Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 7
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/08/2022.
Changes to legislation:
There are currently no known outstanding effects for the Pension Schemes Act 2021, Section 7.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
7Authorisation of collective money purchase schemesE+W+S
This section has no associated Explanatory Notes
(1)A person may not operate a collective money purchase scheme unless the scheme is authorised.
(2)Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1).
(3)If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not authorised.
(4)The notification must—
(a)explain that the notification is a triggering event (see section 31), and
(b)include an explanation of the trustees' duties under sections 31 to 45.
(5)For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts—
(a)money paid by a member (or prospective member), or
(b)money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except—
(i)the costs of setting up the scheme, or
(ii)costs relating to obtaining authorisation for the scheme.
Back to top