Search Legislation

Pension Schemes Act 2021

Status:

This is the original version (as it was originally enacted).

60Decision on application

This section has no associated Explanatory Notes

(1)Where an application is made for authorisation of a collective money purchase scheme under section 59, the Pensions Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.

(2)The Pensions Regulator must make that decision within the period of six months beginning with the day on which the Pensions Regulator received the application.

(3)The authorisation criteria are—

(a)that the persons involved in the scheme are fit and proper persons (see section 62),

(b)that the design of the scheme is sound (see section 63),

(c)that the scheme is financially sustainable (see section 65),

(d)that the scheme has adequate systems and processes for communicating with members and others (see section 66),

(e)that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 67), and

(f)that the scheme has an adequate continuity strategy (see section 68).

(4)If the Pensions Regulator is satisfied that the collective money purchase scheme meets the authorisation criteria, it must—

(a)grant the authorisation,

(b)notify the applicant of its decision, and

(c)add the scheme to its list of authorised collective money purchase schemes (see section 77).

(5)If the Pensions Regulator is not satisfied that the collective money purchase scheme meets the authorisation criteria, it must—

(a)refuse to grant the authorisation, and

(b)notify the applicant of its decision.

(6)A notification under subsection (5)(b) must also include—

(a)the reasons for the decision, and

(b)details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 61).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

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

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

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

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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

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 enacted 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