PART 1

Collective money purchase benefits

Triggering events and continuity options

Triggering event periods
32
1
For the purposes of this Part, a “triggering event period” for a collective money purchase scheme is a period—
a
starting with the date on which a triggering event occurs in relation to the scheme, and
b
ending with the earliest of the dates given by subsection (2).
2
The dates are—
a
the date on which the trustees receive from the Pensions Regulator—
i
notification under section 37(4) that the Regulator is satisfied that the triggering event has been resolved, or
ii
notification under section 38(4) that the Regulator is satisfied that preparations for conversion to a closed scheme are complete and that the conversion will resolve the relevant events;
b
the date on which the scheme is wound up;
c
in the case of an item 1 or 2 triggering event (notice in respect of a decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be withdrawn.
3
For the purposes of subsection (2)(c), it becomes clear that authorisation is not to be withdrawn—
a
in the circumstances set out in relation to the event in the second column of the table in subsection (4), and
b
on the date given in relation to those circumstances in the third column of that table.
4
The table is—
Triggering event | Circumstances | Date
Item 1 (issue of warning notice under the standard procedure) | 1 The Pensions Regulator makes a determination not to withdraw the scheme's authorisation, and 2 there is no referral of the determination to the Tribunal within the time period allowed for doing so. | The date of the Pensions Regulator's determination.
Item 2 (issue of determination notice under the special procedure) | 1 On a review under section 99 of the Pensions Act 2004, the Pensions Regulator makes a determination that the scheme's authorisation should not be withdrawn, and 2 there is no referral of the determination to the Tribunal within the time period allowed for doing so. | The date of the Pensions Regulator's determination.
Item 1 or 2 | 1 On a referral to the Tribunal of a determination by the Pensions Regulator, the Tribunal makes a determination the effect of which is that the scheme's authorisation should not be withdrawn, and 2 either— a no appeal is brought against the Tribunal's determination within the time period allowed for doing so, or b an appeal is brought within that time period but is later withdrawn. | The date of the Tribunal's determination.
Item 1 or 2 | The effect of an appeal against a determination by the Tribunal is that the scheme's authorisation should not be withdrawn. | The date on which the appeal is finally disposed of.
5
In this section “the Tribunal” has the meaning given in—
a
section 96(7) of the Pensions Act 2004, in a case where the standard procedure applies;
b
section 99(13) of that Act, in a case where the special procedure applies.
S. 32 in force at Royal Assent for specified purposes, see s. 131(3)(a)
S. 32 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)