- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
1. The Regulator must take account of the following matters in deciding whether it is satisfied, for the purposes of section 8(2)(a) of the Act, that the business strategy relating to a Master Trust scheme is sound—
(a)the structure of the scheme and its target market, including any plans to acquire or merge with other schemes;
(b)the objectives for the scheme and the strategy for achieving them, including delivery milestones;
(c)the robustness and prudence of the assumptions in the scheme’s business plan about membership, contributions, income, and costs;
(d)the scheme’s requirements for planned expenditure, its purpose, and how it will be funded;
(e)the terms, security and affordability of loans and other funding provided to the scheme, and the identity of each associated lender;
(f)information about the market in which the scheme operates or is to operate;
(g)the experience and professional competence of the individuals involved in running the scheme;
(h)any revisions to the business plan as a result of a significant change of information;
(i)whether the scheme has a scheme funder which is not a participating employer in the scheme;
(j)where regulation 27(1) does not apply to the scheme and the scheme has a scheme funder which is engaged in activities which do not relate directly to the scheme, the scheme’s position in any corporate group and any associated impact on the scheme’s financial sustainability;
(k)where the scheme has no scheme funder, the scheme’s strategy for meeting the costs mentioned in section 8(3) of the Act;
(l)any provision made by the trustees and each scheme funder to fund contingent liabilities in respect of the scheme.
2. The Regulator must take account of the following matters in deciding whether it is satisfied, for the purposes of section 8(2)(b) of the Act, that a Master Trust scheme has sufficient financial resources to meet the costs mentioned in section 8(3)(a) of the Act—
(a)the structure of the scheme and the business strategy relating to it;
(b)the scheme’s sources of income;
(c)the estimated cost of setting up and running the scheme;
(d)the trustees’ strategy for meeting any shortfall between its income and the costs mentioned in section 8(3)(a) of the Act;
(e)where the scheme has one or more scheme funders that is an employer, the financial position of each scheme funder that the Regulator considers relevant;
(f)the security and enforceability of loans and other funding commitments provided to the trustees in respect of the scheme;
(g)the scheme financing arrangements mentioned in the business plan and entered into between the trustees and each scheme funder that the Regulator considers relevant;
(h)where the scheme has an arrangement with a service provider under which the service provider accepts the risk that its costs will exceed any fee paid to it, the provisions made to secure this service and any limitations on the service provider’s liability for those costs;
(i)any insurance held by the scheme or the scheme funder in respect of the costs mentioned in section 8(3)(a) of the Act, including details of—
(i)the insurance provider;
(ii)the policy holder;
(iii)the beneficiary of the policy;
(iv)any limitations on the insurer’s liability.
3. The Regulator must take account of the following matters in deciding whether it is satisfied, for the purposes of section 8(2)(b) of the Act, that a Master Trust scheme has sufficient financial resources to meet the costs mentioned in section 8(3)(b) of the Act—
(a)the extent and manner in which the trustees have made provision to meet those costs;
(b)the amount and classes of assets held by, or available to, the trustees to meet those costs;
(c)the robustness and prudence of the estimates and strategy for meeting those costs in the scheme’s business plan;
(d)the amount of the scheme’s assets under management or administration;
(e)the number of members and participating employers in the scheme;
(f)whether the scheme rules impose liability on any persons for the costs of winding up the scheme, and if so the identity of those liable;
(g)the alignment between the actions in the scheme’s continuity strategy and the estimated cost of taking those actions as identified in the business plan;
(h)any requirement imposed by a financial regulator for any scheme funder to hold prudential margins of capital or otherwise to have made provision for its financial liabilities to the scheme;
(i)any requirement imposed by a financial regulator for any service provider to hold prudential margins of capital or otherwise to have made provision for its financial liabilities to the scheme;
(j)any insurance held by the scheme or the scheme funder in respect of the costs mentioned in section 8(3)(a) of the Act (financial sustainability requirement), including details of—
(i)the insurance provider;
(ii)the policy holder;
(iii)the beneficiary of the policy;
(iv)any limitations on the insurer’s liability;
(k)the quality of the scheme’s records and data;
(l)whether the scheme requires, and has received, the sanction of the court under Part 7 of Financial Services and Markets Act 2000(1) for any of its activities;
(m)whether the members are eligible for compensation in the event of a scheme failure and, if so, details of—
(i)the compensation provider;
(ii)the basis on which the compensation is payable;
(iii)any limits on the amount of compensation payable.
4. The Regulator must take account of the following information in deciding whether it is satisfied about the matters mentioned in section 8(2) of the Act—
(a)the scheme’s business plan, including any supporting documents and information;
(b)the scheme’s accounts;
(c)the statement of investment principles prepared by the trustees in accordance with section 35 of the 1995 Act(2) (investment principles);
(d)each scheme funder’s accounts and any financial information provided under regulation 8;
(e)other relevant documents set out in a Code.
Section 35 was substituted by section 244 of the 2004 Act.
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Mae Memoranda Esboniadol yn nodi datganiad byr o ddiben Offeryn Statudol ac yn rhoi gwybodaeth am ei amcan polisi a goblygiadau polisi. Maent yn ceisio gwneud yr Offeryn Statudol yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol, ac maent yn cyd-fynd ag unrhyw Offeryn Statudol neu Offeryn Statudol Drafft a gyflwynwyd ger bron y Senedd o Fehefin 2004 ymlaen.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys