PART 1Collective money purchase benefits

Authorisation

I1I29Decision on application

1

Where an application is made for authorisation of a collective money purchase scheme under section 8, the Pensions Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.

2

The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.

3

The authorisation criteria are—

a

that the persons involved in the scheme are fit and proper persons (see section 11),

b

that the design of the scheme is sound (see section 12),

c

that the scheme is financially sustainable (see section 14),

d

that the scheme has adequate systems and processes for communicating with members and others (see section 15),

e

that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 16), and

f

that the scheme has an adequate continuity strategy (see section 17).

4

If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—

a

grant the authorisation,

b

notify the applicant of its decision, and

c

add the scheme to its list of authorised collective money purchase schemes (see section 26).

5

If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—

a

refuse to grant the authorisation, and

b

notify the applicant of its decision.

6

A notification under subsection (5)(b) must also include—

a

the reasons for the decision, and

b

details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 10).