(1)Where an application is made for authorisation of a collective money purchase scheme under section 59, 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 62),
(b)that the design of the scheme is sound (see section 63),
(c)that the scheme is financially sustainable (see section 65),
(d)that the scheme has adequate systems and processes for communicating with members and others (see section 66),
(e)that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 67), and
(f)that the scheme has an adequate continuity strategy (see section 68).
(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 77).
(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 61).