Sch. 3 para. 4 in force at 1.8.2022, see reg. 1(3)

http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022enPENSIONSStatute Law Database2024-11-11Expert Participation2024-10-01These Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 1 of the Pension Schemes Act 2021 (c. 1) (“the Act”). They also make provision for amendments to secondary legislation in relation to schemes providing collective money purchase benefits.SCHEDULE 3Financial sustainability requirementPart 3Requirements to be met by the collective money purchase scheme4

A collective money purchase scheme must meet the following requirements relating to its financing—

a

any assets held by or available to the trustees to meet the costs mentioned in section 14(2) of the Act (financial sustainability requirement) must be—

i

of the classes and in the proportions set out in a Code;

ii

valued in accordance with any discounted rates set out in a Code;

iii

available to be used when the relevant costs fall due;

b

the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);

c

any funding commitment made to the scheme in respect of the costs mentioned in section 14(2) of the Act must be given in writing and duly executed by the party making the commitment.

This XML file does not appear to have any style information associated with it. The document tree is shown below.
<akomaNtoso xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xsi:schemaLocation="http://docs.oasis-open.org/legaldocml/ns/akn/3.0 http://docs.oasis-open.org/legaldocml/akn-core/v1.0/cos01/part2-specs/schemas/akomantoso30.xsd">
<portion includedIn="http://www.legislation.gov.uk/id/uksi/2022/255/schedule/3">
<meta>
<identification source="#source">
<FRBRWork>
<FRBRthis value="http://www.legislation.gov.uk/id/uksi/2022/255/schedule/3"/>
<FRBRuri value="http://www.legislation.gov.uk/id/uksi/2022/255/schedule/3"/>
<FRBRdate date="2022-03-08" name="made"/>
<FRBRauthor href="http://www.legislation.gov.uk/id/government/uk"/>
<FRBRcountry value="GB-UKM"/>
<FRBRsubtype value="regulation"/>
<FRBRnumber value="255"/>
<FRBRname value="S.I. 2022/255"/>
<FRBRprescriptive value="true"/>
</FRBRWork>
<FRBRExpression>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2022/255/schedule/3"/>
<FRBRdate date="2024-10-01" name="validFrom"/>
<FRBRauthor href="#source"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/data.akn"/>
<FRBRdate date="2024-11-17Z" name="transform"/>
<FRBRauthor href="http://www.legislation.gov.uk"/>
<FRBRformat value="application/akn+xml"/>
</FRBRManifestation>
</identification>
<classification source="#source">
<keyword value="pensions" showAs="PENSIONS" dictionary="http://www.legislation.gov.uk"/>
</classification>
<lifecycle source="#source">
<eventRef date="2022-03-08" type="generation" eId="made-date" source="#source"/>
<eventRef date="2022-08-01" eId="coming-into-force-date-1" source="#source"/>
<eventRef date="2022-08-01" type="amendment" source="#source"/>
<eventRef date="2022-08-01" eId="effective-date-1" source="#source"/>
<eventRef date="2024-10-01" eId="effective-date-2" source="#source"/>
</lifecycle>
<analysis source="#source">
<restrictions source="#source">
<restriction refersTo="#e+w+s" type="jurisdiction"/>
<restriction href="#d4e84" refersTo="#e+w+s" type="jurisdiction"/>
<restriction href="#schedule-3" refersTo="#e+w+s" type="jurisdiction"/>
<restriction href="#schedule-3-paragraph-4" refersTo="#e+w+s" type="jurisdiction"/>
<restriction href="#schedule-3-part-3" refersTo="#e+w+s" type="jurisdiction"/>
</restrictions>
</analysis>
<temporalData source="#source">
<temporalGroup eId="period1">
<timeInterval start="#effective-date-1" refersTo="#period-concept1"/>
</temporalGroup>
<temporalGroup eId="period2">
<timeInterval start="#effective-date-2" refersTo="#period-concept2"/>
</temporalGroup>
</temporalData>
<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<TLCLocation eId="e+w+s" href="/ontology/jurisdictions/uk.EnglandWalesScotland" showAs="England, Wales, Scotland"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2022.08.01" showAs="since 2022-08-01"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2024.10.01" showAs="since 2024-10-01"/>
</references>
<notes source="#source">
<note class="commentary I" eId="key-ac5b6cae5b9e9afaf2b5902107060158">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2022/255/schedule/3/paragraph/4">Sch. 3 para. 4</ref>
in force at 1.8.2022, see
<ref href="http://www.legislation.gov.uk/id/uksi/2022/255/regulation/1/3">reg. 1(3)</ref>
</p>
</note>
</notes>
<proprietary xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" source="#source">
<ukl:RestrictStartDate value="2024-10-01"/>
<dc:identifier>http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3</dc:identifier>
<dc:title>The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022</dc:title>
<dc:language>en</dc:language>
<dc:subject scheme="SIheading">PENSIONS</dc:subject>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-11-11</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2024-10-01</dct:valid>
<dc:description>These Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 1 of the Pension Schemes Act 2021 (c. 1) (“the Act”). They also make provision for amendments to secondary legislation in relation to schemes providing collective money purchase benefits.</dc:description>
<atom:link rel="self" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/uksi/2022/255/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/impacts" href="http://www.legislation.gov.uk/uksi/2022/255/impacts" title="Impact Assessments"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum" href="http://www.legislation.gov.uk/uksi/2022/255/memorandum" title="Explanatory Memorandum"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum/toc" href="http://www.legislation.gov.uk/uksi/2022/255/memorandum/contents" title="Explanatory Memorandum Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/uksi/2022/255" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/uksi/2022/255/introduction" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/signature" href="http://www.legislation.gov.uk/uksi/2022/255/signature" title="signature"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/note" href="http://www.legislation.gov.uk/uksi/2022/255/note" title="note"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/uksi/2022/255/body" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/uksi/2022/255/schedules" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/uksi/2022/255/contents" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/made" title="made"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/3/2022-08-01" title="2022-08-01"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/supersedes" href="http://www.legislation.gov.uk/id/ukdsi/2022/9780348231182" title="The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3" title="Schedule 3"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/2" title="Part; Schedule 3 Part 2"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/3/part/2" title="Part; Schedule 3 Part 2"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/4" title="Schedule; Schedule 4"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/uksi/2022/255/schedule/4" title="Schedule; Schedule 4"/>
<ukm:SecondaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="secondary"/>
<ukm:DocumentMainType Value="UnitedKingdomStatutoryInstrument"/>
<ukm:DocumentStatus Value="revised"/>
<ukm:DocumentMinorType Value="regulation"/>
</ukm:DocumentClassification>
<ukm:Year Value="2022"/>
<ukm:Number Value="255"/>
<ukm:Made Date="2022-03-08"/>
<ukm:ComingIntoForce>
<ukm:DateTime Date="2022-08-01"/>
</ukm:ComingIntoForce>
<ukm:ISBN Value="9780348232967"/>
</ukm:SecondaryMetadata>
<ukm:Supersedes URI="http://www.legislation.gov.uk/id/ukdsi/2022/9780348231182">
<dc:title>The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022</dc:title>
<ukm:DocumentMainType Value="UnitedKingdomDraftStatutoryInstrument"/>
<ukm:Year Value="2022"/>
<ukm:ISBN Value="9780348231182"/>
</ukm:Supersedes>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/uksi/2022/255/notes"/>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2022/255/pdfs/uksiem_20220255_en.pdf" Date="2022-03-10" Title="UK Explanatory Memorandum" Size="53041"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2022/255/pdfs/uksi_20220255_en.pdf" Date="2022-03-10" Size="362917"/>
</ukm:Alternatives>
<ukm:ImpactAssessments>
<ukm:ImpactAssessment URI="http://www.legislation.gov.uk/ukia/2022/25/pdfs/ukia_20220025_en.pdf" Date="2022-03-10" Title="The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022" Stage="Final" Department="Department for Work and Pensions" Year="2022" Number="25" Size="307820"/>
</ukm:ImpactAssessments>
<ukm:Statistics>
<ukm:TotalParagraphs Value="126"/>
<ukm:BodyParagraphs Value="35"/>
<ukm:ScheduleParagraphs Value="91"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</proprietary>
</meta>
<portionBody>
<hcontainer name="schedules" eId="d4e84" period="#period2">
<hcontainer name="schedule" eId="schedule-3" period="#period1">
<num>SCHEDULE 3</num>
<heading>Financial sustainability requirement</heading>
<part eId="schedule-3-part-3" period="#period1">
<num>Part 3</num>
<heading>Requirements to be met by the collective money purchase scheme</heading>
<paragraph eId="schedule-3-paragraph-4" period="#period1">
<num>
<noteRef href="#key-ac5b6cae5b9e9afaf2b5902107060158" marker="I1" class="commentary I"/>
4
</num>
<intro>
<p>A collective money purchase scheme must meet the following requirements relating to its financing—</p>
</intro>
<paragraph eId="schedule-3-paragraph-4-a">
<num>a</num>
<intro>
<p>any assets held by or available to the trustees to meet the costs mentioned in section 14(2) of the Act (financial sustainability requirement) must be—</p>
</intro>
<subparagraph eId="schedule-3-paragraph-4-a-i">
<num>i</num>
<content>
<p>of the classes and in the proportions set out in a Code;</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-4-a-ii">
<num>ii</num>
<content>
<p>valued in accordance with any discounted rates set out in a Code;</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-4-a-iii">
<num>iii</num>
<content>
<p>available to be used when the relevant costs fall due;</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-3-paragraph-4-b">
<num>b</num>
<content>
<p>the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-4-c">
<num>c</num>
<content>
<p>any funding commitment made to the scheme in respect of the costs mentioned in section 14(2) of the Act must be given in writing and duly executed by the party making the commitment.</p>
</content>
</paragraph>
</paragraph>
</part>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>