PART 2Collective money purchase benefits: Northern Ireland

Triggering events and continuity options

83Triggering event periods

(1)

For the purposes of this Part, a “triggering event period” for a collective money purchase scheme is a period—

(a)

starting with the date on which a triggering event occurs in relation to the scheme, and

(b)

ending with the earliest of the dates given by subsection (2).

(2)

The dates are—

(a)

the date on which the trustees receive from the Pensions Regulator—

(i)

notification under section 88(4) that the Regulator is satisfied that the triggering event has been resolved, or

(ii)

notification under section 89(4) that the Regulator is satisfied that preparations for conversion to a closed scheme are complete and that the conversion will resolve the relevant events;

(b)

the date on which the scheme is wound up;

(c)

in the case of an item 1 or 2 triggering event (notice in respect of a decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be withdrawn.

(3)

For the purposes of subsection (2)(c), it becomes clear that authorisation is not to be withdrawn—

(a)

in the circumstances set out in relation to the event in the second column of the table in subsection (4), and

(b)

on the date given in relation to those circumstances in the third column of that table.

(4)

The table is—

Triggering event

Circumstances

Date

Item 1 (issue of warning notice under the standard procedure)

  1. 1.

    The Pensions Regulator makes a determination not to withdraw the scheme’s authorisation, and

  2. 2.

    there is no referral of the determination to the Tribunal within the time period allowed for doing so.

The date of the Pensions Regulator’s determination.

Item 2 (issue of determination notice under the special procedure)

  1. 1.

    On a review under Article 94 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), the Pensions Regulator makes a determination that the scheme’s authorisation should not be withdrawn, and

  2. 2.

    there is no referral of the determination to the Tribunal within the time period allowed for doing so.

The date of the Pensions Regulator’s determination.

Item 1 or 2

  1. 1.

    On a referral to the Tribunal of a determination by the Pensions Regulator, the Tribunal makes a determination the effect of which is that the scheme’s authorisation should not be withdrawn, and

  2. 2.

    either—

    1. (a)

      no appeal is brought against the Tribunal’s determination within the time period allowed for doing so, or

    2. (b)

      an appeal is brought within that time period but is later withdrawn.

The date of the Tribunal’s determination.

Item 1 or 2

The effect of an appeal against a determination by the Tribunal is that the scheme’s authorisation should not be withdrawn.

The date on which the appeal is finally disposed of.

(5)

In this section “the Tribunal” has the meaning given in—

(a)

Article 91(7) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), in a case where the standard procedure applies;

(b)

Article 94(13) of that Order, in a case where the special procedure applies.