Pension Schemes Act 2021

81 Withdrawal of authorisation

(1) If the Pensions Regulator stops being satisfied that an authorised collective money purchase scheme meets the authorisation criteria, it may decide to withdraw the scheme’s authorisation.

(2) A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—

(a) explain that the issue of the notice is a triggering event (see section 82), and

(b) include an explanation of the trustees’ duties under sections 82 to 96.

(3) On withdrawal of a scheme’s authorisation, the Pensions Regulator must—

(a) notify the trustees that the scheme is no longer authorised, and

(b) remove the scheme from the list of authorised collective money purchase schemes.

(4) In this Part—

• “determination notice” has the meaning given in Article 93(2)(a) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));

• “special procedure” has the meaning given in Article 93 of that Order;

• “standard procedure” has the meaning given in Article 91 of that Order;

• “warning notice” has the meaning given in Article 91(2)(a) of that Order.