Pension Schemes Act 2021

[F1 17A Unconnected multiple employer schemes: ability to pursue continuity option 3 E+W+S

(1) This 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)).

(2) In 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.

(3) For 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—

(a) obtain the consent of employers, the scheme proprietor, members of the scheme, or any other person, or

(b) consult with any person other than employers, the scheme proprietor and members of the scheme.]

Textual Amendments

F1 S. 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), 12