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The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

S.R. 2024/15 · Made 24 January 2024 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 31 July 2026.

Regulations made by the Department for Communities and laid before the Assembly under section 112(3) and (4)(a) of the Pensions (No. 2) Act (Northern Ireland) 2008, section 51(3) and (4)(e) and (g) of the Pensions Act (Northern Ireland) 2015 and section 102(5) of the Pension Schemes Act 2021 for approval of the Assembly before the expiration of six months from the date of their coming into operation

Pensions

Made 24th January 2024

Coming into operation 26th January 2024

The Department for Communitiesf1 makes the following Regulations in exercise of the powers conferred by sections 28 and 113(2) of the Pensions (No. 2) Act (Northern Ireland) 2008f2, sections 42 and 51(6) of, and paragraphs 1 and 2 of Schedule 18 to, the Pensions Act (Northern Ireland) 2015f3 and sections 54(8), 56(2), 59(4)(a) and (b), 62(2)(e) and (3)(a), 63(2)(b), 64(3), 65(3), 66(4)(a), 67(2), 68(4), (5) and (8), 69(4), 70(2), 71(5), 73(3)(b), 74(3)(c), 78(2), 79(3) and (4), 80(7)(a) and (10)(a) and (b), 84(4)(b) and (10), 87(1)(c), (2)(b) and (c), (5), (6) and (10), 88(3)(b), 89(3), 90(1)(b), 91(4) and (6), 92(2), 94(2) and (4)(b) and (c), 96(3) and (6), 100(2)(b) and (4) and 102(2) and (3) of, and paragraph 1(6) of Schedule 5 to, the Pension Schemes Act 2021f4.

Annotations to the whole text

Footnotes

f1

See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

f2

2008 c. 13 (N.I.); section 28 was amended by sections 13(2) to (6) and 14 of the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and section 38(4) of the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

f3

2015 c. 5 (N.I.); paragraph 1 was amended by paragraph 25(2) of Schedule 6, and paragraph 15(2) of Schedule 11, to the Pension Schemes Act 2021 (c. 1); see also section 51(4)(g) as inserted by paragraph 24 of Schedule 6 to that Act

f4

2021 c. 1

Contents

  1. Part 1: Preliminary provisions
  2. 1Citation and commencement
  3. 1AApplication
  4. 2Interpretation and notices
  5. 3Connected employers Repealed
  6. Part 2: Schemes divided into sections
  7. 4Qualifying schemes
  8. 5Schemes divided into sections
  9. Part 3: Authorisation
  10. 6Authorisation: contents
  11. 7Application for authorisation: fee
  12. 8Fit and proper persons requirement
  13. 9Scheme design requirement
  14. 10Viability report
  15. 11Viability certificate
  16. 12Financial sustainability requirement
  17. 13Communication requirement
  18. 14Systems and processes requirement
  19. 15Continuity strategy: contents
  20. 16Continuity strategy: administration charges
  21. Part 4: Valuation and benefit adjustment
  22. 17Calculation of benefits
  23. 18Advice of scheme actuary
  24. 19Actuarial valuations
  25. 20Reporting requirements relating to benefit adjustments
  26. 21Powers of the Regulator
  27. Part 5: Ongoing supervision
  28. 22Supervisory return: contents
  29. 23Significant events
  30. 24Risk notices
  31. Part 6: Triggering events and continuity options
  32. 25Triggering events: notification requirements
  33. 26Implementation strategy: approval
  34. 27Implementation strategy: charges
  35. 28Implementation strategy: content
  36. 29Continuity option 1: discharge of liabilities and winding up
  37. 30Continuity option 2: resolving the triggering event
  38. 31Continuity option 3: conversion to closed scheme
  39. 32Periodic reporting requirement
  40. 33Pause orders
  41. 34Administration charges during a triggering event period
  42. Part 7: Collective money purchase benefits – amendments to subordinate legislation
  43. 35Collective money purchase benefits – amendments to subordinate legislation
  44. Part 8: Revocation
  45. 36Revocation
  46. Signature
  47. Schedule 1: Fit and proper persons requirement
  48. 1Paragraph 1
  49. 2Paragraph 2
  50. 3Paragraph 3
  51. Schedule 2: Scheme design requirement
  52. Part 1: Matters that the Regulator must take into account
  53. 1Paragraph 1
  54. Part 2: Viability report
  55. Preliminary
  56. 2Paragraph 2
  57. General
  58. 3Paragraph 3
  59. 4Paragraph 4
  60. 5Paragraph 5
  61. 6Paragraph 6
  62. 7Paragraph 7
  63. Information about the design of the scheme
  64. 8Paragraph 8
  65. 9Paragraph 9
  66. Part 3: Viability certificate
  67. 10Paragraph 10
  68. 11Paragraph 11
  69. 12Paragraph 12
  70. 13Paragraph 13
  71. 14Paragraph 14
  72. Schedule 3: Financial sustainability requirement
  73. Part 1: Information required on application for authorisation
  74. 1Paragraph 1
  75. Part 2: Matters which the Regulator must take into account
  76. 2Paragraph 2
  77. 3Paragraph 3
  78. Part 3: Requirements to be met by the collective money purchase scheme
  79. 4Paragraph 4
  80. Schedule 4: Communication requirement
  81. Interpretation
  82. 1Paragraph 1
  83. Preliminary
  84. 2Paragraph 2
  85. Functionality, quality and maintenance of IT systems
  86. 3Paragraph 3
  87. Resource planning
  88. 4Paragraph 4
  89. Quality assurance
  90. 5Paragraph 5
  91. Member engagement
  92. 6Paragraph 6
  93. Schedule 5: Systems and processes requirement
  94. Preliminary
  95. 1Paragraph 1
  96. Features and functionality of IT systems
  97. 2Paragraph 2
  98. Standards required of IT systems
  99. 3Paragraph 3
  100. Maintenance of IT systems
  101. 4Paragraph 4
  102. Member records
  103. 5Paragraph 5
  104. Trustees and others
  105. 6Paragraph 6
  106. Contracts and service providers
  107. 7Paragraph 7
  108. Governance
  109. 8Paragraph 8
  110. Risk management
  111. 9Paragraph 9
  112. Security
  113. 10Paragraph 10
  114. Resource planning
  115. 11Paragraph 11
  116. Investments
  117. 12Paragraph 12
  118. Valuation and benefit adjustment
  119. 13Paragraph 13
  120. Member engagement
  121. 14Paragraph 14
  122. Schedule 6: Continuity option 1: transfer out and winding up
  123. Definitions
  124. 1Paragraph 1
  125. Alternative ways of discharging the scheme’s liability
  126. 2Paragraph 2
  127. Requirements of rules of scheme
  128. 3Paragraph 3
  129. Winding-up commencement time
  130. 4Paragraph 4
  131. Quantification of the value of beneficiaries’ accrued rights to benefits
  132. 5Paragraph 5
  133. Winding-up period
  134. 6Paragraph 6
  135. Periodic income
  136. 7Paragraph 7
  137. Information about periodic income
  138. 8Paragraph 8
  139. Scheme to continue to be a CMPS during winding-up
  140. 9Paragraph 9
  141. Trustees’ notice to employers
  142. 10Paragraph 10
  143. Notification to receiving scheme
  144. 11Paragraph 11
  145. Trustees’ first notice to beneficiaries in respect of discharge options
  146. 12Paragraph 12
  147. Trustees’ second notice to beneficiaries in respect of discharge options
  148. 13Paragraph 13
  149. Beneficiaries’ response to trustees
  150. 14Paragraph 14
  151. Notice of expected discharge time
  152. 15Paragraph 15
  153. Trustees’ powers
  154. 16Paragraph 16
  155. Trustees’ duty to transfer
  156. 17Paragraph 17
  157. Administration charges
  158. 18Paragraph 18
  159. Trustee discharge
  160. 19Paragraph 19
  161. Winding up
  162. 20Paragraph 20
  163. Regulator’s power to direct
  164. 21Paragraph 21
  165. Civil penalties
  166. 22Paragraph 22
  167. Schedule 7: Collective money purchase benefits: amendments to subordinate legislation
  168. 1Amendments to the Occupational Pension Schemes (Scheme Administration) Regulations
  169. 2Amendment of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations
  170. 3Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  171. 4Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  172. 5Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  173. 6Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  174. 7Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  175. 8Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  176. 9Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  177. 10Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  178. 11Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  179. 12Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  180. 13Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  181. 14Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  182. 15Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  183. 16Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  184. 17Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  185. 18Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  186. 19Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  187. 20Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  188. 21Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  189. 22Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations
  190. Explanatory note