http://www.legislation.gov.uk/ukpga/2021/1/section/62Pension Schemes Act 2021An Act to make provision about pension schemes.texttext/xmlenStatute Law Database2024-05-18Expert Participation2024-04-06 PART 2 Collective money purchase benefits: Northern Ireland<Emphasis>Authorisation criteria</Emphasis>Fit and proper persons requirement621This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the persons involved in a collective money purchase scheme are fit and proper persons (see section 60(3)(a)).2The Pensions Regulator must assess whether each of the following is a fit and proper person to act in relation to the scheme in the capacity mentioned—aa person who establishes the scheme;ba trustee;ca person who (alone or with others) has power to appoint or remove a trustee;da person who (alone or with others) has power to vary the provisions of the scheme;ea person acting in a capacity specified in regulations made by the Department.3In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—amust take into account any matters specified in regulations made by the Department, andbmay take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.4Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.5For the purposes of this section, a person (“A”) is connected with another person (“B”) if—aA is an associate of B;bwhere B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;cA is a trustee of an occupational pension scheme established under a trust and—ithe beneficiaries of the trust include B or an associate of B, oriithe provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.6In this section—associate” has the meaning given in Article 4 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));“director” and “shadow director” have the meaning given in Article 5 of that Order.7Regulations under subsection (3)(a) are subject to confirmatory procedure.8Regulations under subsection (2)(e) are subject to negative resolution.S. 62 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 62 in force at 1.8.2022 in so far as not already in force by S.R. 2022/197, art. 3(a)
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<Strong>PART 2</Strong>
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<Title>Collective money purchase benefits: Northern Ireland</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/part/2/crossheading/authorisation-criteria" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/part/2/crossheading/authorisation-criteria" NumberOfProvisions="7" id="part-2-crossheading-authorisation-criteria" RestrictStartDate="2022-08-01">
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<Title>Fit and proper persons requirement</Title>
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62
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<Pnumber>1</Pnumber>
<P2para>
<Text>This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that the persons involved in a collective money purchase scheme are fit and proper persons (see section 60(3)(a)).</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/2" id="section-62-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Pensions Regulator must assess whether each of the following is a fit and proper person to act in relation to the scheme in the capacity mentioned—</Text>
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<Pnumber>a</Pnumber>
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<Text>a person who establishes the scheme;</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>a trustee;</Text>
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<Pnumber>c</Pnumber>
<P3para>
<Text>a person who (alone or with others) has power to appoint or remove a trustee;</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/2/d" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/2/d" id="section-62-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>a person who (alone or with others) has power to vary the provisions of the scheme;</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/2/e" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/2/e" id="section-62-2-e">
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<Text>a person acting in a capacity specified in regulations made by the Department.</Text>
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<Pnumber>3</Pnumber>
<P2para>
<Text>In assessing whether a person is a fit and proper person to act in a particular capacity, the Pensions Regulator—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/3/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/3/a" id="section-62-3-a">
<Pnumber>a</Pnumber>
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<Text>must take into account any matters specified in regulations made by the Department, and</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>may take into account such other matters as it considers appropriate, including matters relating to a person connected with that person.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/4" id="section-62-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Regulations under subsection (3)(a) may include provision requiring specified information to be provided to the Pensions Regulator.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/5" id="section-62-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>For the purposes of this section, a person (“A”) is connected with another person (“B”) if—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>A is an associate of B;</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/5/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/5/b" id="section-62-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>where B is a company, A is a director or shadow director of B or an associate of a director or shadow director of B;</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/5/c" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/5/c" id="section-62-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>A is a trustee of an occupational pension scheme established under a trust and—</Text>
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<Pnumber>i</Pnumber>
<P4para>
<Text>the beneficiaries of the trust include B or an associate of B, or</Text>
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<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/5/c/ii" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/5/c/ii" id="section-62-5-c-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the provisions of the scheme confer a power that may be exercised for the benefit of B or an associate of B.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2021/1/section/62/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62/6" id="section-62-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In this section—</Text>
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<Term id="term-associate">associate</Term>
” has the meaning given in Article 4 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));
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<Text>“director” and “shadow director” have the meaning given in Article 5 of that Order.</Text>
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<Text>Regulations under subsection (3)(a) are subject to confirmatory procedure.</Text>
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<Text>Regulations under subsection (2)(e) are subject to negative resolution.</Text>
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<Text>
<CitationSubRef id="c00123" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62" SectionRef="section-62">S. 62</CitationSubRef>
in force at Royal Assent for specified purposes, see
<CitationSubRef id="c00124" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a" SectionRef="section-131-3-a">s. 131(3)(a)</CitationSubRef>
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<Para>
<Text>
<CitationSubRef SectionRef="section-62" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/62" id="crlowrsp4-01203">S. 62</CitationSubRef>
in force at 1.8.2022 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2022/197" Class="NorthernIrelandStatutoryRule" Year="2022" Number="197" Title="The Pension Schemes Act 2021 (Commencement No. 5 and Transitional Provision) Order (Northern Ireland) 2022" id="crlowrsp4-01204">S.R. 2022/197</Citation>
,
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</Text>
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