report.

(4) The trustees of a collective money purchase scheme must, at least once a year—

(a) review the most recent viability report,

(b) if appropriate, revise it, and

(c) obtain a new viability certificate in respect of the report (or revised report).

(5) If the most recent viability report becomes inaccurate or incomplete to any significant extent, the trustees must—

(a) revise the report, and

(b) obtain a new viability certificate in respect of the revised report.

(6) The trustees must provide the Pensions Regulator with the information and documents listed in subsection (7)—

(a) on applying for authorisation (see section 59),

(b) within three months of the viability report being revised, and

(c) at any other time, on request from the Pensions Regulator.

(7) The information and documents to be provided are—

(a) the most recent viability report;

(b) the most recent viability certificate;

(c) any additional information or documents specified or described in regulations under subsection (3)(e).

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