SCHEDULE 3Collective money purchase benefits: minor and consequential amendments
Pensions Act 2004 (c. 35)
11
The Pensions Act 2004 is amended as follows.
12
“(i)
Part 1 of the Pension Schemes Act 2021.”
13
(1)
Section 90 (codes of practice) is amended as follows.
(2)
“(jc)
the process for making an application under Part 1 of the Pension Schemes Act 2021 for authorisation of a collective money purchase scheme;
(jd)
the matters that the Pensions Regulator expects to take into account in deciding whether it is satisfied that a pension scheme meets the authorisation criteria under that Part (see section 9 of the Pension Schemes Act 2021);”.
(3)
In subsection (6), in the definition of “the pensions legislation”—
(a)
omit the “or” at the end of paragraph (f);
(b)
“, or
(h)
Part 1 of the Pension Schemes Act 2021.”
14
(1)
Section 93(2) (regulatory functions of the Pensions Regulator) is amended as follows.
(2)
In paragraph (pa)—
(a)
after “strategy” insert “
for Master Trust scheme
”
;
(b)
omit the “and” at the end.
(3)
“(pb)
the power to give a direction under section 23(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),
(pc)
the power to give a notice under section 29(1) or (4) of that Act (risk notices),
(pd)
the power to give a direction under section 29(6) of that Act (direction to implement proposals in a resolution plan),
(pe)
the power to give a direction under section 39(4) of that Act (direction to submit implementation strategy), and”.
15
“(tg)
the power under section 30 of the Pension Schemes Act 2021 to withdraw authorisation of a collective money purchase scheme;
(th)
the power to make a pause order under section 44 of that Act;
(ti)
the power to make an order under paragraph 2(2) of Schedule 2 to that Act extending the period for which a pause order has effect;
(tj)
the power to make an order under paragraph 3 of that Schedule validating action taken in contravention of a pause order;
(tk)
the power to make an order under paragraph 4(3) of that Schedule directing the notification of members or employers;”.
16
“(1A)
Where a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.”
17
“(f)
an authorised collective money purchase scheme within the meaning of Part 1 of the Pension Schemes Act 2021.”
18
In section 254 (representative of non-European scheme to be treated as trustee), in subsection (3)—
(a)
omit the “or” at the end of paragraph (d);
(b)
“, or
(f)
Part 1 of the Pension Schemes Act 2021.”
19
In section 291 (duty of trustees or managers to act consistently with law of host member State), in subsection (4)—
(a)
omit the “or” at the end of paragraph (d);
(b)
“, or
(f)
Part 1 of the Pension Schemes Act 2021.”
20
In section 318 (general interpretation), in subsection (3)—
(a)
“(xiv)
regulations under section 18(4) of or paragraph 1(6) of Schedule 2 to the Pension Schemes Act 2021;
(xv)
sections 34, 39, 41, 42 and 45 of the Pension Schemes Act 2021;”;
(b)
“(xii)
sections 18(7)(b), 34(5), 39(6), 41(6), 42(2) and 45(5) of and paragraph 1(7) of Schedule 2 to the Pension Schemes Act 2021.”
21
“PART 4BFunctions under Part 1 of the Pension Schemes Act 2021
44H
The power to give a direction under section 23(2) (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme).
44I
The power to give a direction under section 29(6) (direction to implement proposals in a resolution plan).
44J
The power under section 30 to withdraw authorisation of a collective money purchase scheme.
44K
The power to give a direction under section 41(4) (direction to pursue a continuity option).
44L
The power to make a pause order under section 44.
44M
The power to make an order under paragraph 2(2) of Schedule 2 extending the period for which a pause order has effect.
44N
The power to make an order under paragraph 3 of Schedule 2 validating action taken in contravention of a pause order.
44O
The power to make an order under paragraph 4(3) of Schedule 2 directing the notification of members or employers.”