26AUnconnected multiple employer schemes: requirement to submit annual accounts(1)

The trustees of an authorised unconnected multiple employer scheme must send the scheme’s accounts to the Pensions Regulator.

(2)

The accounts must be sent to the Regulator no later than two months after they are obtained by the trustees.

(3)

The scheme proprietor of an authorised unconnected multiple employer scheme must send to the Pensions Regulator—

(a)

its accounts prepared and audited as individual accounts in accordance with the applicable requirements, and

(b)

if 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.

(4)

The accounts of the scheme proprietor and any relevant undertaking must be sent to the Regulator—

(a)

no later than nine months after the end of the financial year to which they relate, or

(b)

if 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.

(5)

In subsection (4) “financial year” in relation to a scheme proprietor or a relevant undertaking is to be interpreted in accordance with—

(a)

the requirements of the law referred to in section 8(3A), or

(b)

where no such meaning is given to “financial year” in those requirements, the Companies Act 2006.

(6)

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.

(7)

Section 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.