PART 2

Collective money purchase benefits: Northern Ireland

Authorisation criteria

Viability report
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1
The trustees of a collective money purchase scheme must—
a
prepare a document explaining the design of the scheme and the reasons that they consider the design to be sound (a “viability report”), and
b
obtain a certificate from the scheme actuary certifying that, in the actuary’s opinion, the design of the scheme is sound (a “viability certificate”).
2
The scheme actuary may not give a viability certificate unless satisfied that the scheme has rules that meet the requirements of section 69 and any regulations under that section.
3
The Department may by regulations—
a
specify information that must be included in a viability report,
b
specify other requirements with which a viability report must comply,
c
make provision about the content of a viability certificate,
d
specify matters to which the scheme actuary must have regard when providing a viability certificate, and
e
make provision about additional information or documents that must be prepared or obtained in connection with a viability report.
4
The trustees of a collective money purchase scheme must, at least once a year—
a
review the most recent viability report,
b
if appropriate, revise it, and
c
obtain a new viability certificate in respect of the report (or revised report).
5
If the most recent viability report becomes inaccurate or incomplete to any significant extent, the trustees must—
a
revise the report, and
b
obtain a new viability certificate in respect of the revised report.
6
The trustees must provide the Pensions Regulator with the information and documents listed in subsection (7)—
a
on applying for authorisation (see section 59),
b
within three months of the viability report being revised, and
c
at any other time, on request from the Pensions Regulator.
7
The information and documents to be provided are—
a
the most recent viability report;
b
the most recent viability certificate;
c
any additional information or documents specified or described in regulations under subsection (3)(e).
8
Regulations under subsection (3) are subject to confirmatory procedure.