The Occupational Pension Schemes (Collective Money Purchase Schemes) (No. 2) Regulations (Northern Ireland) 2023

Winding-up commencement time

4.—(1) Where the trustees of a collective money purchase scheme are required to pursue continuity option 1 because a triggering event which is an item 1 or 2 triggering event has occurred in relation to the scheme, the winding-up commencement time must be on the date the decision to withdraw authorisation becomes final for the purposes of Part 2 of the 2021 Act (collective money purchase benefits: Northern Ireland).

(2) Where the trustees of a collective money purchase scheme are required to pursue continuity option 1 because a triggering event which is an item 3 triggering event has occurred in relation to the scheme, the winding-up commencement time must be on the date on which the Regulator gives a notification under section 58(3) of the 2021 Act (authorisation of collective money purchase schemes).

(3) Subject to sub-paragraphs (1) and (2), the winding-up commencement time shall be determined in accordance with paragraphs (4) to (7)(1) of Article 121 of the 1995 Order (interpretation of Part 2).

(1)

Paragraphs (4) to (7) were inserted by section 45(2) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 and amended by paragraph 63(3) and (4) of Schedule 10 to the Pensions (Northern Ireland) Order 2005