The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations, SI 2022/255, set out the detailed requirements for the process of applying for authorisation to operate a collective money purchase pension scheme in Great Britain. Equivalent provision for Northern Ireland is expected to be made separately.
The requirements aim to ensure that only well run schemes which comply with the relevant rules and have appropriate financial resources to meet the set-up and running costs of the scheme can operate as collective money purchase schemes. The regulations also set out various requirements relating to the supervisory role of the pensions regulator.
Of particular importance to the running of a scheme will be the actions trustees must take where there is a ‘triggering event’ which poses a threat to the future operating of the scheme (Part 6).
The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations, SI 2022/255, set out the detailed requirements for the process of applying for authorisation to operate a collective money purchase pension scheme in Great Britain. Equivalent provision for Northern Ireland is expected to be made separately.
The requirements aim to ensure that only well run schemes which comply with the relevant rules and have appropriate financial resources to meet the set-up and running costs of the scheme can operate as collective money purchase schemes. The regulations also set out various requirements relating to the supervisory role of the pensions regulator.
Of particular importance to the running of a scheme will be the actions trustees must take where there is a ‘triggering event’ which poses a threat to the future operating of the scheme (Part 6).
