# Pension Schemes Act 2021, Section 60: Decision on application


(1) Where an application is made for authorisation of a collective money purchase scheme under section 59, the Pensions Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.
(2) The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.
(3) The authorisation criteria are—
(a) that the persons involved in the scheme are fit and proper persons (see section 62),
(b) that the design of the scheme is sound (see section 63),
(c) that the scheme is financially sustainable (see section 65),
(ca) where the scheme is an unconnected multiple employer scheme, that—
(i) the scheme has a single scheme proprietor (see section 65B), and
(ii) the scheme proprietor meets the requirements set out in section 65C,
(cb) where the scheme is an unconnected multiple employer scheme, that—
(i) no person has carried out promotion or marketing of the scheme that is unclear or misleading without rectification (see section 65D(1)), and
(ii) the scheme has adequate systems and processes for securing that promotion or marketing of the scheme is clear and not misleading (see section 65D(2) and (3)),
(cc) where the scheme is an unconnected multiple employer scheme, that no trustee of the scheme—
(i) promotes or markets the scheme, or
(ii) acts as a chief or other senior financial officer of the scheme,
(d) that the scheme has adequate systems and processes for communicating with members and others (see section 66),
(e) that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 67), ...
(f) that the scheme has an adequate continuity strategy (see section 68) , and
(g) where the scheme is an unconnected multiple employer scheme, that if—
(i) a triggering event occurs in relation to the scheme, and
(ii) the circumstances are such that the trustees of the scheme are not required to pursue continuity option 1 by virtue of section 85(3),
the trustees will not be prevented from pursuing continuity option 3 if they consider it appropriate to do so (see sections 68A, 82 and 85).
(3A) Subsection (3)(cb)(ii) does not apply if no person is carrying out promotion or marketing of the scheme.
(4) If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—
(a) grant the authorisation,
(b) notify the applicant of its decision, and
(c) add the scheme to its list of authorised collective money purchase schemes (see section 77).
(5) If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—
(a) refuse to grant the authorisation, and
(b) notify the applicant of its decision.
(6) A notification under subsection (5)(b) must also include—
(a) the reasons for the decision, and
(b) details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 61).
(7) In this Part—
“promotion or marketing” of a scheme means any communication about the scheme for the purpose of inducing an employer (or prospective employer) to use, or continue to use, the scheme (whether or not that communication is accompanied by an offer of, or provision of, a benefit);
“rectification”, in relation to promotion or marketing that is unclear or misleading, means that a clarification or correction is made in relation to the promotion or marketing as soon as practicable,
and related expressions are to be read accordingly.

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Source: https://www.legislation.gov.uk/ukpga/2021/1/section/60 (the official version)
Page: https://openlegislation.uk/pension-schemes-act-2021/section-60
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.