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

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2.  The Regulator must take account of the following matters in deciding whether it is satisfied that a collective money purchase scheme has sufficient financial resources to meet the costs mentioned in section 65(2)(a) of the 2021 Act (financial sustainability requirement)—N.I.

(a)the scheme’s sources of income, including the estimated amount of income from each source;

(b)the estimated cost of setting up the scheme;

(c)the estimated cost of running the scheme;

(d)the trustees’ strategy for meeting any shortfall between the scheme’s income and the costs mentioned in section 65(2)(a) of the 2021 Act;

(e)the robustness of any estimates provided to the Regulator in relation to the costs mentioned in section 65(2)(a) of the 2021 Act, and the robustness of the strategy mentioned in sub-paragraph (d);

(f)where one or more employers in relation to the scheme has agreed to fund any of the costs mentioned in section 65(2)(a) of the 2021 Act, the financial position of each of those employers that the Regulator considers relevant;

(g)the scheme financing arrangements entered into by the trustees in respect of the costs mentioned in section 65(2)(a) of the 2021 Act;

(h)the security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;

(i)where the scheme has an arrangement with a service provider under which the service provider accepts the risk that its costs will exceed any fee paid to it, the provisions made to secure this service and any limitation on the service provider’s liability for those costs;

(j)any insurance held in respect of the costs mentioned in section 65(2)(a) of the 2021 Act, including details of—

(i)the insurance provider;

(ii)the policy holder;

(iii)the beneficiary of the policy;

(iv)any limitations on the insurer’s liability.

Commencement Information

I1Sch. 3 para. 2 in operation at 26.1.2024, see reg. 1

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