PART 2Collective money purchase benefits: Northern Ireland
Triggering events and continuity options
82Triggering events
1
A triggering event occurs in relation to a collective money purchase scheme if an event within the second column of the triggering events table occurs in relation to it, subject to subsection (2).
2
An event within any of items 4 to 9 of the triggering events table is not a triggering event in relation to a collective money purchase scheme if it occurs within an existing triggering event period for the scheme (see section 83).
3
A triggering event occurs on the date specified in relation to the event in the third column of the triggering events table.
4
For the purposes of this Part “the triggering events table” is—
Item | Triggering event | Date event occurs |
---|---|---|
1. | The Pensions Regulator issues a warning notice under the standard procedure in respect of a decision to withdraw the scheme’s authorisation. | The date on which the notice is issued. |
2. | The Pensions Regulator issues a determination notice under the special procedure in respect of a decision to withdraw the scheme’s authorisation. | The date on which the notice is issued. |
3. | The Pensions Regulator gives a notification under section 58(3) (scheme not authorised). | The date on which the notification is given. |
4. | An insolvency event occurs in relation to an employer or a relevant former employer. | The date on which the insolvency event occurs. |
5. | An employer or a relevant former employer becomes unlikely to continue as a going concern, where the employer or relevant former employer is a person or body of a kind that meets the requirements prescribed under Article 113(1)(b) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)). | The earlier of—
|
6. | A person who has power to do so under the provisions of the scheme decides that the scheme should be wound up. | The date of the decision. |
7. | An event occurs that is required or permitted by the provisions of the scheme to result in the winding up of the scheme. | The date on which the event occurs. |
8. | A person who has power to do so under the provisions of the scheme decides that the scheme should become a closed scheme. | The date of the decision. |
9. | An event occurs that is required or permitted by the provisions of the scheme to result in the scheme becoming a closed scheme. | The date on which the event occurs. |
5
In this Part—
“item 1 triggering event” means an event falling within item 1 of the triggering events table (and similar references using other item numbers are to be read accordingly);
“relevant former employer”, in relation to a collective money purchase scheme, means a person who has ceased to be an employer in relation to the scheme but who—
- a
is subject to an actual or contingent obligation to contribute financially to the scheme, whether by making contributions towards the costs of running the scheme or otherwise, or
- b
has power to take a decision about the operation of the scheme, either alone or with other persons who are or have been employers in relation to the scheme.
- a
6
In this section “closed”, in relation to a collective money purchase scheme, means closed to new contributions or new members (or both).