SCHEDULES

SCHEDULE 3Collective money purchase benefits: minor and consequential amendments

Pensions Act 2004 (c. 35)

I1I13I1411

The Pensions Act 2004 is amended as follows.

I2I1512

In section 13 (improvement notices), in subsection (7), after paragraph (h) insert—

i

Part 1 of the Pension Schemes Act 2021.

I3I1213

1

Section 90 (codes of practice) is amended as follows.

2

In subsection (2) (matters on which the Pensions Regulator must issue codes of practice), after paragraph (jb) insert—

jc

the process for making an application under Part 1 of the Pension Schemes Act 2021 for authorisation of a collective money purchase scheme;

jd

the matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a pension scheme meets the authorisation criteria under that Part (see section 9 of the Pension Schemes Act 2021);

3

In subsection (6), in the definition of “the pensions legislation”—

a

omit the “or” at the end of paragraph (f);

b

after paragraph (g) insert

, or

h

Part 1 of the Pension Schemes Act 2021.

I4I1614

1

Section 93(2) (regulatory functions of the Pensions Regulator) is amended as follows.

2

In paragraph (pa)—

a

after “strategy” insert “ for Master Trust scheme ”;

b

omit the “and” at the end.

3

After paragraph (pa) insert—

pb

the power to give a direction under section 23(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),

pc

the power to give a notice under section 29(1) or (4) of that Act (risk notices),

pd

the power to give a direction under section 29(6) of that Act (direction to implement proposals in a resolution plan),

pe

the power to give a direction under section 39(4) of that Act (direction to submit implementation strategy), and

I5I1715

In section 97(5) (special procedure: applicable cases), after paragraph (tf) insert—

tg

the power under section 30 of the Pension Schemes Act 2021 to withdraw authorisation of a collective money purchase scheme;

th

the power to make a pause order under section 44 of that Act;

ti

the power to make an order under paragraph 2(2) of Schedule 2 to that Act extending the period for which a pause order has effect;

tj

the power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;

tk

the power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;

I6I1816

In section 126 (schemes eligible for pension protection), after subsection (1) insert—

1A

Where a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.

I7I1917

In section 249A (requirement for an effective system of governance), in subsection (3) (exceptions), after paragraph (e) insert—

f

an authorised collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021.

I8I2018

In section 254 (representative of non-European scheme to be treated as trustee), in subsection (3)—

a

omit the “or” at the end of paragraph (d);

b

after paragraph (e) insert

, or

f

Part 1 of the Pension Schemes Act 2021.

I919

In section 291 (duty of trustees or managers to act consistently with law of host member State), in subsection (4)—

a

omit the “or” at the end of paragraph (d);

b

after paragraph (e) insert

, or

f

Part 1 of the Pension Schemes Act 2021.

I10I2120

In section 318 (general interpretation), in subsection (3)—

a

in paragraph (a), after sub-paragraph (xiii) insert—

xiv

regulations under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;

xv

sections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;

b

in paragraph (b), after sub-paragraph (xi) insert—

xii

sections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.

I11I2221

In Schedule 2 (the reserved regulatory functions), after Part 4A insert—

PART 4BFunctions under Part 1 of the Pension Schemes Act 2021

44H

The power to give a direction under section 23(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme).

44I

The power to give a direction under section 29(6) (direction to implement proposals in a resolution plan).

44J

The power under section 30 to withdraw authorisation of a collective money purchase scheme.

44K

The power to give a direction under section 41(4) (direction to pursue a continuity option).

44L

The power to make a pause order under section 44.

44M

The power to make an order under paragraph 2(2) of Schedule 2 extending the period for which a pause order has effect.

44N

The power to make an order under paragraph 3 of Schedule 2 validating action taken in contravention of a pause order.

44O

The power to make an order under paragraph 4(3) of Schedule 2 directing the notification of members or employers.