Pension Schemes Act 2021
Pension Schemes Act 2021 (2021 c. 1)
- Pension Schemes Act 2021 (2021 c. 1)
- PART 1 Collective money purchase benefits
- Definitions
- 1 Collective money purchase benefits and schemes
- 2 Qualifying benefits
- 3 Qualifying schemes
- 4 Qualifying schemes: supplementary
- 5 Schemes divided into sections
- 6 Amendment of definitions of “money purchase benefits” etc
- Authorisation
- 7 Authorisation of collective money purchase schemes
- 8 Application for authorisation
- 9 Decision on application
- 9A Commencement of operation of an unconnected multiple employer scheme
- 10 Reference to Tribunal of refusal to grant authorisation
- Authorisation criteria
- 11 Fit and proper persons requirement
- 12 Scheme design requirement
- 13 Viability report
- 14 Financial sustainability requirement
- 14A Unconnected multiple employer schemes: financial sustainability requirement - business plan
- 14B Unconnected multiple employer schemes: scheme proprietor
- 14C Unconnected multiple employer schemes: scheme proprietor requirements
- 14D Unconnected multiple employer schemes: promotion or marketing requirement
- 15 Communication requirement
- 16 Systems and processes requirements
- 17 Continuity strategy requirement
- 17A Unconnected multiple employer schemes: ability to pursue continuity option 3
- Valuation and benefit adjustment
- 18 Calculation of benefits
- 19 Advice of scheme actuary
- 20 Actuarial valuations
- 21 Certificate that actuarial valuation prepared in accordance with scheme rules
- 22 Benefits adjustments
- 23 Powers of the Pensions Regulator
- Members' rights
- 24 Rules about modifying schemes
- 25 Transfer rights
- Ongoing supervision
- 26 List of authorised schemes
- 26A Unconnected multiple employer schemes: requirement to submit annual accounts
- 27 Requirement to submit supervisory return
- 28 Duty to notify the Pensions Regulator of significant events
- 29 Risk notices
- 30 Withdrawal of authorisation
- Triggering events and continuity options
- 31 Triggering events
- 32 Triggering event periods
- 33 Notification of triggering events
- 34 Continuity options
- 35 When a decision to withdraw authorisation becomes final
- 36 Continuity option 1: discharge of liabilities and winding up
- 37 Continuity option 2: resolving triggering event
- 38 Continuity option 3: conversion to closed scheme
- 39 Implementation strategy
- 40 Approval of implementation strategy
- 41 Trustees' duties once implementation strategy approved
- 42 Prohibition on winding up except in accordance with continuity option 1
- 43 Periodic reporting requirements
- 44 Pause orders
- 45 Prohibition on increasing charges etc during triggering event period
- Publication of information
- 46 Publication of information
- Powers to make further provision
- 47 Powers to extend definition of qualifying schemes
- Supplementary
- 48 Minor and consequential amendments
- 49 Interpretation of Part 1
- 50 Index of defined expressions
- 51 Regulations
- PART 2 Collective money purchase benefits: Northern Ireland
- Definitions
- 52 Collective money purchase benefits and schemes
- 53 Qualifying benefits
- 54 Qualifying schemes
- 55 Qualifying schemes: supplementary
- 56 Schemes divided into sections
- 57 Amendment of definitions of “money purchase benefits” etc
- Authorisation
- 58 Authorisation of collective money purchase schemes
- 59 Application for authorisation
- 60 Decision on application
- 60A Failure of unconnected multiple employer schemes to commence operation
- 61 Reference to Tribunal of refusal to grant authorisation
- Authorisation criteria
- 62 Fit and proper persons requirement
- 63 Scheme design requirement
- 64 Viability report
- 65 Financial sustainability requirement
- 65A Unconnected multiple employer schemes: business plan
- 65B Unconnected multiple employer schemes: single scheme proprietor
- 65C Unconnected multiple employer schemes: scheme proprietor requirements
- 65D Unconnected multiple employer schemes: promotion or marketing requirement
- 66 Communication requirement
- 67 Systems and processes requirements
- 68 Continuity strategy requirement
- 68A Unconnected multiple employer schemes: ability to pursue continuity option 3
- Valuation and benefit adjustment
- 69 Calculation of benefits
- 70 Advice of scheme actuary
- 71 Actuarial valuations
- 72 Certificate that actuarial valuation prepared in accordance with scheme rules
- 73 Benefits adjustments
- 74 Powers of the Pensions Regulator
- Members' rights
- 75 Rules about modifying schemes
- 76 Transfer rights
- Ongoing supervision
- 77 List of authorised schemes
- 77A Unconnected multiple employer schemes: annual accounts
- 78 Requirement to submit supervisory return
- 79 Duty to notify the Pensions Regulator of significant events
- 80 Risk notices
- 81 Withdrawal of authorisation
- Triggering events and continuity options
- 82 Triggering events
- 83 Triggering event periods
- 84 Notification of triggering events
- 85 Continuity options
- 86 When a decision to withdraw authorisation becomes final
- 87 Continuity option 1: discharge of liabilities and winding up
- 88 Continuity option 2: resolving triggering event
- 89 Continuity option 3: conversion to closed scheme
- 90 Implementation strategy
- 91 Approval of implementation strategy
- 92 Trustees' duties once implementation strategy approved
- 93 Prohibition on winding up except in accordance with continuity option 1
- 94 Periodic reporting requirements
- 95 Pause orders
- 96 Prohibition on increasing charges etc during triggering event period
- Publication of information
- 97 Publication of information
- Powers to make further provision
- 98 Powers to extend definition of qualifying schemes
- Supplementary
- 99 Minor and consequential amendments
- 100 Interpretation of Part 2
- 101 Index of defined expressions
- 102 Regulations
- PART 3 The Pensions Regulator
- Contribution notices where avoidance of employer debt etc
- 103 Grounds for issuing a section 38 contribution notice
- 104 Reasonableness of issuing a contribution notice
- 105 Determination of sum specified in a contribution notice
- 106 Sanctions for failure to comply with a contribution notice
- Sanctions for avoidance of employer debt etc
- 107 Sanctions for avoidance of employer debt etc
- Collecting information
- 108 Duty to notify the Regulator of certain events
- 109 Duty to give notices and statements to the Regulator in respect of certain events
- Gathering information
- 110 Interviews
- 111 Inspection of premises
- 112 Fixed penalty notices and escalating penalty notices
- Provision of false or misleading information
- 113 Provision of false or misleading information to Regulator
- 114 Provision of false or misleading information to trustees or managers
- Financial penalties
- 115 Financial penalties
- Supplementary
- 116 Minor and consequential amendments
- Northern Ireland
- 117 The Pensions Regulator: Northern Ireland
- PART 4 Pensions dashboards
- 118 Qualifying pensions dashboard service
- 119 Information from occupational pension schemes
- 120 Pensions dashboards: Northern Ireland
- 121 Information from personal and stakeholder pension schemes
- 122 The Money and Pensions Service: the pensions guidance function
- PART 5 Further provision relating to pension schemes
- Scheme funding
- 123 Funding of defined benefit schemes
- Climate change risk
- 124 Climate change risk
- Transfer rights
- 125 Exercise of right to cash equivalent
- The Pension Protection Fund
- 126 Modification of provisions relating to pensionable service
- Administration charges
- 127 Administration charges
- Categories of pension schemes
- 128 Pension Schemes Act 2015: repeals
- Northern Ireland
- 129 Further provision relating to pension schemes: Northern Ireland
- PART 6 Final
- 130 Extent
- 131 Commencement
- 132 Short title
- SCHEDULES
- SCHEDULE 1 Money purchase benefits
- Building Societies Act 1986 (c. 53)
- Pension Schemes Act 1993 (c. 48)
- Pensions Act 2008 (c. 30)
- Schedule 1A Unconnected Multiple Employer Schemes: Business Strategy
- Part 1 Information which must be taken into account
- Part 2 Matters which must be taken into account
- Part 3 Information which may be taken into account
- Schedule 1B Unconnected Multiple Employer Schemes: Business Plan - Information and Requirements
- Part 1 Information which must be included in a business plan
- General
- Information about the scheme
- Information about the scheme proprietor
- Information following a triggering event
- Part 2 Requirements relating to a business plan
- Schedule 1C Unconnected Multiple Employer Schemes: Promotion or Marketing Requirement
- Part 1 No promotion or marketing that is unclear or misleading without rectification
- Consistency
- Transparency
- Part 2 Promotion or marketing: systems and processes
- Quality assurance
- Resource planning
- Feedback and complaints
- Functionality of IT systems
- Risk management
- Governance
- Interpretation of Part 2
- SCHEDULE 2 Pause orders
- Consequences of a pause order
- Period of effect etc of pause order
- Validation of action in contravention of pause order
- Notification of trustees, employers and members
- Supplementary
- SCHEDULE 3 Collective money purchase benefits: minor and consequential amendments
- Pension Schemes Act 1993 (c. 48)
- Pensions Act 1995 (c. 26)
- Pensions Act 2004 (c. 35)
- Pensions Act 2008 (c. 30)
- Pensions Act 2014 (c. 19)
- SCHEDULE 4 Money purchase benefits: Northern Ireland
- Building Societies Act 1986 (c. 53)
- Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
- SCHEDULE 4A UNCONNECTED MULTIPLE EMPLOYER SCHEMES: BUSINESS STRATEGY
- PART 1 Information which must be taken into account
- PART 2 Matters which must be taken into account
- PART 3 Information which may be taken into account
- SCHEDULE 4B UNCONNECTED MULTIPLE EMPLOYER SCHEMES: BUSINESS PLAN - INFORMATION AND REQUIREMENTS
- PART 1 Information which must be included in a business plan
- General
- Information about the scheme
- Information about the scheme proprietor
- Information following a triggering event
- PART 2 Requirements relating to a business plan
- SCHEDULE 4C UNCONNECTED MULTIPLE EMPLOYER SCHEMES: PROMOTION OR MARKETING REQUIREMENT
- PART 1 No promotion or marketing that is unclear or misleading without rectification
- Consistency
- Transparency
- PART 2 Promotion or marketing: systems and processes
- Quality assurance
- Resource planning
- Feedback and complaints
- Functionality of IT systems
- Risk management
- Governance
- Interpretation of Part 2
- SCHEDULE 5 Pause orders: Northern Ireland
- Consequences of a pause order
- Period of effect etc of pause order
- Validation of action in contravention of pause order
- Notification of trustees, employers and members
- Supplementary
- SCHEDULE 6 Collective money purchase benefits: minor and consequential amendments for Northern Ireland
- Pension Schemes (Northern Ireland) Act 1993 (c. 49)
- Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
- Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
- Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
- Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))
- SCHEDULE 7 The Pensions Regulator: minor and consequential amendments
- Pensions Act 1995 (c. 26)
- Pensions Act 2004 (c. 35)
- Pensions Act 2008 (c. 30)
- Pension Schemes Act 2017 (c. 17)
- SCHEDULE 8 The Pensions Regulator: Northern Ireland
- PART 1 Amendments of the Pensions (Northern Ireland) Order 2005
- Introductory
- Grounds for issuing an Article 34 contribution notice
- Reasonableness of issuing contribution notice
- Determination of sum specified in a contribution notice
- Sanctions for failure to comply with a contribution notice
- Sanctions for avoidance of employer debt etc
- Duty to notify the Regulator of certain events
- Duty to give notices and statements to the Regulator in respect of certain events
- Interviews
- Inspection of premises
- Fixed penalty notices and escalating penalty notices
- Provision of false or misleading information to Regulator
- Provision of false or misleading information to trustees or managers
- Financial penalties
- PART 2 Minor and consequential amendments
- Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
- Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))
- Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.))
- SCHEDULE 9 Pensions dashboards: Northern Ireland
- Introductory
- Qualifying pensions dashboard service
- Information from occupational pension schemes
- Admissibility of statements
- Assembly control of regulations
- The Pensions Regulator: delegation
- SCHEDULE 10 Funding of defined benefit schemes
- PART 1 Amendments of Part 3 of the Pensions Act 2004
- PART 2 Minor and consequential amendments
- SCHEDULE 11 Further provision relating to pension schemes: Northern Ireland
- PART 1 Funding of defined benefit schemes
- Amendments of Part 4 of the Pensions (Northern Ireland) Order 2005
- Minor and consequential amendments
- PART 2 Other provision
- Climate change risk
- Transfer rights: exercise of right to cash equivalent
- The Pension Protection Fund: modification of provisions relating to pensionable service
- Administration charges
- Categories of pension schemes: repeal of provisions of Pension Schemes Act (Northern Ireland) 2016
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