http://www.legislation.gov.uk/nisr/2024/15/schedule/3/part/2The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024enPENSIONSStatute Law Database2024-11-14Expert Participation2024-10-01 These Regulations revoke and re-enact the Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023 (“the Collective Money Purchase Schemes Regulations”) which would otherwise cease to have effect by virtue of section 112(3)(b) of the Pensions (No. 2) Act (Northern Ireland) 2008, section 51(3)(b) of the Pensions Act (Northern Ireland) 2015 and section 102(5)(b) of the Pension Schemes Act 2021 (“the 2021 Act”). Like the Collective Money Purchase Schemes Regulations, the Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 2 of the 2021 Act. They also make provision for amendments to subordinate legislation in relation to schemes providing collective money purchase benefits. SCHEDULE 3Financial sustainability requirementPART 2Matters which the Regulator must take into account2The 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)—athe scheme’s sources of income, including the estimated amount of income from each source;bthe estimated cost of setting up the scheme;cthe estimated cost of running the scheme;dthe trustees’ strategy for meeting any shortfall between the scheme’s income and the costs mentioned in section 65(2)(a) of the 2021 Act;ethe 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);fwhere 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;gthe scheme financing arrangements entered into by the trustees in respect of the costs mentioned in section 65(2)(a) of the 2021 Act;hthe security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;iwhere 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;jany insurance held in respect of the costs mentioned in section 65(2)(a) of the 2021 Act, including details of—ithe insurance provider;iithe policy holder;iiithe beneficiary of the policy;ivany limitations on the insurer’s liability.3The 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—athe most recent estimates of the costs mentioned in section 65(2)(b) of the 2021 Act provided in respect of the scheme;bthe extent and manner in which the trustees have made provision to meet those costs;cthe amount and classes of assets held by, or available to, the trustees to meet those costs;dthe 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;ewhere 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;fthe security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;gwhether the scheme rules impose liability on any person for the following costs and, if so the identity of those liable—ithe costs of winding up the scheme;iithe costs of converting the scheme into a closed scheme;hthe 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;iany insurance held in respect of the costs mentioned in section 65(2)(b) of the 2021 Act, including details of—ithe insurance provider;iithe policy holder;iiithe beneficiary of the policy;ivany limitations on the insurer’s liability;jthe quality of the scheme’s records and data;kwhether the members are eligible for compensation in the event of a scheme failure and, if so, details of—ithe compensation provider;iithe basis on which the compensation is payable;iiiany limits on the amount of compensation payable;lthe scheme’s most recent continuity strategy.Sch. 3 para. 2 in operation at 26.1.2024, see reg. 1Sch. 3 para. 3 in operation at 26.1.2024, see reg. 1
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<dc:title>The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024</dc:title>
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<dc:description>These Regulations revoke and re-enact the Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023 (“the Collective Money Purchase Schemes Regulations”) which would otherwise cease to have effect by virtue of section 112(3)(b) of the Pensions (No. 2) Act (Northern Ireland) 2008, section 51(3)(b) of the Pensions Act (Northern Ireland) 2015 and section 102(5)(b) of the Pension Schemes Act 2021 (“the 2021 Act”). Like the Collective Money Purchase Schemes Regulations, the Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 2 of the 2021 Act. They also make provision for amendments to subordinate legislation in relation to schemes providing collective money purchase benefits.</dc:description>
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<Number>SCHEDULE 3</Number>
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<Number>PART 2</Number>
<Title>Matters which the Regulator must take into account</Title>
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2
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<P1para>
<Text>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)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/a" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/a" id="schedule-3-paragraph-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the scheme’s sources of income, including the estimated amount of income from each source;</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/b" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/b" id="schedule-3-paragraph-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the estimated cost of setting up the scheme;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/c" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/c" id="schedule-3-paragraph-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>the estimated cost of running the scheme;</Text>
</P3para>
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<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/d" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/d" id="schedule-3-paragraph-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/e" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/e" id="schedule-3-paragraph-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>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);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/f" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/f" id="schedule-3-paragraph-2-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/g" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/g" id="schedule-3-paragraph-2-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>the scheme financing arrangements entered into by the trustees in respect of the costs mentioned in section 65(2)(a) of the 2021 Act;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/h" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/h" id="schedule-3-paragraph-2-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>the security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/i" id="schedule-3-paragraph-2-i">
<Pnumber>i</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/j" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/j" id="schedule-3-paragraph-2-j">
<Pnumber>j</Pnumber>
<P3para>
<Text>any insurance held in respect of the costs mentioned in section 65(2)(a) of the 2021 Act, including details of—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/j/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/j/i" id="schedule-3-paragraph-2-j-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the insurance provider;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/j/ii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/j/ii" id="schedule-3-paragraph-2-j-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the policy holder;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/j/iii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/j/iii" id="schedule-3-paragraph-2-j-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>the beneficiary of the policy;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/2/j/iv" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/2/j/iv" id="schedule-3-paragraph-2-j-iv">
<Pnumber>iv</Pnumber>
<P4para>
<Text>any limitations on the insurer’s liability.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P1para>
</P1>
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<Pnumber>
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3
</Pnumber>
<P1para>
<Text>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—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/a" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/a" id="schedule-3-paragraph-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the most recent estimates of the costs mentioned in section 65(2)(b) of the 2021 Act provided in respect of the scheme;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/b" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/b" id="schedule-3-paragraph-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the extent and manner in which the trustees have made provision to meet those costs;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/c" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/c" id="schedule-3-paragraph-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>the amount and classes of assets held by, or available to, the trustees to meet those costs;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/d" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/d" id="schedule-3-paragraph-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/e" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/e" id="schedule-3-paragraph-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/f" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/f" id="schedule-3-paragraph-3-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>the security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/g" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/g" id="schedule-3-paragraph-3-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>whether the scheme rules impose liability on any person for the following costs and, if so the identity of those liable—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/g/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/g/i" id="schedule-3-paragraph-3-g-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the costs of winding up the scheme;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/g/ii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/g/ii" id="schedule-3-paragraph-3-g-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the costs of converting the scheme into a closed scheme;</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/h" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/h" id="schedule-3-paragraph-3-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/i" id="schedule-3-paragraph-3-i">
<Pnumber>i</Pnumber>
<P3para>
<Text>any insurance held in respect of the costs mentioned in section 65(2)(b) of the 2021 Act, including details of—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/i/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/i/i" id="schedule-3-paragraph-3-i-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the insurance provider;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/i/ii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/i/ii" id="schedule-3-paragraph-3-i-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the policy holder;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/i/iii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/i/iii" id="schedule-3-paragraph-3-i-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>the beneficiary of the policy;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/i/iv" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/i/iv" id="schedule-3-paragraph-3-i-iv">
<Pnumber>iv</Pnumber>
<P4para>
<Text>any limitations on the insurer’s liability;</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/j" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/j" id="schedule-3-paragraph-3-j">
<Pnumber>j</Pnumber>
<P3para>
<Text>the quality of the scheme’s records and data;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/k" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/k" id="schedule-3-paragraph-3-k">
<Pnumber>k</Pnumber>
<P3para>
<Text>whether the members are eligible for compensation in the event of a scheme failure and, if so, details of—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/k/i" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/k/i" id="schedule-3-paragraph-3-k-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the compensation provider;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/k/ii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/k/ii" id="schedule-3-paragraph-3-k-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the basis on which the compensation is payable;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/k/iii" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/k/iii" id="schedule-3-paragraph-3-k-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>any limits on the amount of compensation payable;</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nisr/2024/15/schedule/3/paragraph/3/l" IdURI="http://www.legislation.gov.uk/id/nisr/2024/15/schedule/3/paragraph/3/l" id="schedule-3-paragraph-3-l">
<Pnumber>l</Pnumber>
<P3para>
<Text>the scheme’s most recent continuity strategy.</Text>
</P3para>
</P3>
</P1para>
</P1>
</Part>
</ScheduleBody>
</Schedule>
</Schedules>
</Secondary>
<Commentaries>
<Commentary Type="I" id="key-2c5259fdf8a236424209d4eb08113aba">
<Para>
<Text>
Sch. 3 para. 2 in operation at 26.1.2024, see
<CitationSubRef id="nf16effc658dfbd2b" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/nisr/2024/15/regulation/1" Operative="true">reg. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-0215e5ed8d7c8bc328b176097473980a">
<Para>
<Text>
Sch. 3 para. 3 in operation at 26.1.2024, see
<CitationSubRef id="nba46ffabaefbb71d" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/nisr/2024/15/regulation/1" Operative="true">reg. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>