PART 1Collective money purchase benefits

Supplementary

49Interpretation of Part 1

(1)

In this Part—

F1“the accounts” of an unconnected multiple employer scheme means the accounts audited by the person appointed as auditor in relation to the scheme under section 47(1)(a) of the Pensions Act 1995 (professional advisers) (and see subsection (1A) below);

“administration charge” has the same meaning as in paragraph 1 of Schedule 18 to the Pensions Act 2014;

“authorisation” means authorisation under section 9 or by virtue of regulations under section 5(2) (and related expressions are to be read accordingly);

“authorisation criteria” has the meaning given in section 9(3);

F2“chief financial officer”, in relation to an unconnected multiple employer scheme, means a person acting in a capacity in which that person has significant influence over either or both of the following—

(a)

the management and use of financial resources of the scheme;

(b)

business decisions relating to the commercial activities of the scheme;

F2“chief investment officer”, in relation to an unconnected multiple employer scheme, means a person who—

(a)

is acting in a capacity in which that person has significant influence over either or both of the following—

  1. (i)

    the contents of the scheme’s investment strategy;

  2. (ii)

    the implementation, management and communication of the scheme’s investment strategy, but

(b)

does not have that influence by virtue of a contract or other arrangement—

  1. (i)

    under which services relating to investments are provided in relation to the scheme, and

  2. (ii)

    by virtue of which the scheme, or a person acting on behalf of the scheme, has the status of client or customer;

F2“Code” means a code of practice issued by the Pensions Regulator under section 90 of the Pensions Act 2004;

“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

“employer”, in relation to an occupational pension scheme, means a person who employs or engages persons who are, or are entitled to become, members of the scheme;

“enactment” includes an enactment comprised in subordinate legislation;

“implementation strategy” has the meaning given in section 39;

“insolvency event” has the meaning given in section 121 of the Pensions Act 2004;

F3“investment strategy”, in relation to an unconnected multiple employer scheme, means a document prepared by the trustees setting out the strategy for investing the assets that arise or derive from the payments made by or in respect of members of the scheme;

“Master Trust scheme” means a Master Trust scheme within the meaning of the Pension Schemes Act 2017 or any corresponding statutory provision;

“member” has the meaning given in section 124(1) of the Pensions Act 1995 (read with regulations made under section 125(4) of that Act);

“occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);

“pension scheme” has the meaning given in section 1(5) of the Pension Schemes Act 1993;

“the scheme actuary”, in relation to a pension scheme, means the person appointed under section 47(1)(b) of the Pensions Act 1995 (professional advisers) in relation to the scheme;

F4“the scheme proprietor”, in relation to an unconnected multiple employer scheme, has the meaning given in section 14B(3);

“scheme rules” has the meaning given in section 318(2) and (3) of the Pensions Act 2004;

“statutory provision” has the meaning given in section 1(f) of the Interpretation Act (Northern Ireland) 1954 (c. 33 (N.I.));

“subordinate legislation” has the meaning given in section 21(1) of the Interpretation Act 1978;

“triggering event” has the meaning given in section 31.

F5“undertaking” has the meaning given in section 1161 of the Companies Act 2006;

F5“unincorporated association” means any body of persons unincorporate but does not include a partnership.

F6(1A)

In relation to an unconnected multiple employer scheme which is a section of a qualifying scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the qualifying scheme as a whole.

(2)

For the purposes of this Part, an employer (“A”) is connected with another employer (“B”)—

(a)

where A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or

(b)

in circumstances specified in regulations made by the Secretary of State.

(3)

This Part applies to a qualifying scheme—

(a)

which provides both qualifying benefits and other benefits, and

(b)

for which there is no power to wind up the scheme to the extent only that it provides qualifying benefits,

as if references to winding up the scheme, or to the scheme being wound up, were to ceasing to operate the scheme, or the scheme ceasing to operate, to the extent that it provides qualifying benefits.

(4)

Regulations made by the Secretary of State may make provision to the effect that, for the purposes of any specified provisions of this Part, a reference in this Part to a collective money purchase scheme includes a scheme that—

(a)

is in the process of being wound up, and

(b)

was a collective money purchase scheme immediately before the beginning of that process.

“Specified” here means specified in the regulations.

(5)

Regulations under subsection (2) or (4) are subject to affirmative resolution procedure.