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The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025

S.I. 2025/1313 · Made 15 December 2025

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

This Statutory Instrument has been made partly in consequence of defects in S.I. 2022/255 and is being issued free of charge to all known recipients of that Statutory Instrument.

PENSIONS

Made 15th December 2025

Coming into force 31st July 2026

The Secretary of State makes these Regulations in exercise of the powers conferred by sections 3(8), 5(2), 8(4)(a), 11(2)(e) and (3)(a), 12(2)(b), 13(3), 14(3), 15(4)(a), 16(2), 17(5)(b), 18(4), 19(2) and (3), 20(5), 23(3)(c), 36(1)(c), (2)(b) and (c), (5) and (6), 40(6)(b), 47(1), (2), (3) and (4), 49(2)(b) and 51(2) and (3) of the Pension Schemes Act 2021f1.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with sections 5(5), 11(7), 12(4), 13(8), 14(5), 15(6), 16(5), 17(10), 18(8), 36(11), 47(5), 49(5) and 51(5) of the Pension Schemes Act 2021f2.

The Secretary of State has exercised discretion under section 51(6) of the Pension Schemes Act 2021 to make provision by regulations subject to affirmative resolution procedure which would otherwise be made by regulations subject to negative resolution procedure.

Annotations to the whole text

Footnotes

f1

2021 c. 1.

f2

Regulations made under sections 5(2), 11(3)(a), 12(2)(b), 13(3), 14(3), 15(6), 16(2), 17, 18(4), 36(6), 47 and 49(2) of the Pension Schemes Act 2021 are stated to be subject to affirmative resolution procedure.

Contents

  1. Part 1: Preliminary Provisions
  2. 1Citation, extent and commencement
  3. Part 2: Amendment of the Pension Schemes Act 2021
  4. 2Amendment of the Pension Schemes Act 2021
  5. 3Extension of definition of qualifying schemes
  6. 4Application for authorisation: unconnected multiple employer schemes
  7. 5Authorisation criteria: unconnected multiple employer schemes
  8. 6Commencement of operation of an unconnected multiple employer scheme
  9. 7Fit and proper persons requirement: unconnected multiple employer schemes
  10. 8Viability report: unconnected multiple employer schemes
  11. 9Financial sustainability requirement - business strategy: unconnected multiple employer schemes
  12. 10Financial sustainability, scheme proprietor and promotion or marketing requirements: unconnected multiple employer schemes
  13. 11Continuity strategy requirement - scheme proprietor: unconnected multiple employer schemes
  14. 12Ability to pursue continuity option 3: unconnected multiple employer schemes
  15. 13Requirement to submit annual accounts: unconnected multiple employer schemes
  16. 14Notification of significant events: unconnected multiple employer schemes
  17. 15Risk notices - scheme proprietor: unconnected multiple employer schemes
  18. 16Triggering events and related amendments: unconnected multiple employer schemes
  19. 17References to relevant former employers
  20. 18Notification of triggering events: unconnected multiple employer schemes
  21. 19Approval of implementation strategy: unconnected multiple employer schemes
  22. 20Powers to extend definition of qualifying schemes: regulations about unconnected multiple employer schemes
  23. 21Interpretation of Part 1 of the Pension Schemes Act 2021
  24. 22Index of defined expressions
  25. 23New Schedules - scheme proprietor accounts etc, business strategy, business plan and promotion or marketing: unconnected multiple employer schemes
  26. Part 3: Meaning of “connected”
  27. 24Connected employers
  28. Part 4: Unconnected Multiple Employer Schemes
  29. Chapter 1: Preliminary Provisions
  30. 25Application
  31. 26Interpretation and notices
  32. Chapter 2: Schemes Divided into Sections
  33. 27Qualifying schemes
  34. 28Schemes divided into sections
  35. Chapter 3: Authorisation
  36. 29Application for authorisation: contents
  37. 30Application for authorisation: fee
  38. 31Fit and proper persons requirement
  39. 32Scheme design requirement
  40. 33Viability report
  41. 34Viability certificate
  42. 35Financial sustainability requirement
  43. 36Communication requirement
  44. 37Systems and processes requirement
  45. 38Continuity strategy: contents
  46. 39Continuity strategy: administration charges
  47. Chapter 4: Valuation and Benefit Adjustment
  48. 40Calculation of benefits
  49. 41Advice of scheme actuary
  50. 42Actuarial valuations
  51. 43Reporting requirements relating to benefit adjustments
  52. 44Powers of the Pensions Regulator
  53. Chapter 5: Ongoing Supervision
  54. 45Supervisory return: contents
  55. 46Significant events
  56. 47Risk notices
  57. Chapter 6: Triggering Events and Continuity Options
  58. 48Triggering events: notification requirements
  59. 49Implementation strategy: approval
  60. 50Implementation strategy: charges
  61. 51Implementation strategy: content
  62. 52Continuity option 1: discharge of liabilities and winding up
  63. 53Continuity option 2: resolving the triggering event
  64. 54Continuity option 3: conversion to closed scheme
  65. 55Periodic reporting requirement
  66. 56Pause orders
  67. 57Administration charges during a triggering event period
  68. Part 5: Amendment of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022
  69. 58Amendment of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022
  70. 59Application
  71. 60Amendment of regulation 2: interpretation and notices
  72. 61Omission of regulation 3
  73. 62Amendment of regulation 4: qualifying schemes
  74. 63Amendment of regulation 5: schemes divided into sections
  75. 64Amendment of regulation 6: authorisation - contents
  76. 65Amendment of regulation 8: fit and proper persons requirement
  77. 66Amendment of regulation 10: viability report
  78. 67Amendment of regulation 11: viability certificate
  79. 68Amendment of regulation 17: calculation of benefits
  80. 69Amendment of regulation 18: advice of scheme actuary
  81. 70Amendment of regulation 19: actuarial valuations
  82. 71Amendment of regulation 21: powers of the Regulator
  83. 72Amendment of regulation 25: triggering events: notification requirements
  84. 73Amendment of Schedule 1: fit and proper persons requirement
  85. 74Amendment of Schedule 2: scheme design requirement
  86. 75Amendment of Schedule 3: financial sustainability requirement
  87. 76Amendment of Schedule 5: systems and processes requirement
  88. 77Amendment of Schedule 6: continuity option 1 - transfer out and winding up
  89. Part 6: Consequential amendments
  90. 78Amendment of the Pension Schemes Act 1993
  91. 79Amendment of the Pensions Act 1995
  92. 80Amendment of the Pensions Act 2004
  93. 81Amendment of the Pension Schemes Act 2017
  94. 82Collective money purchase schemes - amendments to secondary legislation
  95. Signature
  96. Schedule 1: Fit and proper persons requirement
  97. 1Paragraph 1
  98. 2Paragraph 2
  99. 3Paragraph 3
  100. Schedule 2: Scheme design requirement
  101. Part 1: Matters that the Pensions Regulator must take into account
  102. 1Paragraph 1
  103. Part 2: Information that must be included in a viability report
  104. General
  105. 2Paragraph 2
  106. 3Paragraph 3
  107. 4Paragraph 4
  108. 5Paragraph 5
  109. 6Paragraph 6
  110. 7Paragraph 7
  111. Information about the design of the scheme
  112. 8Paragraph 8
  113. 9Paragraph 9
  114. Part 3: Information that must be included in a viability certificate
  115. 10Paragraph 10
  116. 11Paragraph 11
  117. 12Paragraph 12
  118. 13Paragraph 13
  119. Schedule 3: Financial sustainability requirement
  120. Part 1: Information required on application for authorisation
  121. 1Paragraph 1
  122. Part 2: Matters which the Pensions Regulator must take into account
  123. 2Paragraph 2
  124. 3Paragraph 3
  125. Part 3: Requirements to be met by the unconnected multiple employer scheme
  126. 4Paragraph 4
  127. Schedule 4: Communication requirement
  128. Part 1: Interpretation
  129. 1Paragraph 1
  130. Part 2: Matters that the Pensions Regulator must take into account
  131. 2Functionality, quality and maintenance of IT systems
  132. 3Resource planning
  133. 4Quality assurance
  134. 5Member engagement
  135. Schedule 5: Systems and processes requirement - matters that the Pensions Regulator must take into account
  136. 1Features and functionality of IT systems
  137. 2Standards required of IT systems
  138. 3Maintenance of IT systems
  139. 4Member records
  140. 5Trustees and others
  141. 6Contracts and service providers
  142. 7Governance
  143. 8Risk management
  144. 9Security
  145. 10Resource planning
  146. 11Investments
  147. 12Valuation and benefit adjustment
  148. 13Member engagement
  149. Schedule 6: Continuity Option 1: transfer out and winding up
  150. 1Interpretation and notices
  151. 2Alternative ways of discharging the scheme’s liability
  152. 3Requirements of rules of scheme
  153. 4Winding-up commencement time
  154. 5Quantification of the value of beneficiaries’ accrued rights to benefits
  155. 6Winding-up period
  156. 7Periodic income
  157. 8Information about periodic income
  158. 9Scheme to continue to be a collective money purchase scheme during winding-up
  159. 10Trustees’ notice to employers
  160. 11Notice to receiving scheme
  161. 12Trustees’ first notice to beneficiaries in respect of discharge options
  162. 13Trustees’ second notice to beneficiaries in respect of discharge options
  163. 14Beneficiaries’ response to trustees
  164. 15Notice of expected discharge time
  165. 16Trustees’ powers
  166. 17Trustees’ duty to transfer
  167. 18Administration charges
  168. 19Trustee discharge
  169. 20Winding up
  170. 21Regulator’s power to direct
  171. 22Civil penalties
  172. Schedule 7: Collective money purchase schemes: amendments to secondary legislation
  173. 1Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
  174. 2Amendment of the Occupational Pension Schemes (Transfer Values) Regulations 1996
  175. 3Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997
  176. 4Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006
  177. 5Amendment of the Occupational Pension Schemes (Modification of Schemes) Regulations 2006
  178. 6Amendment of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
  179. Explanatory note