Pension Schemes Act 2021

8Application for authorisationE+W+S

This section has no associated Explanatory Notes

(1)The trustees of a collective money purchase scheme may apply to the Pensions Regulator for authorisation.

(2)An application must be made in the manner and form specified by the Pensions Regulator.

(3)An application must include—

(a)the scheme's viability report and viability certificate (see section 13), F1...

[F2(aa)where the scheme is an unconnected multiple employer scheme—

(i)the scheme’s business plan (see section 14A),

(ii)the scheme’s latest accounts (if any),

(iii)the latest accounts (if any) of the scheme proprietor (see section 14B), prepared and audited as individual accounts in accordance with the applicable requirements, and

(iv)the latest accounts of any undertaking, other than an unincorporated association, that partly or wholly funds the scheme proprietor, prepared and audited as individual accounts in accordance with the applicable requirements, and]

(b)the scheme's continuity strategy (see section 17).

[F3(3A)For the purposes of subsection (3)(aa)(iii) and (iv) accounts of a scheme proprietor or (as the case may be) an undertaking are prepared and audited as individual accounts in accordance with the applicable requirements if the accounts are prepared and audited in accordance with the requirements of the law by which the scheme proprietor or the undertaking is governed, ignoring any provision of that law—

(a)that relates to the preparation or audit of group accounts;

(b)that provides for accounts to be prepared or audited differently (or not at all) if the scheme proprietor or the undertaking—

(i)does not exceed a certain size (by reference to turnover, balance sheet total, number of employees or otherwise), or

(ii)is a subsidiary of another entity.

(3B)If (notwithstanding subsection (3A)(a) and (b)) the law by which a scheme proprietor or undertaking is governed does not impose any requirements in relation to the preparation of the accounts of the scheme proprietor or undertaking, or the audit of those accounts, subsection (3A) is to apply as if the scheme proprietor or undertaking were subject to the requirements of Part 15 (accounts), or (as the case may be) Part 16 (audit), of the Companies Act 2006 with any modifications necessary to take account of the nature and structure of the scheme proprietor or undertaking (and ignoring any provision of that Act that falls within subsection (3A)(a) or (b)).

(3C)In subsection (3A)(a) “group accounts” means accounts prepared under—

(a)section 399 of the Companies Act 2006, or

(b)any corresponding or similar provision (including a provision of the law of a territory outside the United Kingdom).]

(4)The Secretary of State may by regulations—

(a)specify other information that must be included in an application;

(b)require a fee to be paid to the Pensions Regulator in respect of an application.

(5)In considering an application, the Pensions Regulator may take into account any matters it considers appropriate, including—

(a)additional information provided by the applicant, and

(b)subsequent changes to the application or to any information provided by the applicant.

(6)Regulations under subsection (4) are subject to negative resolution procedure.

Textual Amendments

Commencement Information

I1S. 8 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2S. 8 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)