PART 1Collective money purchase benefits
Authorisation criteria
F114CUnconnected multiple employer schemes: scheme proprietor requirements
(1)
This 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).
(2)
The 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.
(3)
The second requirement is that the scheme proprietor is not a trustee of the scheme.
(4)
The 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.
(5)
The scheme proprietor is excepted from the third requirement if—
(a)
the 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.), or
(b)
the Pensions Regulator grants an exception from the requirement.
(6)
A scheme proprietor ceases to be excepted from the third requirement—
(a)
by virtue of subsection (5)(a), if any of the proportion of the assets referred to in that subsection is withdrawn from the account referred to in that subsection before the date on which the scheme proprietor provides accounts to the Pensions Regulator under this Part, or
(b)
by virtue of subsection (5)(b), if the Pensions Regulator withdraws an exception granted under that subsection.
(7)
The Pensions Regulator may only withdraw an exception under subsection (6)(b) if—
(a)
the 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the exception before the beginning of the period of two weeks ending with the day on which the exception is to be withdrawn (the “withdrawal day”), and
(b)
the scheme proprietor has not, by the withdrawal day, provided accounts to the Regulator under this Part.
(8)
In this section “body corporate” has the meaning given in section 1173(1) of the Companies Act 2006.
(9)
Subsections (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.