PART 1Collective money purchase benefits
Authorisation
F19ACommencement of operation of an unconnected multiple employer scheme
(1)
Where the Pensions Regulator grants authorisation to an unconnected multiple employer scheme, but no person has operated the scheme within the commencement period—
(a)
the scheme’s authorisation is withdrawn, and
(b)
the Pensions Regulator must—
(i)
notify the trustees that the scheme is no longer authorised, and
(ii)
remove the scheme from the list of authorised collective money purchase schemes (see section 26).
(2)
The commencement period, in relation to a scheme, is the period of 24 months beginning with the day on which the Pensions Regulator received the application for authorisation of the scheme.
(3)
But if, before the end of that 24-month period, the trustees of the scheme satisfy the Pensions Regulator that they have good reason for needing an extension to the period, the Regulator may extend the commencement period by up to six weeks.
(4)
A notification to the trustees of an unconnected multiple employer scheme under section 9(4)(b) must state—
(a)
the date on which the commencement period ends, and
(b)
that if no person has operated the scheme by that date, the authorisation will be withdrawn.
(5)
If no person has operated an authorised unconnected multiple employer scheme before the beginning of the period of three months ending with the date on which the commencement period ends, the Pensions Regulator must send a second notification to the trustees of the scheme stating the matters specified in subsection (4)(a) and (b).
(6)
Section 7(5) (meaning of “operates”) applies for the purposes of this section.