PART 1

Collective money purchase benefits

Triggering events and continuity options

Triggering events
31
1
A triggering event occurs in relation to a collective money purchase scheme if an event within the second column of the triggering events table occurs in relation to it, subject to subsection (2).
2
An event within any of items 4 to 9 of the triggering events table is not a triggering event in relation to a collective money purchase scheme if it occurs within an existing triggering event period for the scheme (see section 32).
3
A triggering event occurs on the date specified in relation to the event in the third column of the triggering events table.
4
For the purposes of this Part “the triggering events table” is—
Item | Triggering event | Date event occurs
1. | The Pensions Regulator issues a warning notice under the standard procedure in respect of a decision to withdraw the scheme's authorisation. | The date on which the notice is issued.
2. | The Pensions Regulator issues a determination notice under the special procedure in respect of a decision to withdraw the scheme's authorisation. | The date on which the notice is issued.
3. | The Pensions Regulator gives a notification under section 7(3) (scheme not authorised). | The date on which the notification is given.
4. | An insolvency event occurs in relation to an employer or a relevant former employer. | The date on which the insolvency event occurs.
5. | An employer or a relevant former employer becomes unlikely to continue as a going concern, where the employer or relevant former employer is a person or body of a kind that meets the requirements prescribed under section 129(1)(b) of the Pensions Act 2004. | The earlier of— 1. the date on which the employer or relevant former employer notifies the Pensions Regulator of that fact, and 2. the date on which the trustees become aware of that fact.
6. | A person who has power to do so under the provisions of the scheme decides that the scheme should be wound up. | The date of the decision.
7. | An event occurs that is required or permitted by the provisions of the scheme to result in the winding up of the scheme. | The date on which the event occurs.
8. | A person who has power to do so under the provisions of the scheme decides that the scheme should become a closed scheme. | The date of the decision.
9. | An event occurs that is required or permitted by the provisions of the scheme to result in the scheme becoming a closed scheme. | The date on which the event occurs.
5
In this Part—
- “item 1 triggering event” means an event falling within item 1 of the triggering events table (and similar references using other item numbers are to be read accordingly);
- “relevant former employer”, in relation to a collective money purchase scheme, means a person who has ceased to be an employer in relation to the scheme but who—
  1. is subject to an actual or contingent obligation to contribute financially to the scheme, whether by making contributions towards the costs of running the scheme or otherwise, or
  2. has power to take a decision about the operation of the scheme, either alone or with other persons who are or have been employers in relation to the scheme.
6
In this section “closed”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or both).
S. 31 in force at Royal Assent for specified purposes, see s. 131(3)(a)
S. 31 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)