14BUnconnected multiple employer schemes: scheme proprietor(1)

An 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.

(2)

The criteria are—

(a)

if 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—

(i)

some or all of the costs of setting up the scheme, and

(ii)

some or all of the costs relating to obtaining authorisation of the scheme,

(b)

that 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,

(c)

that 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—

(i)

the costs of complying with the duties under sections 31 to 45 (see section 14(2)(b)(i)), and

(ii)

the 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)), and

(d)

that the person is responsible for making business decisions relating to the commercial activities of the scheme.

(3)

In this Part, “the scheme proprietor”, in relation to a scheme, means the person who meets all the criteria in subsection (2).