The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025
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Change 1
21 Interpretation of Part 1 of the Pension Schemes Act 2021
In section 49 (interpretation of Part 1)— (a) in subsection (1)— (i) before the definition of “administration charge” insert— “the accounts” of an unconnected multiple employer scheme means the accounts audited by the person appointed as auditor in relation to the scheme under section 47(1)(a) of the Pensions Act 1995 (professional advisers) (and see subsection (1A) below); ; (ii) after the definition of “authorisation criteria” insert— “chief financial officer”, in relation to an unconnected multiple employer scheme, means a person acting in a capacity in which that person has significant influence over either or both of the following— the management and use of financial resources of the scheme; business decisions relating to the commercial activities of the scheme; “chief investment officer”, in relation to an unconnected multiple employer scheme, means a person who— is acting in a capacity in which that person has significant influence over either or both of the following— the contents of the scheme’s investment strategy; the implementation, management and communication of the scheme’s investment strategy, but does not have that influence by virtue of a contract or other arrangement— under which services relating to investments are provided in relation to the scheme, and by virtue of which the scheme, or a person acting on behalf of the scheme, has the status of client or customer; “Code” means a code of practice issued by the Pensions Regulator under section 90 of the Pensions Act 2004; ; (iii) after the definition of “insolvency event” insert— “investment strategy”, in relation to an unconnected multiple employer scheme, means a document prepared by the trustees setting out the strategy for investing the assets that arise or derive from the payments made by or in respect of members of the scheme; ; (iv) after the definition of “the scheme actuary” insert— “the scheme proprietor”, in relation to an unconnected multiple employer scheme, has the meaning given in section 14B(3); ; (v) after the definition of “triggering event” insert— “undertaking” has the meaning given in section 1161 of the Companies Act 2006; “unincorporated association” means any body of persons unincorporate but does not include a partnership. ; (b) after subsection (1) insert— (1A) In relation to an unconnected multiple employer scheme which is a section of a qualifying scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the qualifying scheme as a whole. .
21 Interpretation of Part 1 of the Pension Schemes Act 2021
In section 49 (interpretation of Part 1)— (a) in subsection (1)— (i) before the definition of “administration charge” insert— “the accounts” of an unconnected multiple employer scheme means the accounts audited by the person appointed as auditor in relation to the scheme under section 47(1)(a) of the Pensions Act 1995 (professional advisers) (and see subsection (1A) below); ; (ii) after the definition of “authorisation criteria” insert— “chief financial officer”, in relation to an unconnected multiple employer scheme, means a person acting in a capacity in which that person has significant influence over either or both of the following— the management and use of financial resources of the scheme; business decisions relating to the commercial activities of the scheme; “chief investment officer”, in relation to an unconnected multiple employer scheme, means a person who— is acting in a capacity in which that person has significant influence over either or both of the following— the contents of the scheme’s investment strategy; the implementation, management and communication of the scheme’s investment strategy, but does not have that influence by virtue of a contract or other arrangement— under which services relating to investments are provided in relation to the scheme, and by virtue of which the scheme, or a person acting on behalf of the scheme, has the status of client or customer; “Code” means a code of practice issued by the Pensions Regulator under section 90 of the Pensions Act 2004; ; (iii) after the definition of “insolvency event” insert— “investment strategy”, in relation to an unconnected multiple employer scheme, means a document prepared by the trustees setting out the strategy for investing the assets that arise or derive from the payments made by or in respect of members of the scheme; ; (iv) after the definition of “the scheme actuary” insert— “the scheme proprietor”, in relation to an unconnected multiple employer scheme, has the meaning given in section 14B(3); ; (v) after the definition of “triggering event” insert— “undertaking” has the meaning given in section 1161 of the Companies Act 2006; “unincorporated association” means any body of persons unincorporate but does not include a partnership. ; (b) after subsection (1) insert— (1A) In relation to an unconnected multiple employer scheme which is a section of a qualifying scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the qualifying scheme as a whole. .
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