The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022

Amendments to the Occupational Pension Schemes (Modification of Schemes) Regulations 2006

12.—(1) The Occupational Pension Schemes (Modification of Schemes) Regulations 2006(1) are amended as follows—

(2) in regulation 1(3) (citation, commencement and interpretation)(2), in the appropriate places insert—

““collective money purchase scheme” means a scheme or a section of a scheme that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021;

“multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022;”;

(3) in regulation 3 (non-application of the subsisting rights provisions)(3)—

(a) at the end of sub-paragraph (i)(ii), for the second “or” substitute “;”;

(b) at the end of sub-paragraph (j)(ii), omit the full-stop and insert—

“(k) which is or results in an adjustment of the rate or amount of benefits provided under a collective money purchase scheme, provided that such adjustment is made in accordance with—

(i) the most recent actuarial valuation or (as the case may be) any multi-annual reduction in effect; and

(ii) the scheme rules; or

(l) which is made in respect of a collective money purchase scheme that is pursuing continuity option 1 in accordance with—

(i) Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022; or

(ii) scheme rules made in accordance with the requirements of that Schedule.”.

(1)

S.I. 2006/759.

(2)

Regulation 1 was amended by S.I. 2007/60, S.I. 2011/1246, S.I. 2012/1817 and S.I. 2015/493.

(3)

Regulation 3 was amended by S.I. 2011/1246, S.I. 2013/459, S.I. 2014/107, S.I. 2014/560, S.I. 2014/3229 and S.I. 2015/493.