The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022

Draft Regulations laid before Parliament under section 143(4) and (5)(a) of the Pensions Act 2008, section 54(2) (e) and (g) of the Pensions Act 2014 and section 51(5) of the Pension Schemes Act 2021, for approval by resolution of each House of Parliament.

Draft Statutory Instruments

2022 No.

Pensions

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022

Made

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Coming into force

1st August 2022

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 28 and 144(2) and (4) of the Pensions Act 2008(1), sections 43 and 54(5) and (6) of, and paragraphs 1 and 2 of Schedule 18 to, the Pensions Act 2014(2) and sections 3(8), 5(2), 8(4)(a) and (b), 11(2)(e) and (3)(a), 12(2)(b), 13(3), 14(3), 15(4)(a), 16(2), 17(4), (5) and (8), 18(4), 19(2), 20(5), 22(3)(b), 23(3)(c), 27(2), 28(3) and (4), 29(7)(a) and (10)(a) and (b), 33(4)(b) and (10), 36(1)(c), (2)(b) and (c), (5), (6) and (10), 37(3)(b), 38(3), 39(1)(b), 40(4) and (6), 41(2), 43(2) and (4)(b) and (c), 45(3) and (6), 49(2)(b) and (4) and 51(2) and (3) of, and paragraph 1(6) of Schedule 2 to, the Pension Schemes Act 2021(3).

The Secretary of State has consulted such persons as the Secretary of State considers appropriate, in accordance with paragraph 8 of Schedule 18 to the Pensions Act 2014.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 143(4) and (5)(a) of the Pensions Act 2008(4), section 54(2)(e) and (g) of the Pensions Act 2014(5) and section 51(5) of the Pension Schemes Act 2021(6).

The Secretary of State has exercised her discretion under section 51(6) of the Pension Schemes Act 2021 to make regulations subject to affirmative resolution procedure which would otherwise be subject to negative resolution procedure.

(1)

2008 c. 30. Section 28 was amended by sections 12 and 13 of the Pensions Act 2011 (c. 19), section 39 of the Pensions Act 2014 (c. 19) and section 46 of, and paragraphs 39 and 45 of Schedule 2 to, the Pension Schemes Act 2015 (c. 8). See section 99 of the Pensions Act 2008 for the definitions of “prescribed” and “regulations”.

(2)

2014 c. 19. Paragraph 1 of Schedule 18 to the Pensions Act 2014 (“the 2014 Act”) is amended by section 127 of, and paragraphs 23 and 25(1) and (2) of Schedule 3 to, the Pension Schemes Act 2021 (c. 1) (“the 2021 Act”). See paragraph 15 of Schedule 17 to the 2014 Act for the definition of “prescribed”.

(3)

2021 c. 1.

(4)

A statutory instrument containing regulations under section 28 of the Pensions Act 2008 is stated to be made subject to affirmative resolution procedure.

(5)

The first regulations under paragraph 1 of Schedule 18 to the 2014 Act that make provision in relation to collective money purchase schemes (within the meaning of the 2021 Act) and regulations under paragraph 2 of Schedule 18 to that Act are stated to be made subject to affirmative resolution procedure.

(6)

Regulations made under sections 5(2), 11(3)(a), 12(2)(b), 13(3), 14(3), 15(4)(a), 16(2), 17, 18(4), 36(2), 36(6), 45(3)(a), 45(6), 49(2) and 49(4), and the first regulations made under sections 19(2), 20(5), 28(3) and 45(3)(b), of the 2021 Act are stated to be made subject to affirmative resolution procedure.