Search Legislation

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024. Those changes will be listed when you open the content using the Table of Contents below. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.

View outstanding changes

Changes and effects yet to be applied to :

Changes and effects yet to be applied to the whole Rule associated Parts and Chapters:

Whole provisions yet to be inserted into this Rule (including any effects on those provisions):

  1. Introductory Text

  2. PART 1 Preliminary provisions

    1. 1.Citation and commencement

    2. 2.Interpretation and notices

    3. 3.Connected employers

  3. PART 2 Schemes divided into sections

    1. 4.Qualifying schemes

    2. 5.Schemes divided into sections

  4. PART 3 Authorisation

    1. 6.Authorisation: contents

    2. 7.Application for authorisation: fee

    3. 8.Fit and proper persons requirement

    4. 9.Scheme design requirement

    5. 10.Viability report

    6. 11.Viability certificate

    7. 12.Financial sustainability requirement

    8. 13.Communication requirement

    9. 14.Systems and processes requirement

    10. 15.Continuity strategy: contents

    11. 16.Continuity strategy: administration charges

  5. PART 4 Valuation and benefit adjustment

    1. 17.Calculation of benefits

    2. 18.Advice of scheme actuary

    3. 19.Actuarial valuations

    4. 20.Reporting requirements relating to benefit adjustments

    5. 21.Powers of the Regulator

  6. PART 5 Ongoing supervision

    1. 22.Supervisory return: contents

    2. 23.Significant events

    3. 24.Risk notices

  7. PART 6 Triggering events and continuity options

    1. 25.Triggering events: notification requirements

    2. 26.Implementation strategy: approval

    3. 27.Implementation strategy: charges

    4. 28.Implementation strategy: content

    5. 29.Continuity option 1: discharge of liabilities and winding up

    6. 30.Continuity option 2: resolving the triggering event

    7. 31.Continuity option 3: conversion to closed scheme

    8. 32.Periodic reporting requirement

    9. 33.Pause orders

    10. 34.Administration charges during a triggering event period

  8. PART 7 Collective money purchase benefits – amendments to subordinate legislation

    1. 35.Collective money purchase benefits – amendments to subordinate legislation

  9. PART 8 Revocation

    1. 36.Revocation

  10. Signature

    1. SCHEDULE 1

      Fit and proper persons requirement

      1. 1.(1) In this Schedule— “arrangement” means a voluntary arrangement entered...

      2. 2.For the purposes of section 62(3)(a) of the 2021 Act...

      3. 3.For the purposes of section 62(3)(a) of the 2021 Act,...

    2. SCHEDULE 2

      Scheme design requirement

      1. PART 1 Matters that the Regulator must take into account

        1. 1.The Regulator must take into account the following matters in...

      2. PART 2 Viability report

        1. Preliminary

          1. 2.A viability report must include the information set out in...

        2. General

          1. 3.The date which has been chosen in respect of the...

          2. 4.The name and contact details of the person to be...

          3. 5.A statement, signed by the trustees confirming that—

          4. 6.A statement, signed by the scheme actuary, confirming that, to...

          5. 7.The name of the scheme in respect of which the...

        3. Information about the design of the scheme

          1. 8.(1) An explanation of— (a) the design of the scheme;...

          2. 9.The explanation required by paragraph 8(1) must include—

      3. PART 3 Viability certificate

        1. 10.The viability certificate must contain the information set out in...

        2. 11.The date which has been agreed in respect of the...

        3. 12.The name and contact details of the scheme actuary.

        4. 13.The name of the scheme in respect of which the...

        5. 14.A statement, signed by the scheme actuary, confirming that—

    3. SCHEDULE 3

      Financial sustainability requirement

      1. PART 1 Information required on application for authorisation

        1. 1.The other information to be included in an application, in...

      2. PART 2 Matters which the Regulator must take into account

        1. 2.The Regulator must take account of the following matters in...

        2. 3.The Regulator must take account of the following matters in...

      3. PART 3 Requirements to be met by the collective money purchase scheme

        1. 4.A collective money purchase scheme must meet the following requirements...

    4. SCHEDULE 4

      Communication requirement

      1. Interpretation

        1. 1.In this Schedule— “scheme communication” means a notification, notice, document,...

      2. Preliminary

        1. 2.The matters that the Regulator must take into account in...

      3. Functionality, quality and maintenance of IT systems

        1. 3.Whether the IT systems used for the purposes of carrying...

      4. Resource planning

        1. 4.Whether there are systems and processes for ensuring that there...

      5. Quality assurance

        1. 5.Whether there are systems and processes— (a) for assessing and...

      6. Member engagement

        1. 6.Whether there are systems and processes— (a) for gathering feedback...

    5. SCHEDULE 5

      Systems and processes requirement

      1. Preliminary

        1. 1.The matters that the Regulator must take into account in...

      2. Features and functionality of IT systems

        1. 2.Whether the IT systems have the capacity and capability—

      3. Standards required of IT systems

        1. 3.Whether the IT systems— (a) are capable of being upgraded...

      4. Maintenance of IT systems

        1. 4.Whether the IT systems— (a) are maintained at regular intervals,...

      5. Member records

        1. 5.Whether the scheme’s systems and processes ensure that—

      6. Trustees and others

        1. 6.Whether there are systems and processes— (a) for the fair...

      7. Contracts and service providers

        1. 7.Whether there are systems and processes— (a) for establishing that...

      8. Governance

        1. 8.Whether there are systems and processes— (a) for the identification...

      9. Risk management

        1. 9.Whether there are systems and processes— (a) for identifying, managing...

      10. Security

        1. 10.Whether there are systems and processes— (a) for preventing unauthorised...

      11. Resource planning

        1. 11.Whether there are systems and processes for ensuring that there...

      12. Investments

        1. 12.Whether there are systems and processes— (a) for investing contributions...

      13. Valuation and benefit adjustment

        1. 13.Whether there are systems and processes— (a) for ensuring that...

      14. Member engagement

        1. 14.Whether there are systems and processes— (a) for facilitating members’...

    6. SCHEDULE 6

      Continuity option 1: transfer out and winding up

      1. Definitions

        1. 1.(1) In this Schedule— “arrangement” has the meaning given in...

      2. Alternative ways of discharging the scheme’s liability

        1. 2.(1) For the purposes of section 87(2)(b) of the 2021...

      3. Requirements of rules of scheme

        1. 3.(1) The rules of a collective money purchase scheme must...

      4. Winding-up commencement time

        1. 4.(1) Where the trustees of a collective money purchase scheme...

      5. Quantification of the value of beneficiaries’ accrued rights to benefits

        1. 5.(1) The quantification of the value of each beneficiary’s accrued...

      6. Winding-up period

        1. 6.(1) Subject to sub-paragraph (5), no new members may be...

      7. Periodic income

        1. 7.(1) Where a person was a pensioner beneficiary of the...

      8. Information about periodic income

        1. 8.(1) The information mentioned in sub-paragraph (2) must be given...

      9. Scheme to continue to be a CMPS during winding-up

        1. 9.(1) A “collective money purchase scheme” for the purposes of...

      10. Trustees’ notice to employers

        1. 10.(1) The trustees of a collective money purchase scheme that...

      11. Notification to receiving scheme

        1. 11.(1) The trustees of a collective money purchase scheme that...

      12. Trustees’ first notice to beneficiaries in respect of discharge options

        1. 12.(1) The trustees of a collective money purchase scheme that...

      13. Trustees’ second notice to beneficiaries in respect of discharge options

        1. 13.(1) The trustees of a collective money purchase scheme that...

      14. Beneficiaries’ response to trustees

        1. 14.(1) A beneficiary who has received notice from the trustees...

      15. Notice of expected discharge time

        1. 15.(1) Not less than one month before the date of...

      16. Trustees’ powers

        1. 16.(1) This paragraph applies where the trustees of a collective...

      17. Trustees’ duty to transfer

        1. 17.(1) If the trustees of a collective money purchase scheme...

      18. Administration charges

        1. 18.(1) This paragraph applies to the trustees or managers of...

      19. Trustee discharge

        1. 19.Where the trustees of a collective money purchase scheme that...

      20. Winding up

        1. 20.As soon as practicable after the trustees of a collective...

      21. Regulator’s power to direct

        1. 21.(1) The Regulator may direct the trustees of a collective...

      22. Civil penalties

        1. 22.Article 10 of the 1995 Order (civil penalties) applies to...

    7. SCHEDULE 7

      Collective money purchase benefits: amendments to subordinate legislation

      1. 1.Amendments to the Occupational Pension Schemes (Scheme Administration) Regulations

      2. 2.Amendment of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations

      3. 3.Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations

      4. 4.(1) Regulation 2 (interpretation) is amended in accordance with sub-paragraphs...

      5. 5.In regulation 3(9) (default arrangement) after the definition of “relevant...

      6. 6.After regulation 3 insert— Qualifying collective money purchase schemes (1) A relevant scheme is a “qualifying collective money purchase...

      7. 7.In the heading to Chapter 1 of Part 2 (default...

      8. 8.(1) Regulation 4 (restrictions on charges) is amended in accordance...

      9. 9.In the heading to regulation 5 (prohibited charge structures) after...

      10. 10.After regulation 5 insert— Prohibited charge structures – qualifying collective...

      11. 11.In the heading to regulation 6 (limits on charges) after...

      12. 12.After regulation 6 insert— Limits on charges – qualifying collective...

      13. 13.In the heading to regulation 7 (assessment of charges) after...

      14. 14.After regulation 7 insert— Assessment of charges – qualifying collective...

      15. 15.In the heading to regulation 8 (alternative assessment of charges)...

      16. 16.After regulation 8 insert— Alternative assessment of charges – qualifying...

      17. 17.In regulation 9 (member agreement for services)—

      18. 18.In regulation 10(1) (charge limits adjustment) after “relevant scheme” insert...

      19. 19.In regulation 11(5) (non-contributing members) in the definition of “relevant...

      20. 20.In regulation 11A (relevant information)— (a) in paragraph (1)—

      21. 21.In regulation 11B (relevant information) after paragraph (7) add—

      22. 22.In regulation 11C (member agreement for payments to advisers) for...

  11. Explanatory Note

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources