PART 1Collective money purchase benefits
Authorisation
9Decision on application
1
Where an application is made for authorisation of a collective money purchase scheme under section 8, 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 11),
b
that the design of the scheme is sound (see section 12),
c
that the scheme is financially sustainable (see section 14),
d
that the scheme has adequate systems and processes for communicating with members and others (see section 15),
e
that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 16), and
f
that the scheme has an adequate continuity strategy (see section 17).
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 26).
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 10).