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The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023

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Changes over time for: Paragraph 2

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Version Superseded: 27/03/2024

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Status:

Point in time view as at 29/09/2023.

Changes to legislation:

There are currently no known outstanding effects for the The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023, Paragraph 2. Help about Changes to Legislation

This section has no associated Explanatory Memorandum

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—N.I.

(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.

Commencement Information

I1Sch. 2 para. 2 in operation at 29.9.2023, see reg. 1

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