http://www.legislation.gov.uk/ukpga/2021/1/part/1Pension Schemes Act 2021An Act to make provision about pension schemes.texttext/xmlenStatute Law Database2026-09-07Expert Participation2026-07-31 PART 111For the purposes of this Part, a benefit provided under a pension scheme is a “collective money purchase benefit” if—athe benefit is a qualifying benefit (see section 2), andbthe scheme is a qualifying scheme (see sections 3 and 4).2In this Part “collective money purchase scheme” means—aa qualifying scheme, orba section of a qualifying scheme (see sections 3(6) to (9) and 5),under which all of the benefits that may be provided are qualifying benefits.3In this Part—“single or connected employer scheme” means a collective money purchase scheme not used, or intended to be used, by any employers other than—a single employer, ortwo or more employers that are connected with each other;“unconnected multiple employer scheme” means a collective money purchase scheme used, or intended to be used, by two or more employers, some or all of which are not connected with each other.21A benefit provided under a pension scheme is a “qualifying benefit” if—athe benefit is provided out of the available assets of the scheme,bunder the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of the scheme and the required amount, andcthe benefit is not of a description specified in regulations made by the Secretary of State.2In subsection (1)—“the available assets of the scheme” means all the assets that—arise or derive from the payments made by or in respect of members of the scheme, andare available (subject to any deductions that fall to be made in respect of administration charges) for the provision of benefits to or in respect of the members of the scheme collectively;“the required amount” means the amount expected to be required, applying appropriate actuarial assumptions, for the purpose of providing benefits under the scheme to or in respect of the members of the scheme collectively.3Regulations under subsection (1)(c) are subject to affirmative resolution procedure.4Where a scheme is divided into sections, this section has effect as if—athe reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, andbthe other references to the scheme were references to that section of it.m,.31A pension scheme is a “qualifying scheme” if it meets the requirements in this section.2The scheme must be an occupational pension scheme established under an irrevocable trust ....3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4The scheme must not be a relevant public service pension scheme (see section 4).5The qualifying benefits provided under the scheme must consist of or include the payment of a pension.6If the scheme provides both qualifying benefits and other benefits, there must be appropriate separation of the qualifying benefits.7There is “appropriate separation” of qualifying benefits and other benefits if (and only if)—athe scheme is divided into sections,bnone of the sections under which qualifying benefits are provided provides other types of benefit,cpayments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, andda proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.8If the scheme provides a combination of qualifying benefits with different characteristics that is described in regulations made by the Secretary of State, there must be appropriate separation of those qualifying benefits.9There is “appropriate separation” of qualifying benefits with different characteristics if (and only if)—athe scheme is divided into sections,beach of the different types of qualifying benefit is provided under a different section,cpayments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, andda proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.10Regulations under subsection (8) are subject to negative resolution procedure.41For the purposes of section 3(4) a pension scheme is a relevant public service pension scheme if it is—aa public service pension scheme within the meaning of the Pension Schemes Act 1993 (see section 1(1) of that Act),ba scheme under section 1 of the Public Service Pensions Act 2013 (new public service schemes),ca new public body pension scheme as defined in section 30 of that Act, orda statutory pension scheme that is connected with a scheme referred to in paragraph (b) or (c).2In subsection (1)(d) “connected” and “statutory pension scheme” have the same meaning as in the Public Service Pensions Act 2013 (see sections 4(6) and 37 of that Act).3The reference to a pension in section 3(5) does not include income withdrawal or dependants' income withdrawal within the meaning of paragraphs 7 and 21 of Schedule 28 to the Finance Act 2004.51The Secretary of State may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part.2The Secretary of State may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase scheme that is divided into sections, an authorisation previously granted in respect of the undivided scheme applies to any of those sections that—ais a collective money purchase scheme by reason of section 1(2)(b), andbsatisfies conditions specified in the regulations.3For the purposes of this Part, where—aa qualifying scheme is divided into sections, andbeach of those sections is a collective money purchase scheme by reason of section 1(2)(b),the qualifying scheme (taken as a whole) is to be treated as if it were not a collective money purchase scheme.4Regulations under subsection (1) are subject to negative resolution procedure.5Regulations under subsection (2) are subject to affirmative resolution procedure.61Schedule 1 contains amendments of definitions of “money purchase benefits” in—aSchedule 10A to the Building Societies Act 1986 (disclosures about directors, other officers and employees in notes to accounts);bthe Pension Schemes Act 1993;cPart 1 of the Pensions Act 2008 (pension scheme membership for jobholders).2In section 32 of the Pensions Act 2011 (power to amend definitions of “money purchase benefits” in certain Acts)—ain subsection (1)—ifor “purpose the” substitutepurpose— athe;iiat the end insert, or bsection 2 of the Pension Schemes Act 2021 (collective money purchase benefits: meaning of “qualifying benefits”).;bin subsection (2), at the end insert “ or by Schedule 1 to the Pension Schemes Act 2021 ”.71A person may not operate a collective money purchase scheme unless the scheme is authorised.2Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1).3If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not authorised.4The notification must—aexplain that the notification is a triggering event (see section 31), andbinclude an explanation of the trustees' duties under sections 31 to 45.5For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts—amoney paid by a member (or prospective member), orbmoney paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except—ithe costs of setting up the scheme, oriicosts relating to obtaining authorisation for the scheme.81The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authorisation.2An application must be made in the manner and form specified by the Pensions Regulator.3An application must include—athe scheme's viability report and viability certificate (see section 13), ...aawhere the scheme is an unconnected multiple employer scheme—ithe scheme’s business plan (see section 14A),iithe scheme’s latest accounts (if any),iiithe latest accounts (if any) of the scheme proprietor (see section 14B), prepared and audited as individual accounts in accordance with the applicable requirements, andivthe latest accounts of any undertaking, other than an unincorporated association, that partly or wholly funds the scheme proprietor, prepared and audited as individual accounts in accordance with the applicable requirements, andbthe scheme's continuity strategy (see section 17).3AFor the purposes of subsection (3)(aa)(iii) and (iv) accounts of a scheme proprietor or (as the case may be) an undertaking are prepared and audited as individual accounts in accordance with the applicable requirements if the accounts are prepared and audited in accordance with the requirements of the law by which the scheme proprietor or the undertaking is governed, ignoring any provision of that law—athat relates to the preparation or audit of group accounts;bthat provides for accounts to be prepared or audited differently (or not at all) if the scheme proprietor or the undertaking—idoes not exceed a certain size (by reference to turnover, balance sheet total, number of employees or otherwise), oriiis a subsidiary of another entity.3BIf (notwithstanding subsection (3A)(a) and (b)) the law by which a scheme proprietor or undertaking is governed does not impose any requirements in relation to the preparation of the accounts of the scheme proprietor or undertaking, or the audit of those accounts, subsection (3A) is to apply as if the scheme proprietor or undertaking were subject to the requirements of Part 15 (accounts), or (as the case may be) Part 16 (audit), of the Companies Act 2006 with any modifications necessary to take account of the nature and structure of the scheme proprietor or undertaking (and ignoring any provision of that Act that falls within subsection (3A)(a) or (b)).3CIn subsection (3A)(a) “group accounts” means accounts prepared under—asection 399 of the Companies Act 2006, orbany corresponding or similar provision (including a provision of the law of a territory outside the United Kingdom).4The Secretary of State may by regulations—aspecify other information that must be included in an application;brequire a fee to be paid to the Pensions Regulator in respect of an application.5In considering an application, the Pensions Regulator may take into account any matters it considers appropriate, including—aadditional information provided by the applicant, andbsubsequent changes to the application or to any information provided by the applicant.6Regulations under subsection (4) are subject to negative resolution procedure.91Where an application is made for authorisation of a collective money purchase scheme under section 8, the Pensions Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.2The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.3The authorisation criteria are—athat the persons involved in the scheme are fit and proper persons (see section 11),bthat the design of the scheme is sound (see section 12),cthat the scheme is financially sustainable (see section 14),cawhere the scheme is an unconnected multiple employer scheme, that—ithe scheme has a single scheme proprietor (see section 14B), andiithe scheme proprietor meets the requirements set out in section 14C,cbwhere the scheme is an unconnected multiple employer scheme, that—ino person has carried out promotion or marketing of the scheme that is unclear or misleading without rectification (see section 14D(1)), andiithe scheme has adequate systems and processes for securing that promotion or marketing of the scheme is clear and not misleading (see section 14D(2) and (3)),ccwhere the scheme is an unconnected multiple employer scheme, that no trustee of the scheme—ipromotes or markets the scheme, oriiacts as a chief financial officer of the scheme,dthat the scheme has adequate systems and processes for communicating with members and others (see section 15),ethat the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 16), ...fthat the scheme has an adequate continuity strategy (see section 17) , and gwhere the scheme is an unconnected multiple employer scheme, that if—ia triggering event occurs in relation to the scheme, andiithe circumstances are such that the trustees of the scheme are not required to pursue continuity option 1 by virtue of section 34(3),the trustees will not be prevented from pursuing continuity option 3 if they consider it appropriate to do so (see sections 17A, 31 and 34).3ASubsection (3)(cb)(ii) does not apply if no person is carrying out promotion or marketing of the scheme.4If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—agrant the authorisation,bnotify the applicant of its decision, andcadd the scheme to its list of authorised collective money purchase schemes (see section 26).5If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—arefuse to grant the authorisation, andbnotify the applicant of its decision.6A notification under subsection (5)(b) must also include—athe reasons for the decision, andbdetails of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 10).7In this Part—“promotion or marketing” of a scheme means any communication about the scheme for the purpose of inducing an employer (or prospective employer) to use, or continue to use, the scheme (whether or not that communication is accompanied by an offer of, or provision of, a benefit);“rectification”, in relation to promotion or marketing that is unclear or misleading, means that a clarification or correction is made in relation to the promotion or marketing as soon as practicable,(and related expressions are to be read accordingly).9A1Where the Pensions Regulator grants authorisation to an unconnected multiple employer scheme, but no person has operated the scheme within the commencement period—athe scheme’s authorisation is withdrawn, andbthe Pensions Regulator must—inotify the trustees that the scheme is no longer authorised, andiiremove the scheme from the list of authorised collective money purchase schemes (see section 26).2The commencement period, in relation to a scheme, is the period of 24 months beginning with the day on which the Pensions Regulator received the application for authorisation of the scheme.3But if, before the end of that 24-month period, the trustees of the scheme satisfy the Pensions Regulator that they have good reason for needing an extension to the period, the Regulator may extend the commencement period by up to six weeks.4A notification to the trustees of an unconnected multiple employer scheme under section 9(4)(b) must state—athe date on which the commencement period ends, andbthat if no person has operated the scheme by that date, the authorisation will be withdrawn.5If no person has operated an authorised unconnected multiple employer scheme before the beginning of the period of three months ending with the date on which the commencement period ends, the Pensions Regulator must send a second notification to the trustees of the scheme stating the matters specified in subsection (4)(a) and (b).6Section 7(5) (meaning of “operates”) applies for the purposes of this section.101If the Pensions Regulator refuses to grant authorisation to a collective money purchase scheme, the decision may be referred to the Tribunal by—athe trustees, orbany other person who appears to the Tribunal to be directly affected by the decision.2In this section “the Tribunal”, in relation to a reference under subsection (1), means—athe First-tier Tribunal, in any case where it is determined by or under Tribunal Procedure Rules that the First-tier Tribunal is to hear the reference;bthe Upper Tribunal, in any other case.111This 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 9(3)(a)).2The 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—aa person who establishes the scheme;ba trustee;bawhere the scheme is an unconnected multiple employer scheme, the scheme proprietor (see section 14B);bbwhere the scheme is an unconnected multiple employer scheme, a person who promotes or markets the scheme;bcwhere the scheme is an unconnected multiple employer scheme, a chief financial officer of the scheme;bdwhere the scheme is an unconnected multiple employer scheme, a chief investment officer of the scheme;ca person who (alone or with others) has power to appoint or remove a trustee;da person who (alone or with others) has power to vary the provisions of the scheme;ea person acting in a capacity specified in regulations made by the Secretary of State.3In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—amust take into account any matters specified in regulations made by the Secretary of State, andbmay take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.4Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.5For the purposes of this section, a person (“A”) is connected with another person (“B”) if—aA is an associate of B;bwhere B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;cA is a trustee of an occupational pension scheme established under a trust and—ithe beneficiaries of the trust include B or an associate of B, oriithe provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.6In this section—“associate” has the meaning given in section 435 of the Insolvency Act 1986;“director” and “shadow director” have the meaning given in section 251 of that Act.7Regulations under subsection (3)(a) are subject to affirmative resolution procedure.8Regulations under subsection (2)(e) are subject to negative resolution procedure.121This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the design of a collective money purchase scheme is sound (see section 9(3)(b)).2In deciding whether the design of a collective money purchase scheme is sound, the Pensions Regulator must take into account—athe scheme's viability report and viability certificate (see section 13);bany matters specified in regulations made by the Secretary of State.3Regulations under subsection (2)(b) may include provision requiring specified information to be provided to the Pensions Regulator.4Regulations under subsection (2)(b) are subject to affirmative resolution procedure.131The trustees of a collective money purchase scheme must—aprepare a document explaining the design of the scheme and the reasons that they consider the design to be sound (a “viability report”), andbobtain a certificate from the scheme actuary certifying that, in the actuary's opinion, the design of the scheme is sound (a “viability certificate”).2The scheme actuary may not give a viability certificate unless satisfied that the scheme has rules that meet the requirements of section 18 and any regulations under that section.3The Secretary of State may by regulations—aspecify information that must be included in a viability report,bspecify other requirements with which a viability report must comply,cmake provision about the content of a viability certificate,dspecify matters to which the scheme actuary must have regard when providing a viability certificate, andemake provision about additional information or documents that must be prepared or obtained in connection with a viability report.4The trustees of a collective money purchase scheme must, at least once a year—areview the most recent viability report,bif appropriate, revise it, andcobtain a new viability certificate in respect of the report (or revised report).5If the most recent viability report becomes inaccurate or incomplete to any significant extent, the trustees must—arevise the report, andbobtain a new viability certificate in respect of the revised report.6The trustees must provide the Pensions Regulator with the information and documents listed in subsection (7)—aon applying for authorisation (see section 8),bwithin three months of the viability report being revised, andcat any other time, on request from the Pensions Regulator.7The information and documents to be provided are—athe most recent viability report;bthe most recent viability certificate;cany additional information or documents specified or described in regulations under subsection (3)(e).7ABefore providing a viability report to the Pensions Regulator in accordance with subsection (6)(a) the trustees of an unconnected multiple employer scheme must obtain the approval of the report by the scheme proprietor (see section 14B).7BThe trustees of an unconnected multiple employer scheme must provide the scheme proprietor with any revised viability report—awithin seven days of the viability report being revised, andbat any other time, on request from the scheme proprietor.8Regulations under subsection (3) are subject to affirmative resolution procedure.141This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme is financially sustainable (see section 9(3)(c)).2In order to be satisfied that a collective money purchase scheme is financially sustainable, the Pensions Regulator must be satisfied that the scheme has sufficient financial resources to meet the following costs—athe costs of setting up and running the scheme, andbin the event of a triggering event occurring—ithe costs of complying with the duties under sections 31 to 45, andiithe costs of continuing to run the scheme for such period (which must be at least six months and no more than two years) as the Pensions Regulator thinks appropriate for the scheme.3In deciding whether it is satisfied that a scheme has sufficient financial resources to meet the costs mentioned in subsection (2), the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.3AIn deciding whether it is satisfied that an unconnected multiple employer scheme has sufficient financial resources to meet the costs mentioned in subsection (2), the Pensions Regulator must also take into account—athe liability of the scheme proprietor to provide funds to or in respect of the scheme for the purposes of meeting those costs (see section 14B), andbthe financial resources of the scheme proprietor.3BIn order to be satisfied that an unconnected multiple employer scheme is financially sustainable, the Pensions Regulator must also be satisfied that the business strategy relating to the scheme is sound.3CIn deciding whether it is satisfied that the business strategy relating to an unconnected multiple employer scheme is sound, the Pensions Regulator—amust take into account—ithe scheme’s business plan, and any supporting information and documents (see section 14A);iithe information and matters specified in Parts 1 and 2 of Schedule 1A;iiiany additional information or documents specified in a Code for the purposes of this paragraph, andbmay take into account the information specified in Part 3 of Schedule 1A.4Regulations under subsection (3) may include provision—arequiring specified information to be provided to the Pensions Regulator (including information about the financial resources of the scheme proprietor);bspecifying requirements to be met by the scheme relating to its financing, such as requirements relating to assets, capital or liquidity.5Regulations under subsection (3) are subject to affirmative resolution procedure.14A1The scheme proprietor of an unconnected multiple employer scheme must prepare a business plan for the scheme.2A business plan must—ainclude the information specified in Part 1 of Schedule 1B, and any other information set out in a Code for the purposes of this paragraph, unless Part 2 of that Schedule provides otherwise, andbcomply with the requirements specified in Part 2 of Schedule 1B, and any other requirements set out in a Code in relation to the information to be included in a business plan.3The scheme proprietor must, at least once a year—areview the most recent business plan, andbif appropriate, revise it within three months of the scheme proprietor concluding that it is appropriate to revise the plan.4The scheme proprietor must revise the most recent business plan at any time if—athere is any significant change to the information included in it, orba triggering event (see section 31) has reduced the value of the financial resources of the scheme.5The business plan, and any revised business plan, must be approved by the trustees of the scheme.6The scheme proprietor or the trustees must provide the Pensions Regulator with the most recent business plan, and any supporting information or documents required by the Regulator—aon application for authorisation (see section 8),bwhere a revision is required as a result of a review under subsection (3), on completion of the revision,cwhere a revision is required under subsection (4), within three months of the plan being revised, anddat any other time, on request from the Pensions Regulator.14B1An unconnected multiple employer scheme has a single scheme proprietor (see section 9(3)(ca)(i)) if there is a person, but no more than one person, who meets all the criteria in subsection (2) in relation to the scheme.2The criteria are—aif the Pensions Regulator is considering an application for authorisation in relation to the scheme, that the person is liable to provide funds to or in respect of the scheme for the purposes of meeting—isome or all of the costs of setting up the scheme, andiisome or all of the costs relating to obtaining authorisation of the scheme,bthat the person is liable to provide funds to or in respect of the scheme in circumstances where administration charges received from or in respect of members are not sufficient to cover the balance (if any) of the costs of setting up, and obtaining authorisation of, the scheme, and the costs of running it,cthat the person is liable, in the event of a triggering event occurring in relation to the scheme, to provide funds to or in respect of the scheme for the purposes of meeting—ithe costs of complying with the duties under sections 31 to 45 (see section 14(2)(b)(i)), andiithe costs of continuing to run the scheme for such period (which must be at least six months and no more than two years) as the Pensions Regulator thinks appropriate for the scheme (see section 14(2)(b)(ii)), anddthat the person is responsible for making business decisions relating to the commercial activities of the scheme.3In this Part, “the scheme proprietor”, in relation to a scheme, means the person who meets all the criteria in subsection (2).14C1This section makes provision about the requirements that the scheme proprietor of an unconnected multiple employer scheme must meet in order for the scheme to meet the authorisation criterion mentioned in section 9(3)(ca)(ii).2The first requirement is that the scheme proprietor is a body corporate or a partnership that is a legal person under the law by which it is governed.3The second requirement is that the scheme proprietor is not a trustee of the scheme.4The third requirement is that the scheme proprietor had accounts prepared and audited as individual accounts in accordance with the applicable requirements at the time when it entered into the relationship or arrangement with the scheme by virtue of which it is the scheme proprietor.5The scheme proprietor is excepted from the third requirement if—athe scheme proprietor has deposited a proportion, set out in a Code, of the assets required to meet the costs mentioned in section 14(2) in a separate account in the name of the trustees with a deposit taker as defined in section 49(8A) of the Pensions Act 1995 (other responsibilities of trustees, etc.), orbthe Pensions Regulator grants an exception from the requirement.6A scheme proprietor ceases to be excepted from the third requirement—aby virtue of subsection (5)(a), if any of the proportion of the assets referred to in that subsection is withdrawn from the account referred to in that subsection before the date on which the scheme proprietor provides accounts to the Pensions Regulator under this Part, orbby virtue of subsection (5)(b), if the Pensions Regulator withdraws an exception granted under that subsection.7The Pensions Regulator may only withdraw an exception under subsection (6)(b) if—athe Regulator has notified the scheme proprietor of its intention to withdraw the exception before the beginning of the period of two weeks ending with the day on which the exception is to be withdrawn (the “withdrawal day”), andbthe scheme proprietor has not, by the withdrawal day, provided accounts to the Regulator under this Part.8In this section “body corporate” has the meaning given in section 1173(1) of the Companies Act 2006.9Subsections (3A) to (3C) of section 8 (where accounts are prepared and audited as individual accounts in accordance with the applicable requirements) apply for the purposes of this section.14D1Part 1 of Schedule 1C sets out the matters that the Pensions Regulator must take into account in deciding whether it is satisfied that no person has carried out promotion or marketing of an unconnected multiple employer scheme that is unclear or misleading without rectification (see section 9(3)(cb)(i)).2Part 2 of Schedule 1C sets out the matters that the Pensions Regulator must take into account in deciding whether it is satisfied that the scheme has adequate systems and processes for securing that promotion or marketing of the scheme is clear and not misleading (see section 9(3)(cb)(ii)).3In deciding whether it is satisfied that an unconnected multiple employer scheme has adequate systems and processes for securing that promotion or marketing of the scheme is clear and not misleading, the Pensions Regulator may take into account whether any promotion or marketing of the scheme has been unclear or misleading (whether or not it has been rectified).151This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has adequate systems and processes for communicating with members and others (see section 9(3)(d)).2In order to be satisfied that a scheme has adequate systems and processes for communicating with members and others, the Pensions Regulator must be satisfied that the scheme has adequate systems and processes—afor providing information in relation to the scheme to persons falling within subsection (3);bfor securing that information provided to those persons is correct and is not misleading.3A person falls within this subsection if the person is—aa member or prospective member of the scheme, orba person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member.4In making the decision, the Pensions Regulator—amust take into account any matters specified in regulations made by the Secretary of State, andbmay take into account any communications made using the systems and processes referred to in subsection (2).5Regulations under subsection (4)(a) may among other things—amake provision about systems and processes used for assessing and improving the effectiveness of communications;bmake provision requiring specified information to be provided to the Pensions Regulator.6Regulations under subsection (4)(a) are subject to affirmative resolution procedure.161This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the systems and processes used in running a collective money purchase scheme are sufficient to ensure that it is run effectively (see section 9(3)(e)).2In deciding whether it is satisfied that the systems and processes used in running the scheme are sufficient for that purpose, the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.3Regulations under subsection (2) may among other things—amake provision about the matters set out in subsection (4);brequire specified information to be provided to the Pensions Regulator.4The matters referred to in subsection (3)(a) are—afeatures and functionality required of the IT systems used in running the scheme;bstandards that those IT systems must meet (for example, in relation to quality and in relation to security of data);cthe maintenance of those IT systems;drecords management, risk management and resource planning;eprocesses relating to transactions and investment decisions;fprocesses relating to the appointment and removal of trustees;gprocesses relating to the professional development of trustees;hprocesses relating to the appointment, removal, roles and responsibilities of—ipersons, other than the trustees, involved in running the scheme, andiipersons involved in providing services in relation to the scheme.5Regulations under subsection (2) are subject to affirmative resolution procedure.171This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (see section 9(3)(f)).2A document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 31) occurs in relation to the scheme (a “continuity strategy”) must be prepared by—awhere the scheme is a single or connected employer scheme, the trustees of the scheme;bwhere the scheme is an unconnected multiple employer scheme, the scheme proprietor.3A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.4It must set out those levels of charges in the manner specified in regulations made by the Secretary of State.5A continuity strategy must—acontain such other information as may be specified in regulations made by the Secretary of State, andbbe prepared in accordance with regulations made by the Secretary of State.6The trustees of a single or connected employer scheme must—akeep the continuity strategy under review, andbrevise it if appropriate.6AThe scheme proprietor of an unconnected multiple employer scheme must—akeep the continuity strategy under review, andbrevise it if appropriate.6BThe continuity strategy of an unconnected multiple employer scheme, and any revisions to it, must be approved by the trustees of the scheme.7The continuity strategy must be provided to the Pensions Regulator in accordance with subsection (7A)—awhere the scheme is a single or connected employer scheme, by the trustees;bwhere the scheme is an unconnected multiple employer scheme, by the scheme proprietor.7AThe continuity strategy must be provided—aon application for authorisation (see section 8),bwithin three months of the continuity strategy being revised, andcat any other time, on request from the Pensions Regulator.8In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.9Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.10Regulations under this section are subject to affirmative resolution procedure.17A1This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that, unless required to pursue continuity option 1 by virtue of section 34(3), the trustees of an unconnected multiple employer scheme would not be prevented from pursuing continuity option 3 whenever they consider it appropriate to do so, should a triggering event occur in relation to the scheme (see section 9(3)(g)).2In deciding whether it is satisfied that the trustees of the scheme would not be so prevented, the Pensions Regulator must take into account whether there would be any constraints or fetters on the trustees when deciding whether to pursue continuity option 3, should a triggering event occur.3For the purposes of subsection (2) the circumstances in which there would be a constraint or fetter on the trustees when deciding whether to pursue continuity option 3 include where, before making the decision, the trustees would be required to—aobtain the consent of employers, the scheme proprietor, members of the scheme, or any other person, orbconsult with any person other than employers, the scheme proprietor and members of the scheme.181A collective money purchase scheme must have rules about how the rate or amount of benefits provided under the scheme is to be determined.2The rules must include—arules for determining the available assets of the scheme and their value,brules for determining the required amount, andcrules about how the rate or amount of benefits provided under the scheme is to be adjusted from time to time, including rules about when adjustments are to take effect.3In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 2(2).4The Secretary of State may by regulations make provision about the matters mentioned in subsections (1) and (2), including provision about the methods and assumptions to be used.5Regulations under subsection (4) making provision about the determination of the required amount may, among other things, make provision about—ahow past or proposed adjustments to the rate or amount of benefits provided under the scheme are to be treated;bassumptions to be made about future adjustments to the rate or amount of such benefits.6Regulations under subsection (4) may, among other things—aprovide for alternative methods and assumptions;brequire or enable the trustees to decide which methods and assumptions are to be used;cspecify matters that the trustees must take into account, or principles they must follow, in making such decisions.7Regulations under subsection (4)—amay make provision applying in relation to rights under the scheme that have already accrued;boverride the rules of the scheme to the extent that the rules conflict with the regulations.8Regulations under subsection (4) are subject to affirmative resolution procedure.191The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before making a decision as to the methods and assumptions to be used in determining the matters mentioned in section 18(1) and (2).2The Secretary of State may by regulations specify requirements with which the scheme actuary must comply when advising the trustees in accordance with subsection (1).3Regulations under subsection (2) may, among other things, require the scheme actuary to have regard to guidance that is prepared, and from time to time revised, by a person specified or described in the regulations.4Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with subsection (1).5The first regulations under subsection (2) are subject to affirmative resolution procedure.6Subsequent regulations under subsection (2) are subject to negative resolution procedure.201The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this section and regulations under subsection (5).2In this Part “actuarial valuation” means a report prepared and signed by the scheme actuary setting out—athe available assets of the scheme and their value;bthe required amount;cwhether an adjustment to the rate or amount of benefits provided under the scheme is required and, if so, the amount of the adjustment.3In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 2(2).4A scheme actuary preparing an actuarial valuation in pursuance of a provision of this Part must determine the matters mentioned in subsection (2) in accordance with the scheme rules.5The Secretary of State may by regulations make provision about actuarial valuations, including—aprovision about when actuarial valuations must be prepared;bprovision about the date by reference to which a determination must be made;cprovision about information and statements that an actuarial valuation must contain;dprovision requiring the trustees to obtain an actuarial valuation from the scheme actuary within a period specified or described in the regulations;eprovision requiring the trustees to send an actuarial valuation received by them to the Pensions Regulator within a period specified or described in the regulations.6In a case that is not the subject of regulations under subsection (5)(a), the trustees must obtain—aan actuarial valuation in which the date by reference to which the available assets of the scheme are determined (“the effective date”) falls within the period of one year beginning with the day on which the scheme was established, andbsubsequent actuarial valuations in which the effective date is not more than one year after the effective date of the previous actuarial valuation.7In a case that is not the subject of regulations under subsection (5)(b), the required amount must be determined by reference to the effective date.8Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.9Nothing in this section affects a power or duty of the trustees of a collective money purchase scheme to obtain actuarial valuations on other occasions.10The first regulations under subsection (5) are subject to affirmative resolution procedure.11Subsequent regulations under subsection (5) are subject to negative resolution procedure.21A scheme actuary who prepares an actuarial valuation in pursuance of a provision of this Part must certify that the matters mentioned in section 20(2) have been determined in accordance with the scheme rules.221This section applies where an adjustment to the rate or amount of benefits provided under a collective money purchase scheme is required in accordance with the scheme rules.2The trustees must as soon as is reasonably practicable report in writing to the Pensions Regulator if the adjustment—ais not made in accordance with the most recent actuarial valuation, orbdoes not take effect in accordance with the scheme rules.3A report under subsection (2) must—aexplain why the adjustment was not made in accordance with the most recent actuarial valuation or (as the case may be) does not take effect in accordance with the scheme rules;bcontain such other information as the Secretary of State may specify in regulations.4Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.5Regulations under subsection (3)(b) are subject to negative resolution procedure.231The powers conferred by this section are exercisable where it appears to the Pensions Regulator (as a result of a report made to it or otherwise) that the trustees of a collective money purchase scheme have without good reason—afailed to comply with a requirement imposed by or under this Part to obtain an actuarial valuation, orbfailed to secure that any adjustment to the rate or amount of benefits provided under the scheme which is required in accordance with the scheme rules—iis made in accordance with the most recent actuarial valuation, andiitakes effect in accordance with the scheme rules.2The Pensions Regulator may direct the trustees—ato obtain an actuarial valuation;bto take such other steps as the Pensions Regulator considers appropriate to remedy or mitigate the failure.3A direction under subsection (2)(a) must—aspecify the period within which the valuation is to be obtained;bspecify the date by reference to which the matters to be set out in the actuarial valuation are to be determined;ccontain such other information as the Secretary of State may specify in regulations.4In exercising a power conferred by this section, the Pensions Regulator must comply with any requirements specified in regulations made by the Secretary of State.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a direction under this section.6Regulations under this section are subject to negative resolution procedure.7The powers conferred by this section are in addition to any powers exercisable by the Pensions Regulator under any other enactment.241The Pensions Act 1995 is amended as follows.2In section 67 (the subsisting rights provisions)—aafter subsection (1) insert—1AAny exercise of such a power to make a prohibited modification is void.;bin subsection (2)(a)(i), after “if the modification is a protected modification,” insert “ or the scheme is a collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021, ”;cin subsection (2)(a)(ii), for “if it is not” substitute “ if sub-paragraph (i) does not apply ”;din subsection (3) omit paragraph (b) and the “or” before it;eafter subsection (3) insert—3ARegulations may provide for cases in which the subsisting rights provisions do not apply.3In section 67A (the subsisting rights provisions: interpretation), in subsection (1), before “ “regulated modification”” insert—“prohibited modification”.4After subsection (1) of that section insert—1A“Prohibited modification” means a modification of an occupational pension scheme which on taking effect would or might result in any subsisting right of—aa member of the scheme, orba survivor of a member of the scheme,which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to collective money purchase benefits under the scheme rules.5In subsection (3) of that section—aafter “a modification” insert “ , other than a prohibited modification, ”;bfor paragraph (a) substitute—aon taking effect would or might result in a relevant transformation of any subsisting right of a member of the scheme or a survivor of a member of the scheme (see subsection (3A)),;cin paragraph (b), after “rules” insert “ , other than a pension that is a collective money purchase benefit ”;domit the words following paragraph (c).6After subsection (3) of that section insert—3AFor the purposes of subsection (3)(a), there is a relevant transformation of a subsisting right where—aa subsisting right that is not a right or entitlement to money purchase benefits becomes, or is replaced with, a right or entitlement to money purchase benefits under the scheme rules,ba subsisting right that is a right or entitlement to money purchase benefits other than collective money purchase benefits becomes, or is replaced with, a right or entitlement to collective money purchase benefits under the scheme rules, orca subsisting right that is a right or entitlement to collective money purchase benefits becomes, or is replaced with, a right or entitlement to money purchase benefits other than collective money purchase benefits under the scheme rules.3BFor the purposes of subsection (3A), the reference in the definition of “money purchase benefits” in section 181(1) of the Pension Schemes Act 1993 to the widow, widower or surviving civil partner of a member of an occupational pension scheme is to be read as including any other survivor of the member.7In subsection (4) of that section, after “a modification” insert “ , other than a prohibited modification, ”.8In subsection (9) of that section—ain paragraph (a), after sub-paragraph (xiii) insert—xivregulations made under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;xvsections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;;bin paragraph (b), after sub-paragraph (xi) insert—xiisections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.251Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer rights: general) is amended as follows.2In section 93 (scope of Chapter 1)—ain subsection (7) (crystallisation events), in paragraph (b), after “money purchase benefits” insert “ other than collective money purchase benefits ”;bafter subsection (10) insert—10AWhere a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated as a separate scheme for the purposes of this Chapter.3In section 97 (calculation of cash equivalents), after subsection (3) insert—3ZAWhere, in the case of an application from a member under section 95 that relates to money purchase benefits that are collective money purchase benefits, regulations under section 99(2)(c) provide for a period longer than 6 months, subsection (3)(b) is to be read as if the reference to 6 months were a reference to that longer period.4In section 99 (trustees' duties after exercise of option), in subsection (2) (period in which to carry out what the member requires)—aomit the “and” at the end of paragraph (a);bin paragraph (b), after “money purchase benefits” insert “ other than collective money purchase benefits ”;cat the end of paragraph (b) insert, and cin the case of an application which relates to money purchase benefits that are collective money purchase benefits, within 6 months beginning with the date of the application or such longer period beginning with that date as may be prescribed.5After section 99 insert—99A1If the trustees receive an application under section 95 relating to money purchase benefits that are collective money purchase benefits—athey must give the member notice in writing of the cash equivalent that relates to those benefits, andbthey must not without the written consent of the member enter into an agreement with a third party to use the member's cash equivalent in a way specified in section 95(2) before the end of the period mentioned in subsection (2).2The period referred to in subsection (1)(b) is—athe period of 3 weeks beginning with the day after the day on which the notice is given, orbsuch other period as may be specified in regulations.3Any action taken in contravention of subsection (1)(b) is void.6In section 100B (meaning of “scheme rules”: occupational pension schemes), in subsection (2)—ain paragraph (a), at the end insert—xvregulations made under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;xvisections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;;bin paragraph (b), at the end insert—xiisections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.261The Pensions Regulator must maintain and publish a list of authorised collective money purchase schemes.2The list—amust identify each authorised collective money purchase scheme by name, andbmay include any other information that the Pensions Regulator considers appropriate.26A1The trustees of an authorised unconnected multiple employer scheme must send the scheme’s accounts to the Pensions Regulator.2The accounts must be sent to the Regulator no later than two months after they are obtained by the trustees.3The scheme proprietor of an authorised unconnected multiple employer scheme must send to the Pensions Regulator—aits accounts prepared and audited as individual accounts in accordance with the applicable requirements, andbif the scheme proprietor is partly or wholly funded by an undertaking other than an unincorporated association (“relevant undertaking”), the accounts of that undertaking prepared and audited in accordance with the applicable requirements.4The accounts of the scheme proprietor and any relevant undertaking must be sent to the Regulator—ano later than nine months after the end of the financial year to which they relate, orbif an item 4A, 4B or 7A triggering event occurs in relation to the scheme (see section 31) and the Pensions Regulator gives notice to the scheme proprietor requiring that accounts be sent early, within such shorter period after the end of the financial year to which they relate as is specified in the notice.5In subsection (4) “financial year” in relation to a scheme proprietor or a relevant undertaking is to be interpreted in accordance with—athe requirements of the law referred to in section 8(3A), orbwhere no such meaning is given to “financial year” in those requirements, the Companies Act 2006.6Subsections (3A) to (3C) of section 8 (where accounts are prepared and audited as individual accounts in accordance with the applicable requirements) apply for the purposes of this section.7Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by or under this section.271The Pensions Regulator may by notice require the trustees of a collective money purchase scheme to submit a supervisory return.2The Secretary of State may make regulations setting out the information that the Pensions Regulator may require in a supervisory return.3The notice must specify—athe information required to be included in the return,bthe manner and form in which the return must be submitted, andcthe period (of at least 28 days) within which the return must be submitted.4The trustees of a collective money purchase scheme may not be required to submit a supervisory return more than once in any 12 month period.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to submit a supervisory return when required to do so.6Regulations under subsection (2) are subject to negative resolution procedure.281Where a person mentioned in subsection (2) becomes aware of the fact that a significant event has occurred in relation to an authorised collective money purchase scheme, the person must (subject to subsections (6) and (7)) give notice of that fact, in writing, to the Pensions Regulator as soon as reasonably practicable.2The persons are—aa trustee of the scheme;ban employer in relation to the scheme;bawhere the scheme is an unconnected multiple employer scheme, the scheme proprietor;bbwhere the scheme is an unconnected multiple employer scheme, a person who promotes or markets the scheme;bcwhere the scheme is an unconnected multiple employer scheme, a chief financial officer of the scheme;bdwhere the scheme is an unconnected multiple employer scheme, a chief investment officer of the scheme;ca person who (alone or with others) has power to appoint or remove a trustee;da person who (alone or with others) has power to vary the provisions of the scheme;ea person who provides legal, financial or actuarial advice in relation to the scheme;fa person who manages the scheme administration services;ga person acting in a capacity specified in regulations made by the Secretary of State.3The Secretary of State must make regulations setting out the events that constitute significant events for the purposes of this section.4The Secretary of State may by regulations specify further information that is to be provided by a person required to give notice under this section.5Except as provided by subsections (6) and (7), the disclosure of information under this section does not breach—aany obligation of confidence owed by the person making the disclosure, orbany other restriction on the disclosure of information (however imposed).6This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information would do so, take into account the duty imposed by this section).7A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege (or, in Scotland, to confidentiality of communications) could be maintained in legal proceedings.8Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by or under this section.9The first regulations under subsection (3) are subject to affirmative resolution procedure.10Subsequent regulations under subsection (3), and regulations under subsection (2)(g) or (4), are subject to negative resolution procedure.291The Pensions Regulator may give a risk notice to the trustees of a collective money purchase scheme if the Regulator considers that—athere is an issue of concern in relation to the scheme, andbthe scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved.1AWhere the scheme is an unconnected multiple employer scheme the Pensions Regulator may give a risk notice to the scheme proprietor if the Regulator considers that—athere is an issue of concern in relation to the scheme, andbthe scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved.2A risk notice is a notice that requires the trustees of the scheme or (as the case may be) the scheme proprietor to submit to the Pensions Regulator a plan (a “resolution plan”) setting out proposals for resolving the issue of concern.3A risk notice must—aidentify the issue of concern;bspecify the date by which the resolution plan is to be submitted.4If the Pensions Regulator is not satisfied that the proposals in a resolution plan are likely to be adequate to resolve the issue of concern, the Regulator may give a further notice to the trustees or the scheme proprietor requiring them to submit a revised plan by a date specified in the notice.4AWhere risk notices relating to the same issue of concern have been issued to the trustees of the scheme and the scheme proprietor, the reference in subsection (4) to the proposals in a resolution plan is to be read as a reference to the proposals in the resolution plans of the trustees and the scheme proprietor taken together.5The trustees or (as the case may be) the scheme proprietor must implement the proposals in a resolution plan if the Pensions Regulator—ais satisfied that the proposals are likely to be adequate to resolve the issue of concern (whether alone or together with the proposals in another resolution plan relating to the same issue of concern), andbnotifies the trustees or the scheme proprietor accordingly.6The Pensions Regulator may direct the trustees or the scheme proprieto to comply with the requirement imposed by subsection (5).7Where the trustees or the scheme proprietor are required by subsection (5) to implement the proposals in a resolution plan, the trustees or (as the case may be) the scheme proprietor must—asubmit to the Pensions Regulator, before the end of a period specified in regulations made by the Secretary of State, a report setting out what progress they are making in implementing the proposals (a “progress report”);bsubmit further progress reports to the Pensions Regulator at intervals specified by the Pensions Regulator.8Resolution plans and progress reports must be provided in the manner and form specified by the Pensions Regulator.9A reference to a resolution plan in subsections (4) to (8) includes a reference to a resolution plan as revised under subsection (4).10The Secretary of State may by regulations—aspecify information that a risk notice must contain;bprovide that the date referred to in subsection (3)(b) or (4) must fall before the end of a period specified in the regulations.11Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or a scheme proprietor who fails to comply with—aa notice under subsection (1) , (1A or (4),ba direction under subsection (6), orca requirement imposed by subsection (7).12Regulations under this section are subject to negative resolution procedure.301If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme meets the authorisation criteria, it may decide to withdraw the scheme's authorisation.2A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—aexplain that the issue of the notice is a triggering event (see section 31), andbinclude an explanation of the trustees' duties under sections 31 to 45.3On withdrawal of a scheme's authorisation, the Pensions Regulator must—anotify the trustees that the scheme is no longer authorised, andbremove the scheme from the list of authorised collective money purchase schemes.4In this Part—“determination notice” has the meaning given in section 98(2)(a) of the Pensions Act 2004;“special procedure” has the meaning given in section 98 of that Act;“standard procedure” has the meaning given in section 96 of that Act;“warning notice” has the meaning given in section 96(2)(a) of that Act.311A triggering event occurs in relation to a collective money purchase scheme if an event within the second column of the triggering events table occurs in relation to it, subject to subsection (2).2An event within any of items 4 to 10 of the triggering events table is not a triggering event in relation to a collective money purchase scheme if it occurs within an existing triggering event period for the scheme (see section 32).3A triggering event occurs on the date specified in relation to the event in the third column of the triggering events table.4For the purposes of this Part “the triggering events table” is—ItemTriggering eventDate event occurs1.The Pensions Regulator issues a warning notice under the standard procedure in respect of a decision to withdraw the scheme's authorisation.The date on which the notice is issued.2.The Pensions Regulator issues a determination notice under the special procedure in respect of a decision to withdraw the scheme's authorisation.The date on which the notice is issued.3.The Pensions Regulator gives a notification under section 7(3) (scheme not authorised).The date on which the notification is given.4.Where the scheme is a single or connected employer scheme, an insolvency event occurs in relation to an employer or a relevant former employer. The date on which the insolvency event occurs.4A. Where the scheme is an unconnected multiple employer scheme, an insolvency event occurs in relation to the scheme proprietor. The date on which the insolvency event occurs.4B.Where the scheme is an unconnected multiple employer scheme and the scheme proprietor is a person or body of a kind that meets requirements prescribed under section 129(1)(b) of the Pensions Act 2004, the scheme proprietor becomes unlikely to continue as a going concern. The earlier of— the date on which the scheme proprietor notifies the Pensions Regulator of that fact, andthe date on which the trustees become aware of that fact. 5.Where the scheme is a single or connected employer scheme, an employer or a relevant former employer becomes unlikely to continue as a going concern, where the employer or relevant former employer is a person or body of a kind that meets the requirements prescribed under section 129(1)(b) of the Pensions Act 2004The earlier of—the date on which the employer or relevant former employer notifies the Pensions Regulator of that fact, andthe date on which the trustees become aware of that fact.6.A person who has power to do so under the provisions of the scheme decides that the scheme should be wound up.The date of the decision.7.An event occurs that is required or permitted by the provisions of the scheme to result in the winding up of the scheme.The date on which the event occurs.7A. Where the scheme is an unconnected multiple employer scheme, the scheme proprietor decides to end the relationship or arrangement with the scheme by virtue of which it is the scheme proprietor. The date of the decision.7B.Where the scheme is an unconnected multiple employer scheme, the scheme proprietor ends the relationship or arrangement with the scheme by virtue of which it is the scheme proprietor. The earlier of—the date on which the scheme proprietor notifies the Pensions Regulator of that fact, andthe date on which the trustees become aware of that fact.8.A person who has power to do so under the provisions of the scheme decides that the scheme should become a closed scheme.The date of the decision.9.An event occurs that is required or permitted by the provisions of the scheme to result in the scheme becoming a closed scheme.The date on which the event occurs.10. Where the scheme is an unconnected multiple employer scheme, the trustees decide that the scheme is at risk of failure and so it is necessary for one of the continuity options to be pursued (see section 34). The date of the decision.4AAn unconnected multiple employer scheme is to be taken to permit the trustees of the scheme to make the decision referred to in item 10 of the table, to the extent that it would not otherwise do so.5In this Part—“item 1 triggering event” means an event falling within item 1 of the triggering events table (and similar references using other item numbers are to be read accordingly);“relevant former employer”, in relation to a single or connected employer scheme, means a person who has ceased to be an employer in relation to the scheme but who—is subject to an actual or contingent obligation to contribute financially to the scheme, whether by making contributions towards the costs of running the scheme or otherwise, orhas power to take a decision about the operation of the scheme, either alone or with other persons who are or have been employers in relation to the scheme.6In this section “closed”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or both).321For the purposes of this Part, a “triggering event period” for a collective money purchase scheme is a period—astarting with the date on which a triggering event occurs in relation to the scheme, andbending with the earliest of the dates given by subsection (2).2The dates are—athe date on which the trustees receive from the Pensions Regulator—inotification under section 37(4) that the Regulator is satisfied that the triggering event has been resolved, oriinotification under section 38(4) that the Regulator is satisfied that preparations for conversion to a closed scheme are complete and that the conversion will resolve the relevant events;bthe date on which the scheme is wound up;cin the case of an item 1 or 2 triggering event (notice in respect of a decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be withdrawn.3For the purposes of subsection (2)(c), it becomes clear that authorisation is not to be withdrawn—ain the circumstances set out in relation to the event in the second column of the table in subsection (4), andbon the date given in relation to those circumstances in the third column of that table.4The table is—Triggering eventCircumstancesDateItem 1 (issue of warning notice under the standard procedure)1The Pensions Regulator makes a determination not to withdraw the scheme's authorisation, and2there is no referral of the determination to the Tribunal within the time period allowed for doing so.The date of the Pensions Regulator's determination.Item 2 (issue of determination notice under the special procedure)1On a review under section 99 of the Pensions Act 2004, the Pensions Regulator makes a determination that the scheme's authorisation should not be withdrawn, and2there is no referral of the determination to the Tribunal within the time period allowed for doing so.The date of the Pensions Regulator's determination.Item 1 or 21On a referral to the Tribunal of a determination by the Pensions Regulator, the Tribunal makes a determination the effect of which is that the scheme's authorisation should not be withdrawn, and2either—ano appeal is brought against the Tribunal's determination within the time period allowed for doing so, orban appeal is brought within that time period but is later withdrawn.The date of the Tribunal's determination.Item 1 or 2The effect of an appeal against a determination by the Tribunal is that the scheme's authorisation should not be withdrawn.The date on which the appeal is finally disposed of.5In this section “the Tribunal” has the meaning given in—asection 96(7) of the Pensions Act 2004, in a case where the standard procedure applies;bsection 99(13) of that Act, in a case where the special procedure applies.331If a triggering event listed in the first column of the table in subsection (2) occurs in relation to a collective money purchase scheme, each person specified in relation to the event in the second column of that table must (subject to subsections (12) and (13)) notify the Pensions Regulator of the occurrence of the event.2The table is—EventSpecified personItem 4 triggering event (an insolvency event occurs in relation to an employer or a relevant former employer)The employer or relevant former employer.A trustee who is aware of the event. Item 4A triggering event (an insolvency event occurs in relation to the scheme proprietor) The scheme proprietor.A trustee who is aware of the event. Item 4B triggering event (a scheme proprietor becomes unlikely to continue as a going concern, where the scheme proprietor is a person or body of a kind that meets the requirements prescribed under section 129(1)(b) of the Pensions Act 2004) The scheme proprietor.A trustee who is aware of the event.Item 5 triggering event (an employer or a relevant former employer becomes unlikely to continue as a going concern, where the employer or relevant former employer is a person or body of a kind that meets the requirements prescribed under section 129(1)(b) of the Pensions Act 2004)The employer or relevant former employer.A trustee who is aware of the event.Item 6 triggering event (a person decides that the scheme should be wound up)The person who made the decision.A trustee who is aware of the event (if not the person who made the decision). Where the scheme is a single or connected employer scheme, an employer who is aware of the event (if not the person who made the decision). Where the scheme is an unconnected multiple employer scheme, the scheme proprietor (if not the person who made the decision) if they are aware of the event. Item 7 triggering event (an event occurs that is required or permitted by the provisions of the scheme to result in the winding up of the scheme)A trustee who is aware of the event. Where the scheme is a single or connected employer scheme, an employer who is aware of the event. Where the scheme is an unconnected multiple employer scheme, the scheme proprietor if they are aware of the event. Item 7A triggering event (scheme proprietor decides to end relationship or arrangement) The scheme proprietor.A trustee who is aware of the event. Item 7B triggering event (scheme proprietor ends relationship or arrangement) The scheme proprietor.A trustee who is aware of the event.Item 8 triggering event (a person decides that the scheme should become a closed scheme)The person who made the decision.A trustee who is aware of the event (if not the person who made the decision). Where the scheme is a single or connected employer scheme, an employer who is aware of the event (if not the person who made the decision). Where the scheme is an unconnected multiple employer scheme, the scheme proprietor if they are aware of the event. Item 9 triggering event (an event occurs that is required or permitted by the provisions of the scheme to result in the scheme becoming a closed scheme)A trustee who is aware of the event. Where the scheme is a single or connected employer scheme, an employer who is aware of the event. Where the scheme is an unconnected multiple employer scheme, the scheme proprietor if they are aware of the event. Item 10 triggering event (trustees decide that it is necessary to pursue continuity option). The trustees.The scheme proprietor if they are aware of the event.3If a triggering event occurs in relation to a single or connected employer scheme, a trustee who is aware of the event must (subject to subsections (5), (6), (12) and (13)) give the required notification to each employer or relevant former employer.3AIf a triggering event occurs in relation to an unconnected multiple employer scheme, a trustee who is aware of the event must (subject to subsections (5A), (6), (12) and (13)) give the required notification to each employer and the scheme proprietor.4In this section “the required notification”, in relation to a triggering event, means notification of—athe occurrence of the event, andbsuch other matters relating to the event as may be specified in regulations made by the Secretary of State.5In the case of an item 4 or 5 triggering event, subsection (4)(a) does not apply as regards notification of the employer or relevant former employer in respect of whom the event occurs.5AIn the case of an item 4A, 4B, 7A or 7B triggering event, subsection (4)(a) does not apply as regards notification of the scheme proprietor.6In the case of an item 6 or 8 triggering event, subsection (4)(a) does not apply as regards notification of the person who decided that the scheme—ashould be wound up, orb(as the case may be) should become a closed scheme.7If an item 4 or 5 triggering event occurs in relation to a single or connected employer scheme, each employer or relevant former employer in respect of whom the event occurs must (subject to subsections (12) and (13)) give the required notification to the trustees.7AIf an item 4A or 4B triggering event occurs in relation to an unconnected multiple employer scheme, the scheme proprietor must (subject to subsections (12) and (13)) give the required notification to the trustees.8If an item 6 or 8 triggering event occurs in relation to a collective money purchase scheme, the person who decided that the scheme—ashould be wound up, orb(as the case may be) should become a closed scheme,must (if that person is not the trustees, and subject to subsections (12) and (13)) give the required notification to the trustees.9If an item 7 or 9 triggering event occurs in relation to a single or connected employer scheme, each employer or relevant former employer who is aware of the event must (subject to subsections (12) and (13)) give the required notification to the trustees.9AIf an item 7, 7A, 7B or 9 triggering event occurs in relation to an unconnected multiple employer scheme, the scheme proprietor, if they are aware of the event, must (subject to subsections (12) and (13)) give the required notification to the trustees.10A notification under this section must be given before the end of the period specified in regulations made by the Secretary of State.11Except as provided by subsections (12) and (13), the disclosure of information under this section does not breach—aany obligation of confidence owed by the person making the disclosure, orbany other restriction on the disclosure of information (however imposed).12This section does not require a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure of information would do so, take into account the duty imposed by this section).13A person is not required by this section to disclose anything in respect of which a claim to legal professional privilege (or, in Scotland, to confidentiality of communications) could be maintained in legal proceedings.14Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.15Regulations under this section are subject to negative resolution procedure.341If a triggering event occurs in relation to a collective money purchase scheme, the trustees must pursue one of the continuity options.2The continuity options are—acontinuity option 1 (discharge of liabilities and winding up) (see section 36);bcontinuity option 2 (resolving triggering event) (see section 37);ccontinuity option 3 (conversion to closed scheme) (see section 38).3The trustees must pursue continuity option 1—aif the triggering event is an item 1 or 2 triggering event and the decision to withdraw authorisation has become final (see section 35), orbif the triggering event is an item 3 triggering event.4In those cases, the trustees must pursue continuity option 1 even if—athe item 1, 2 or 3 triggering event occurs within the triggering event period of an earlier triggering event, andbthe trustees have already decided to pursue continuity option 2 or 3 in respect of the earlier triggering event.5The trustees may pursue continuity option 3 only if (or to the extent that) the provisions of the scheme allow them to do so.Subject to that, this section overrides any provision of the collective money purchase scheme to the extent that there is a conflict.6Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.351For the purposes of this Part, in relation to an item 1 or 2 triggering event, a decision to withdraw authorisation becomes final—ain the circumstances set out in relation to the event in the second column of the table in subsection (2), andbon the date given in relation to those circumstances in the third column of that table.2The table is—Triggering eventCircumstancesDateItem 1 (issue of warning notice under the standard procedure)1The Pensions Regulator makes a determination to withdraw the scheme's authorisation, and2there is no referral of the determination to the Tribunal within the time period allowed for doing so.The date of the Pensions Regulator's determination.Item 2 (issue of determination notice under the special procedure)1On a review under section 99 of the Pensions Act 2004, the Pensions Regulator makes a determination that the scheme's authorisation should be withdrawn, and2there is no referral of the determination to the Tribunal within the time period allowed for doing so.The date of the Pensions Regulator's determination.Item 1 or 21On a referral to the Tribunal of a determination by the Pensions Regulator, the Tribunal makes a determination the effect of which is that the scheme's authorisation should be withdrawn, and2either—ano appeal is brought against the Tribunal's determination within the time period allowed for doing so, orban appeal is brought within that time period but is later withdrawn.The date of the Tribunal's determination.Item 1 or 2The effect of an appeal against a determination by the Tribunal is that the scheme's authorisation should be withdrawn.The date on which the appeal is finally disposed of.3In this section “the Tribunal” has the meaning given in—asection 96(7) of the Pensions Act 2004, in a case where the standard procedure applies;bsection 99(13) of that Act, in a case where the special procedure applies.361Where the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1, they must—aquantify, in the case of each beneficiary, the amount that represents the value of the beneficiary's accrued rights to benefits under the scheme;bformulate a proposal for discharging the scheme's liability to each beneficiary in respect of those rights, in one of the ways set out in subsection (2);cnotify the following of the proposal and of such other matters as may be specified in regulations made by the Secretary of State —ieach employer,iieach beneficiary, andiiiwhere there scheme is a single or connected employer scheme, each relevant former employer.2The ways of discharging the scheme's liability referred to in subsection (1)(b) are—atransferring the value of the beneficiaries' accrued rights to benefits under the scheme to a collective money purchase scheme or to a Master Trust scheme;btransferring the value of those rights, in such circumstances as may be specified in regulations made by the Secretary of State, to a pension scheme that has characteristics specified in the regulations;csecuring, in such circumstances as may be specified in regulations made by the Secretary of State, the payment of benefits by such other means (an “alternative payment mechanism”) as may be specified in the regulations.3A proposal under subsection (1)(b) may deal with the rights of different descriptions of beneficiaries in different ways.4Subsections (1)(b) and (2) have effect subject to—aPart 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds);bprovision made by regulations under subsection (6).5Notification under subsection (1)(c) must be given—ain the manner specified in regulations made by the Secretary of State, andbbefore the end of the period specified in the regulations.6The Secretary of State may by regulations make provision for the purposes of enabling continuity option 1 to be given effect, which may include—aprovision about how continuity option 1 is to be pursued by the trustees of a collective money purchase scheme;bprovision conferring rights on beneficiaries or employers;cprovision imposing duties on employers or trustees;dprovision conferring power on the Pensions Regulator to direct trustees to do things permitted or required by the regulations;eprovision deeming a beneficiary the value of whose accrued rights are to be transferred to a scheme that is not a collective money purchase scheme or a Master Trust scheme to have entered into an agreement with a person of a description specified in the regulations.7Regulations under subsection (6) must include—aprovision about how the quantification referred to in subsection (1)(a) is to be carried out (which may be different in relation to different descriptions of beneficiaries);bprovision for securing that a person who has become a pensioner beneficiary (whether before or after the occurrence of the triggering event as a result of which the trustees are pursuing continuity option 1) receives a periodic income, at a rate or of an amount that is calculated by reference to the amount referred to in subsection (1)(a), until the time when the proposal under subsection (1)(b) is implemented or some other specified time;cprovision about how rights conferred by the regulations may be exercised (including the time periods within which they may be exercised);dprovision specifying requirements (which may include approval or authorisation by the Pensions Regulator in accordance with the regulations) to be met in the case of a pension scheme, or an alternative payment mechanism, by means of which it is proposed to discharge the collective money purchase scheme's liabilities to beneficiaries in one of the ways set out in subsection (2);eprovision requiring those responsible for a pension scheme by means of which it is proposed to discharge the collective money purchase scheme's liabilities to beneficiaries (“the receiving scheme”) to provide the Pensions Regulator with a document setting out the level of administration charges that applied in relation to members of the receiving scheme, in the manner and as at the date specified or described in the regulations;fprovision imposing duties on the trustees to notify all or a specified description of employers and beneficiaries of their rights under the regulations and of members' rights under Part 4ZA of the Pension Schemes Act 1993;gprovision about the winding up of the collective money purchase scheme in circumstances where the scheme's liabilities to beneficiaries are discharged.8In this section—“beneficiary”, in relation to the collective money purchase scheme, means—a member of the scheme, ora person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member;“pensioner beneficiary”, in relation to the collective money purchase scheme, means a person who is entitled to the present payment of pension or other benefits under the scheme;“specified” means specified in regulations under subsection (6).9Section 10 of the Pension Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.10Regulations under this section may provide for the application of section 10 of the Pensions Act 1995 to a person who fails to comply with a requirement imposed by the regulations.11Regulations under subsection (2) or (6) are subject to affirmative resolution procedure.12Regulations under subsection (1)(c) or (5) are subject to negative resolution procedure.371Where the trustees of a collective money purchase scheme decide to pursue continuity option 2, they must attempt to resolve the triggering event.2The trustees must notify the Pensions Regulator when they consider that the triggering event has been resolved.3The notification must—aset out how the trustees consider that the triggering event has been resolved;bbe given before the end of the period specified in regulations made by the Secretary of State.4After receiving the notification, the Pensions Regulator must notify the trustees as to whether it is satisfied that the triggering event has been resolved.5The Pensions Regulator may not form the view that a triggering event (“the relevant event”) has been resolved unless it is satisfied that any other event within the triggering events table that has occurred in relation to the scheme since the occurrence of the relevant event has also been resolved.6Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with a requirement imposed by this section.7Regulations under subsection (3)(b) are subject to negative resolution procedure.381This section applies where the trustees of a collective money purchase scheme decide to pursue continuity option 3.2The trustees must notify the Pensions Regulator when they consider that preparations for the conversion of the scheme into a closed scheme are complete.3The Secretary of State may by regulations require notification under subsection (2) to be given before the end of a period specified in the regulations.4If the Pensions Regulator is satisfied—athat preparations for the conversion of the scheme into a closed scheme are complete, andbthat the conversion will resolve the triggering event giving rise to the decision to pursue continuity option 3, and any other event within the triggering events table that has subsequently occurred in relation to the collective money purchase scheme,the Regulator must notify the trustees accordingly.5The conversion of the scheme into a closed scheme may be carried out only in accordance with the provisions of the scheme.6The scheme may not begin operating as a closed scheme until the trustees have received notification under subsection (4).7Where the trustees have pursued continuity option 3 they may not later reverse the closure of the scheme (either completely or to any extent).8Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with a requirement or restriction imposed by this section.9Regulations under subsection (3) are subject to negative resolution procedure.10In this section “closed”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or both).The reference to closure of the scheme in subsection (7) is to be read accordingly.391If a triggering event occurs in relation to a collective money purchase scheme, the trustees must—aproduce a document setting out how the interests of members of the scheme are to be protected following the occurrence of the event (an “implementation strategy”), andbsubmit it to the Pensions Regulator for approval before the end of a period specified in regulations made by the Secretary of State.This is subject to subsections (2)(a) and (3)(a).2If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—athe trustees are not required to submit an implementation strategy in respect of the earlier triggering event;bany implementation strategy approved by the Pensions Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.3In the case of an item 1 or 2 triggering event—athe trustees are required to submit an implementation strategy only if the decision to withdraw authorisation has become final (see section 35);bif it becomes clear that authorisation is not to be withdrawn, subsection (2) ceases to have effect on the date on which that becomes clear.Subsections (3) to (5) of section 32 apply for the purposes of paragraph (b) above as they apply for the purposes of subsection (2)(c) of that section.4The Pensions Regulator may direct the trustees to comply with a requirement imposed by this section.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (4).6This section overrides any provision of the collective money purchase scheme, to the extent that there is a conflict.7Regulations under subsection (1)(b) are subject to negative resolution procedure.401The Pensions Regulator may approve an implementation strategy only if it is satisfied that the strategy is adequate.2Subsections (3) to (6) apply for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that an implementation strategy for a collective money purchase scheme is adequate.3An implementation strategy must include information about the levels of administration charges in relation to members of the scheme.4The information must—arelate to the levels of administration charges as at the date specified or described in regulations made by the Secretary of State, andbbe set out in the manner specified or described in the regulations.5An implementation strategy must include information about the following matters—athe continuity option that is to be pursued (see section 34);bwhere continuity option 1 (discharge of liabilities and winding up) is to be pursued—ithe scheme or schemes to which it is proposed to transfer the value of accrued rights to benefits, or the alternative payment mechanism by which the payment of benefits is to be secured, if known;iiwhen the transfer is expected to take place, or (as the case may be) when the payment of benefits is expected to be secured;cwhere continuity option 2 (resolving the triggering event) is to be pursued, how it is proposed that the triggering event should be resolved;dwhere continuity option 3 (conversion to closed scheme) is to be pursued—ithe way in which, the extent to which and the time by which it is proposed to close the scheme;iihow the scheme will continue to meet the authorisation criteria;iiiany revisions that will be needed to the viability report and the continuity strategy (see sections 13 and 17).ivwhere the scheme is an unconnected multiple employer scheme, any revisions that will be needed to the business plan (see section 14A).6An implementation strategy must—ainclude any other information specified or described in regulations made by the Secretary of State, andbbe prepared in accordance with regulations made by the Secretary of State.7Regulations under this section are subject to negative resolution procedure.411When the Pensions Regulator has notified the trustees of a collective money purchase scheme that an implementation strategy relating to the scheme is approved, the trustees must—apursue the continuity option identified in the strategy, andbtake such other steps as are identified in the strategy in order to carry it out.2The Secretary of State may by regulations require the trustees of a collective money purchase scheme to make available an approved implementation strategy relating to the scheme, before the end of the period specified or described in the regulations, to employers or, where the scheme is a single or connected employer scheme, relevant former employers that are of a description specified in the regulations.3If an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event—athe trustees cease to be subject to the requirements of subsection (1) and regulations under subsection (2) in respect of an approved implementation strategy relating to the earlier triggering event, butbin the case of an item 1 or 2 triggering event, if it becomes clear that authorisation is not to be withdrawn, the trustees are again subject to those requirements from the date on which that becomes clear.Subsections (3) to (5) of section 32 apply for the purposes of paragraph (b) above as they apply for the purposes of subsection (2)(c) of that section.4The Pensions Regulator may direct the trustees to comply with subsection (1), if they fail to do so.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (4).6To the extent that there is a conflict, this section overrides a provision of—aa collective money purchase scheme, orba contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme.7Regulations under subsection (2) are subject to negative resolution procedure.421A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).2Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.3Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).431During a triggering event period for a collective money purchase scheme, the trustees must submit reports to the Pensions Regulator.2The first report must be submitted before the end of a period specified in regulations made by the Secretary of State.3Subsequent reports must be submitted at intervals specified by the Pensions Regulator.4The reports must—areport on progress in carrying out the implementation strategy,brecord events or decisions of a description specified in regulations made by the Secretary of State,ccontain such other information as is specified in regulations made by the Secretary of State, anddbe made in the manner and form specified by the Pensions Regulator.5Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.6Regulations under this section are subject to negative resolution procedure.441This section applies during a triggering event period for a collective money purchase scheme.2The Pensions Regulator may make a pause order in relation to the scheme if either of the following two conditions is met.3Condition 1 is that the Pensions Regulator is satisfied that making a pause order will help the trustees to carry out the implementation strategy.4Condition 2 is that the Pensions Regulator is satisfied that—athere is, or is likely to be if a pause order is not made, an immediate risk to the interests of members of the scheme or the assets of the scheme, andbit is necessary to make a pause order to protect the interests of the generality of the members of the scheme.5A pause order is an order that during the period for which it has effect one or more of the following directions has effect—aa direction that no new members (or no new members of a specified description) are to be admitted to the scheme;ba direction that no further payments (or no further payments of a specified description) are to be made towards the scheme—iby or on behalf of employers or , where the scheme is a single or connected employer scheme, relevant former employers (or employers or relevant former employers of a specified description), oriiby or in respect of members (or members of a specified description);ca direction that an amount (or specified amount) which—icorresponds to a payment that would be due to be made towards the scheme in respect of a member but for a direction under paragraph (b), andiihas been deducted from a payment of earnings in respect of an employment,is to be repaid to the member in question by the employer;da direction that no benefits (or no benefits of a specified description) are to be paid to or in respect of members (or members of a specified description) under the scheme rules;ea direction that—ino transfers (or no transfers of a specified description) of or in respect of a member's rights under the scheme rules are to be made from the scheme,iino transfer payments (or no transfer payments of a specified description) in respect of a member's rights under the scheme rules are to be made from the scheme, oriiino other steps (or no other steps of a specified description) are to be taken to discharge a liability of the scheme to or in respect of a member of the scheme in respect of pensions or other benefits.6In subsection (5)(b)—aa reference to payments does not include payments due to be made before the order takes effect, andba reference to payments towards a scheme includes payments in respect of pension credits where the person entitled to the credit is a member of the scheme.7A direction under subsection (5)(e) may provide that—ano transfers of or in respect of a member's rights under the scheme rules, or no such transfers of a specified description, may be made from the scheme, orbno transfer payments in respect of such rights, or no such transfer payments of a specified description, may be made from the scheme,unless the amounts paid out from the scheme in respect of the transfers or transfer payments are determined in a specified manner and the transfers or transfer payments satisfy such other conditions as may be specified.8A pause order may also require the trustees of the scheme to obtain an actuarial valuation within a specified period.9A pause order containing such a requirement must specify—athe date by reference to which the matters to be set out in the valuation must be determined;bthe information and statements that the valuation must contain;cany other requirements that the valuation must satisfy.10Schedule 2 makes further provision about pause orders.11In this section—“earnings” has the meaning given in section 181(1) of the Pension Schemes Act 1993;“pension credit” means a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 or Article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11));“specified” means specified in the pause order.451During a triggering event period for a collective money purchase scheme, the trustees must not—aimpose administration charges on or in respect of members at levels above those set out in the implementation strategy,bimpose new administration charges on or in respect of members, orcimpose administration charges on or in respect of a member in consequence of the member leaving, or deciding to leave, the scheme during that period.2The trustees of a receiving scheme that is a collective money purchase scheme or a Master Trust scheme must not—aimpose administration charges on or in respect of members at levels above those set out in the document provided to the Pensions Regulator by virtue of regulations under section 36(7)(e), orbimpose new administration charges on or in respect of members,for the purposes of meeting any of the costs mentioned in subsection (4).3The Secretary of State may by regulations—aprovide that subsection (1) or (2) does not apply in relation to administration charges specified or described in the regulations;bmake provision about how levels of administration charges are to be calculated for the purposes of this section.4The costs referred to in subsection (2) are costs for which a receiving scheme is liable—awhich were incurred by the transferring scheme, orbwhich relate directly to the transfer of the value of accrued rights to benefits under the transferring scheme.5To the extent that there is a conflict, this section overrides a provision of—aa collective money purchase scheme,ba Master Trust scheme,ca contract between the trustees of a collective money purchase scheme and a person providing services in relation to the scheme, orda Master Trust scheme contract within the meaning of section 39(1) of the Pension Schemes Act 2017 or any corresponding statutory provision.6The Secretary of State may by regulations apply some or all of the provisions of this section to a receiving scheme that has characteristics specified in regulations under section 36(2)(b).7Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with this section.8In this section—“receiving scheme” means a pension scheme that—receives a transfer from a transferring scheme of the value of accrued rights to benefits under that scheme during a triggering event period for that scheme, andwas proposed by the trustees of the transferring scheme, or by employers in relation to that scheme, as a scheme to which the value of those rights should be transferred;“transferring scheme” means a collective money purchase scheme the trustees of which, following a triggering event, are pursuing continuity option 1.9Regulations under subsection (3)(a) or (6), and the first regulations under subsection (3)(b), are subject to affirmative resolution procedure.10Subsequent regulations under subsection (3)(b) are subject to negative resolution procedure.461The Secretary of State may by regulations require the trustees of a collective money purchase scheme to publish information relating to the scheme that is specified or described in the regulations.2Regulations under subsection (1) may, among other things—arequire the trustees to publish a document specified or described in the regulations;brequire information or a document to be made available free of charge;crequire information or a document to be provided to a person in a form or by means specified or described in the regulations;drequire or permit information specified or described in the regulations to be excluded from a document when it is published in accordance with the regulations.3In complying with a requirement imposed by regulations under subsection (1) a trustee must have regard to any guidance prepared from time to time by the Secretary of State.4Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with a requirement imposed by regulations under this section.5Regulations under subsection (1) are subject to negative resolution procedure.471The Secretary of State may by regulations remove the exclusion of any of the following from the definition of “qualifying scheme” in section 3—apension schemes not established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes Act 1993 applied when the scheme was established;bpension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other.2The Secretary of State may by regulations make further provision about collective money purchase schemes that could not be qualifying schemes, or sections of qualifying schemes, but for regulations under subsection (1) (“relevant schemes”), including—aprovision about the authorisation of relevant schemes by the Pensions Regulator;bprovision about triggering events and continuity options;cprovision about administration charges during triggering event periods.3Regulations under subsection (2) making provision about relevant schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other may among other things—amake provision corresponding or similar to provision made by or under Part 1 of the Pension Schemes Act 2017;bdisapply any provision of that Part in relation to such schemes.4The provision that may be made under subsection (1) or (2) may be made by—amodifying or amending this Part;bmaking consequential modifications or amendments of any other enactment.4AWhere regulations under this section make provision in relation to an unconnected multiple employer scheme that corresponds or is similar to provision contained in regulations under another provision of this Part made in relation to a single or connected employer scheme, the regulations under this section are to be treated for the purposes of this Part as having been made under that other provision of this Part to the extent that they contain such provision.5Regulations under this section are subject to affirmative resolution procedure.48Schedule 3 makes minor and consequential amendments relating to this Part.491In this Part— “the accounts” of an unconnected multiple employer scheme means the accounts audited by the person appointed as auditor in relation to the scheme under section 47(1)(a) of the Pensions Act 1995 (professional advisers) (and see subsection (1A) below);“administration charge” has the same meaning as in paragraph 1 of Schedule 18 to the Pensions Act 2014;“authorisation” means authorisation under section 9 or by virtue of regulations under section 5(2) (and related expressions are to be read accordingly);“authorisation criteria” has the meaning given in section 9(3); “chief financial officer”, in relation to an unconnected multiple employer scheme, means a person acting in a capacity in which that person has significant influence over either or both of the following—the management and use of financial resources of the scheme;business decisions relating to the commercial activities of the scheme; “chief investment officer”, in relation to an unconnected multiple employer scheme, means a person who—is acting in a capacity in which that person has significant influence over either or both of the following—the contents of the scheme’s investment strategy;the implementation, management and communication of the scheme’s investment strategy, butdoes not have that influence by virtue of a contract or other arrangement—under which services relating to investments are provided in relation to the scheme, andby virtue of which the scheme, or a person acting on behalf of the scheme, has the status of client or customer; “Code” means a code of practice issued by the Pensions Regulator under section 90 of the Pensions Act 2004; “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);“employer”, in relation to an occupational pension scheme, means a person who employs or engages persons who are, or are entitled to become, members of the scheme;“enactment” includes an enactment comprised in subordinate legislation;“implementation strategy” has the meaning given in section 39;“insolvency event” has the meaning given in section 121 of the Pensions Act 2004; “investment strategy”, in relation to an unconnected multiple employer scheme, means a document prepared by the trustees setting out the strategy for investing the assets that arise or derive from the payments made by or in respect of members of the scheme; “Master Trust scheme” means a Master Trust scheme within the meaning of the Pension Schemes Act 2017 or any corresponding statutory provision;“member” has the meaning given in section 124(1) of the Pensions Act 1995 (read with regulations made under section 125(4) of that Act);“occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);“pension scheme” has the meaning given in section 1(5) of the Pension Schemes Act 1993;“the scheme actuary”, in relation to a pension scheme, means the person appointed under section 47(1)(b) of the Pensions Act 1995 (professional advisers) in relation to the scheme; “the scheme proprietor”, in relation to an unconnected multiple employer scheme, has the meaning given in section 14B(3); “scheme rules” has the meaning given in section 318(2) and (3) of the Pensions Act 2004;“statutory provision” has the meaning given in section 1(f) of the Interpretation Act (Northern Ireland) 1954 (c. 33 (N.I.));“subordinate legislation” has the meaning given in section 21(1) of the Interpretation Act 1978;“triggering event” has the meaning given in section 31. “undertaking” has the meaning given in section 1161 of the Companies Act 2006; “unincorporated association” means any body of persons unincorporate but does not include a partnership. 1AIn relation to an unconnected multiple employer scheme which is a section of a qualifying scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the qualifying scheme as a whole.2For the purposes of this Part, an employer (“A”) is connected with another employer (“B”)—awhere A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, orbin circumstances specified in regulations made by the Secretary of State.3This Part applies to a qualifying scheme—awhich provides both qualifying benefits and other benefits, andbfor which there is no power to wind up the scheme to the extent only that it provides qualifying benefits,as if references to winding up the scheme, or to the scheme being wound up, were to ceasing to operate the scheme, or the scheme ceasing to operate, to the extent that it provides qualifying benefits.4Regulations made by the Secretary of State may make provision to the effect that, for the purposes of any specified provisions of this Part, a reference in this Part to a collective money purchase scheme includes a scheme that—ais in the process of being wound up, andbwas a collective money purchase scheme immediately before the beginning of that process.“Specified” here means specified in the regulations.5Regulations under subsection (2) or (4) are subject to affirmative resolution procedure.50The Table below lists provisions that define or otherwise explain terms defined for this Part of this Act. the accounts (of an unconnected multiple employer scheme) section 49actuarial valuationsection 20(2)administration chargesection 49affirmative resolution proceduresection 51authorisation (and related expressions)section 49authorisation criteriasection 49 chief financial officer (in relation to an unconnected multiple employer scheme) section 49 chief investment officer (in relation to an unconnected multiple employer scheme) section 49 Code section 49collective money purchase benefitsection 1collective money purchase schemesection 1connected (in relation to employers)section 49the data protection legislationsection 49determination noticesection 30(4)employersection 49enactmentsection 49implementation strategysection 49insolvency eventsection 49 investment strategy (in relation to an unconnected multiple employer scheme) section 49item 1 triggering event (and similar references)section 31(5)Master Trust schemesection 49membersection 49negative resolution proceduresection 51occupational pension schemesection 49pension schemesection 49 promotion or marketing (and related expressions) section 9(7)qualifying benefitsection 2qualifying schemesections 3 and 4 rectification (in relation to promotion or marketing that is unclear or misleading, and related expressions) section 9(7)relevant former employer (in relation to a single or connected employer scheme) section 31(5)the scheme actuarysection 49 the scheme proprietor (in relation to an unconnected multiple employer scheme) section 49scheme rulessection 49section (of a pension scheme)regulations under section 5(1) single or connected employer scheme section 1(3)special proceduresection 30(4)standard proceduresection 30(4)statutory provisionsection 49subordinate legislationsection 49triggering eventsection 49triggering event periodsection 32triggering events tablesection 31(4) unconnected multiple employer scheme section 1(3) undertaking section 49 unincorporated association section 49warning noticesection 30(4)511Regulations under this Part are to be made by statutory instrument.2A power to make regulations under this Part may be used—ato make different provision for different purposes;bto make provision in relation to all or only some of the purposes for which it may be used.3Regulations under this Part may—aconfer a discretion on a person;bmake consequential, supplementary or incidental provision;cmake transitional, transitory or saving provision.4Where regulations under this Part are subject to “negative resolution procedure”, the statutory instrument containing the regulations is subject to annulment in pursuance of a resolution of either House of Parliament.5Where regulations under this Part are subject to “affirmative resolution procedure”, the regulations must not be made unless a draft of the statutory instrument containing them has been laid before Parliament and approved by a resolution of each House of Parliament.6Any provision that may be made by regulations under this Part subject to negative resolution procedure may be made by regulations subject to affirmative resolution procedure.S. 1 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 2 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 3 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 4 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 5 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 6 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 7 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 8 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 9 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 10 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 11 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 12 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 13 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 14 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 15 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 16 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 17 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 18 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 19 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 20 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 21 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 22 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 23 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 24 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 25 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 26 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 27 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 28 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 29 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 30 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 31 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 32 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 33 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 34 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 35 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 36 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 37 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 38 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 39 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 40 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 41 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 42 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 43 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 44 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 45 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 46 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 47 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 48 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 49 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 50 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 51 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 48 in force at 13.12.2021 for specified purposes by S.I. 2021/1394, reg. 2(c)S. 2: power to amend conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by 2011 c. 19, s. 32(1)(b) (as inserted by Pension Schemes Act 2021 (c. 1), ss. 6(2)(a)(ii), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a))S. 45(1) excluded (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), regs. 1(3), 34(1)(2)S. 45(2) excluded (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), regs. 1(3), 34(1)(2)S. 45 applied in part (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), regs. 1(3), 34(3)S. 1 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 2 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 3 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a) (with reg. 4)S. 4 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 5 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 6 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 7 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 8 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 9 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 10 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 11 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 12 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 13 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 14 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 15 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 16 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 17 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 18 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 19 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 20 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 21 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 22 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 23 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 24 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 25 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 26 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 27 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 28 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 29 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 30 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 31 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 32 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 33 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 34 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 35 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 36 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 37 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 38 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 39 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 40 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 41 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 42 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 43 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 44 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 45 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 46 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 47 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 48 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 49 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 50 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 51 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)S. 45(1)(2) excluded (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 57(1)S. 45(2) excluded (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 57(2)S. 45 applied in part (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 57(3)(4)Ss. 14A-14D inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 10S. 9A inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 6S. 17A inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 12S. 26A inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 13S. 8(3A)-(3C) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 4(c)Word in s. 8(3)(a) omitted (31.7.2026) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 4(a)S. 8(3)(aa) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 4(b)S. 9(3A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(b)S. 9(7) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(c)S. 9(3)(ca)-(cc) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(a)(i)S. 9(3)(g) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(a)(iv)Word in s. 9(3)(e) omitted (31.7.2026) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(a)(ii)Word in s. 9(3)(f) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 5(a)(iii)S. 11(2)(ba)-(bd) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 7S. 14(3A)-(3C) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 9(a)Words in s. 14(4)(a) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 9(b)S. 28(2)(ba)-(bd) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 14Words in s. 36(1)(c) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 17(2)(a)S. 36(1)(c)(i)-(iii) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 17(2)(b)S. 1(3) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 3(1)Words in s. 3(2) omitted (31.7.2026) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 3(2)(a)S. 3(3) omitted (31.7.2026) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 3(2)(b)S. 13(7A)(7B) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 8S. 17(6A)(6B) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 11(c)S. 17(7)(7A) substituted for s. 17(7) (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 11(d)S. 17(2) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 11(a)Words in s. 17(6) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 11(b)S. 29(1A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(a)S. 29(4A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(d)Words in s. 29(11) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(h)(i)Words in s. 29(2) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(b)Words in s. 29(4) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(c)Words in s. 29(5) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(e)(i)Words in s. 29(5)(a) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(e)(ii)Words in s. 29(5)(b) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(e)(iii)Words in s. 29(6) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(f)Words in s. 29(7) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(g)(i)Words in s. 29(7) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(g)(ii)Word in s. 29(11)(a) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 15(h)(ii)S. 40(5)(d)(iv) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 19Words in s. 41(2) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 17(3)Words in s. 44(5)(b)(i) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 17(4)S. 47(4A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 20S. 31(4A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(c)Word in s. 31(2) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(a)Words in s. 31(4) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(b)(i)Words in s. 31(4) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(b)(ii)Words in s. 31(4) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(b)(iii)Words in s. 31(4) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(b)(iv)Words in s. 31(4) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 16(b)(v)Words in s. 31(5) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 17(1)S. 49(1A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(b)Words in s. 49(1) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(a)(i)Words in s. 49(1) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(a)(ii)Words in s. 49(1) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(a)(iii)Words in s. 49(1) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(a)(iv)Words in s. 49(1) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 21(a)(v)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(a)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(b)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(c)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(d)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(e)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(f)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(g)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(h)Words in s. 50 table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 22(i)S. 33(3A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(c)S. 33(5A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(d)S. 33(7A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(f)S. 33(9A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(h)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(i)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(ii)(aa)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(ii)(bb)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(iii)(aa)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(iii)(bb)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(iv)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(v)(aa)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(v)(bb)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(vi)(aa)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(vi)(bb)Words in s. 33(2) table inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(a)(vii)Words in s. 33(3) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(b)Words in s. 33(7) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(e)Words in s. 33(9) substituted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 18(g)