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The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022
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- UK Statutory Instruments
- 2022 No. 255
- PART 2
- Regulation 5
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The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022, Section 5 is up to date with all changes known to be in force on or before 05 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. 6 para. 2(1)(c)-(e) inserted by S.I. 2024/334 reg. 5(3)
- Sch. 6 para. 14(2)(ca)-(cc) inserted by S.I. 2024/334 reg. 5(4)
Schemes divided into sectionsE+W+S
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5.—(1) Where an undivided scheme becomes a collective money purchase scheme that is divided into sections (a “divided scheme”), an authorisation previously granted in respect of the undivided scheme (the “existing authorisation”) applies to a section if—
(a)that section of the divided scheme is a collective money purchase scheme by reason of section 1(2)(b) of the Act (collective money purchase benefits and schemes); and
(b)the qualifying benefits provided under that section of the divided scheme have the same characteristics set out in regulation 4(1) as those provided under the undivided scheme.
(2) Where an undivided scheme becomes a divided scheme and there are two or more sections providing benefits with the same characteristics set out in regulation 4(1), the trustees of the undivided scheme must determine which section within the divided scheme the existing authorisation will apply to.
(3) Where paragraph (2) applies, the trustees of the undivided scheme must, as soon as reasonably practicable, provide the Regulator with the following information(1)—
(a)the date from which the existing authorisation will apply to the section within the divided scheme; and
(b)the name of the section within the divided scheme to which the existing authorisation will apply.
(4) In this regulation, “undivided scheme” has the meaning given in section 5(2) of the Act (schemes divided into sections).
(1)
This information is required to enable the Pensions Regulator to carry out its function under section 26(1) of the 2021 Act (list of authorised schemes).
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