The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022

PART 1 Matters that the Regulator must take into account

1.  The Regulator must take into account the following matters in deciding whether it is satisfied that the design of a collective money purchase scheme is sound—

(a) the information or documents mentioned in regulation 10(3) that are provided to the Regulator in accordance with section 64(6) of the 2021 Act (viability report);

(b) whether the Regulator is satisfied that the scheme is a collective money purchase scheme within the meaning of section 52(2) of the 2021 Act (collective money purchase benefits and schemes);

(c) whether the Regulator is satisfied that the rules of the scheme meet—

(i) the requirements of section 69 of the 2021 Act (calculation of benefits), and

(ii) the requirements of regulation 17;

(d) whether the Regulator is satisfied that the conclusions reached by—

(i) the trustees as provided for in paragraph 8(1)(b);

(ii) the scheme actuary on the matters in regulation 11(2),

as set out in the viability report and viability certificate, are justified;

(e) whether the Regulator considers that—

(i) the contents of the viability report;

(ii) the contents of the viability certificate, and

(iii) the information provided to the Regulator concerning the testing or modelling used for the purposes of determining whether the design of the scheme is sound,

are sufficiently comprehensive in order to enable the Regulator to decide whether it is satisfied that the design of the scheme is sound.