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

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3.  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)(b) of the 2021 Act—N.I.

(a)the most recent estimates of the costs mentioned in section 65(2)(b) of the 2021 Act provided in respect of the scheme;

(b)the extent and manner in which the trustees have made provision to meet those costs;

(c)the amount and classes of assets held by, or available to, the trustees to meet those costs;

(d)the robustness of any estimates provided to the Regulator in relation to the costs mentioned in section 65(2)(b) of the 2021 Act, and the robustness of the strategy for meeting those costs;

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

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

(g)whether the scheme rules impose liability on any person for the following costs and, if so the identity of those liable—

(i)the costs of winding up the scheme;

(ii)the costs of converting the scheme into a closed scheme;

(h)the alignment between the actions set out in the scheme’s continuity strategy and the estimate in the strategy of the costs of carrying out those actions;

(i)any insurance held in respect of the costs mentioned in section 65(2)(b) 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;

(j)the quality of the scheme’s records and data;

(k)whether the members are eligible for compensation in the event of a scheme failure and, if so, details of—

(i)the compensation provider;

(ii)the basis on which the compensation is payable;

(iii)any limits on the amount of compensation payable;

(l)the scheme’s most recent continuity strategy.

Commencement Information

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

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