The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2023

Risk notices

24.—(1) The date referred to in section 80(3)(b) of the 2021 Act (risk notices) must fall before the end of 14 days beginning with the date on which the risk notice was issued.

(2) The date referred to in section 80(4) of the 2021 Act must fall before the end of 7 days beginning with the date on which the further notice was issued.

(3) For the purposes of section 80(7)(a) of the 2021 Act, the first progress report must be submitted before the end of 14 days beginning with the date on which the Regulator notifies the trustees that it is satisfied that the proposals in the resolution plan are likely to be adequate to resolve the issue of concern.

(4) A risk notice must—

(a) state that the Regulator considers—

(i) that the issue identified in the notice is an issue of concern in relation to the scheme, and

(ii) that the scheme will breach the authorisation criteria, or is likely to breach them, if the issue is not resolved;

(b) contain a statement of the Regulator’s grounds for its consideration and of the evidence on which its consideration is based, and

(c) explain that Article 10(1) of the 1995 Order (civil penalties) applies to a trustee who fails to comply with the notice.

(1)

Article 10 was amended by paragraph 9 of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, Schedule 11 to the Pensions (Northern Ireland) Order 2005 and paragraph 15 of Schedule 8 to the Pension Schemes Act 2021