Pension Schemes Act 2021 (c. 1)

PART 2 N.I. Collective money purchase benefits: Northern Ireland

Authorisation N.I.

58 Authorisation of collective money purchase schemes N.I.

(1) A person may not operate a collective money purchase scheme unless the scheme is authorised.

(2) Article 10 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (civil penalties) applies to a person who breaches subsection (1).

(3) If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not authorised.

(4) The notification must—

(a) explain that the notification is a triggering event (see section 82), and

(b) include an explanation of the trustees' duties under sections 82 to 96.

(5) For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts—

(a) money paid by a member (or prospective member), or

(b) money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except—

(i) the costs of setting up the scheme, or

(ii) costs relating to obtaining authorisation for the scheme.

Commencement Information

I1 S. 58 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2 S. 58 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)