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Section 62 Fit and proper persons requirementI1I2

(1)

This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the persons involved in a collective money purchase scheme are fit and proper persons (see section 60(3)(a)).

(2)

The Pensions Regulator must assess whether each of the following is a fit and proper person to act in relation to the scheme in the capacity mentioned—

(a)

a person who establishes the scheme;

(b)

a trustee;

F1(ba)

where the scheme is an unconnected multiple employer scheme, the scheme proprietor (see section 65B);

(bb)

where the scheme is an unconnected multiple employer scheme, a person who promotes or markets the scheme;

(bc)

where the scheme is an unconnected multiple employer scheme, a chief or other senior financial officer of the scheme;

(bd)

where the scheme is an unconnected multiple employer scheme, a chief or other senior investment officer of the scheme;

(c)

a person who (alone or with others) has power to appoint or remove a trustee;

(d)

a person who (alone or with others) has power to vary the provisions of the scheme;

(e)

a person acting in a capacity specified in regulations made by the Department.

(3)

In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—

(a)

must take into account any matters specified in regulations made by the Department, and

(b)

may take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.

(4)

Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.

(5)

For the purposes of this section, a person (“A”) is connected with another person (“B”) if—

(a)

A is an associate of B;

(b)

where B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;

(c)

A is a trustee of an occupational pension scheme established under a trust and—

(i)

the beneficiaries of the trust include B or an associate of B, or

(ii)

the provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.

(6)

In this section—

  • “associate” has the meaning given in Article 4 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));

  • “director” and “shadow director” have the meaning given in Article 5 of that Order.

(7)

Regulations under subsection (3)(a) are subject to confirmatory procedure.

(8)

Regulations under subsection (2)(e) are subject to negative resolution.

Annotations

Textual amendments

F1

S. 62(2)(ba)-(bd) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 (S.R. 2026/151), regs. 1(1), 7

Commencement

I1

S. 62 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2

S. 62 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)