PART 1

Collective money purchase benefits

Authorisation criteria

Communication requirement
15
1
This 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)).
2
In 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—
a
for providing information in relation to the scheme to persons falling within subsection (3);
b
for securing that information provided to those persons is correct and is not misleading.
3
A person falls within this subsection if the person is—
a
a member or prospective member of the scheme, or
b
a 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.
4
In making the decision, the Pensions Regulator—
a
must take into account any matters specified in regulations made by the Secretary of State, and
b
may take into account any communications made using the systems and processes referred to in subsection (2).
5
Regulations under subsection (4)(a) may among other things—
a
make provision about systems and processes used for assessing and improving the effectiveness of communications;
b
make provision requiring specified information to be provided to the Pensions Regulator.
6
Regulations under subsection (4)(a) are subject to affirmative resolution procedure.
S. 15 in force at Royal Assent for specified purposes, see s. 131(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)