The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025

23 New Schedules - scheme proprietor accounts etc, business strategy, business plan and promotion or marketing: unconnected multiple employer schemes

After Schedule 1 (money purchase benefits) insert— Schedule 1A Unconnected Multiple Employer Schemes: Business Strategy Section 14(3C)(a)(ii) and (b) Part 1 Information which must be taken into account 1 The scheme’s latest accounts (if any). 2 The statement of investment principles (if any) prepared by the trustees of the scheme in accordance with section 35 of the Pensions Act 1995 (investment principles). 3 The latest accounts (if any) of the scheme proprietor provided to the Pensions Regulator under section 8 or section 26A. 4 The latest accounts of any undertaking, other than an unincorporated association, that partly or wholly funds the scheme proprietor, provided to the Pensions Regulator under section 8 or section 26A. Part 2 Matters which must be taken into account 5 The structure of the scheme and its target market, including any plans to acquire or merge with other schemes. 6 The robustness and prudence of any assumptions in the scheme’s business plan (see section 14A) about membership, contributions, income and costs. 7 The planned expenditure of the scheme, the purpose of the expenditure, and how it will be funded. 8 The terms, security and affordability of loans and other funding provided to the scheme, and the identity of each lender or other funding provider. 9 Information about the market in which the scheme operates or is to operate. 10 The experience and professional competence of the individuals involved in running the scheme. 11 Where a business plan has been revised as a result of a significant change to the information included in it (see section 14A(4)), the circumstances that led to the significant change. 12 Any provision made by the trustees and the scheme proprietor to fund contingent liabilities in respect of the scheme. Part 3 Information which may be taken into account 13 The scheme’s accounts, other than the latest accounts. 14 Any accounts of the scheme proprietor, and of any undertaking that partly or wholly funds the scheme proprietor, provided to the Pensions Regulator under section 8 or section 26A, other than the latest accounts. Schedule 1B Unconnected Multiple Employer Schemes: Business Plan - Information and Requirements Section 14A(2) Part 1 Information which must be included in a business plan General 1 The date by reference to which the information in the business plan is stated (the “effective date” of the plan) (see paragraph 26). 2 The period to which the business plan relates, to be no less than three years and no more than five years starting with the effective date of the plan. 3 In each case where estimates are provided in connection with a business plan— (a) any assumptions used in reaching those estimates, and (b) the circumstances in which, and the extent to which, the scheme’s actual membership, contributions, income and costs may vary from the estimates of those matters. 4 The name of the person who prepared the business plan. 5 A statement, signed by the trustees and the scheme proprietor, confirming— (a) that the scheme proprietor considers the business plan to give a true and fair representation of the matters to which it relates, and (b) that the business plan has been approved by the trustees. Information about the scheme 6 The name by which the scheme is known. 7 The name under which the scheme is registered under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 8 Any trading or brand name under which the scheme is promoted or marketed (if different from the names referred to in paragraphs 6 and 7). 9 The date when the scheme was established. 10 The address of the scheme’s office most recently notified to HM Revenue and Customs in connection with the scheme’s registration under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 11 The name of— (a) each trustee of the scheme, and (b) the scheme proprietor. 12 The name and address of any scheme administrator (within the meaning given by section 270 of the Finance Act 2004). 13 The number of participating employers. 14 The number of members, broken down into active members, deferred members, pension credit members and pensioner members (within the meanings given in section 124(1) of the Pensions Act 1995). 15 In the three years ending with the effective date of the plan— (a) the number of members joining the scheme, (b) the number of members transferring from the scheme, and (c) the number of members leaving the scheme. 16 The number given to the scheme when it was placed on the register of occupational and personal pension schemes compiled and maintained by the Pensions Regulator under section 59(1) of the Pensions Act 2004 (if the scheme has been so placed). 17 The reference number issued to the scheme by HM Revenue and Customs when the scheme was registered under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 18 The scheme’s objectives and its strategy for meeting them, including delivery milestones. Information about the scheme proprietor 19 Details of the succession planning in place in the event that— (a) any single undertaking that provides significant funding to the scheme proprietor ceases to do so, or (b) two or more undertakings that provide funding to the scheme proprietor which collectively is significant cease to do so. 20 A description of the activities (if any) carried out by the scheme proprietor which do not relate directly to the scheme. 21 The identity of any regulator (other than the Pensions Regulator) that regulates activities carried out by the scheme proprietor. 22 In paragraph 21 “regulator” means— (a) a person who has responsibility for, or oversight of, an area of activity by virtue of any legislation, or (b) a person in a country or territory outside the United Kingdom which exercises functions of a public nature corresponding or similar to functions of a person referred to in sub-paragraph (a). 23 A declaration as to the overall competence of the scheme proprietor, with particular reference to the experience, knowledge and professional qualifications of the individuals performing the functions of the scheme proprietor in the exercise of a management or executive role, and plans to improve that competence by way of continuous professional development or otherwise. Information following a triggering event 24 Where a triggering event has reduced the value of the financial resources of the scheme (see section 14A(4)(b)), the plans and timetable for restoring the scheme’s financial resources to a level likely to satisfy the Pensions Regulator that the scheme is financially sustainable. Part 2 Requirements relating to a business plan 25 A business plan must be— (a) in writing, and (b) in the format set out in a Code. 26 The information in the business plan must be correct as at the later of— (a) a date chosen by the scheme proprietor, but not earlier than six months before the date when the trustees of the scheme apply to the Pensions Regulator for authorisation, (b) where a business plan has been revised as a result of a review under section 14A(3), the date the review was completed, (c) where a business plan has been revised as a result of a significant change to the information included in it, the date on which the significant change occurred, and (d) where a business plan has been revised as a result of a triggering event reducing the value of the financial resources of the scheme, the earlier of— (i) one month after the date the triggering event occurred, and (ii) such date as the Pensions Regulator may notify to the scheme proprietor for the purposes of this paragraph. 27 If a revised business plan is provided in accordance with section 14A(6)(b) or (c) the plan must— (a) indicate the parts of it which have been revised, and (b) include a new statement in accordance with paragraph 5. 28 Paragraph 29 applies if— (a) a triggering event has occurred in relation to the scheme (see section 31), (b) the trustees are pursuing continuity option 1 or 2 (see sections 36 and 37), and (c) the Pensions Regulator has approved an implementation strategy relating to the scheme (see sections 39 and 40). 29 Where this paragraph applies, the Pensions Regulator may give notice to the scheme proprietor and the trustees of the scheme specifying that a revised business plan provided during the triggering event period (see section 32)— (a) must state that the circumstances described in paragraph 28(a) to (c) exist, and (b) need not— (i) contain the information specified in Part 1 or set out in a Code as described in section 14A(2)(a), or (ii) comply with any requirements set out in a Code as described in section 14A(2)(b). Schedule 1C Unconnected Multiple Employer Schemes: Promotion or Marketing Requirement Section 14D(1) and (2) Part 1 No promotion or marketing that is unclear or misleading without rectification Consistency 1 Whether information included in promotion or marketing of the scheme is consistent with the information included in— (a) the document prepared by the scheme actuary under regulation 33(3)(b) (soundness of scheme design) of the Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313) for the purposes of the viability report that is the most recent viability report at the time of the promotion or marketing; (b) the scheme’s investment strategy that is the most recent investment strategy at the time of the promotion or marketing; (c) the summary, if any, published most recently in relation to the scheme at the time of the promotion or marketing, in accordance with regulation 29B(2)(a) of, and paragraph 1A of Schedule 11 to, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734) (scheme design statement). Transparency 2 (1) Whether promotion or marketing of the scheme clearly and accurately explains, in accordance with any provision set out in a Code— (a) how the rate or amount of benefits provided to members under the scheme is determined, including supporting illustrations of what individual members might receive; (b) that performance of investments can fluctuate; (c) that the expected value of the rights to benefits is not guaranteed; (d) that the rate or amount of benefits provided to members under the scheme can fluctuate; (e) what would happen if the scheme becomes unable to continue to operate; (f) such other matters as may be set out in a Code. (2) Whether promotion or marketing of the scheme provides— (a) access to the summary, published most recently in relation to the scheme at the time of the promotion or marketing, in accordance with regulation 29B(2)(a) of, and paragraph 1A of Schedule 11 to, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (scheme design statement), or (b) where such a summary has not been published at the time of the promotion or marketing, information about where the summary will be published and the expected date of publication. Part 2 Promotion or marketing: systems and processes Quality assurance 3 Whether there are quality assurance checks to ensure that promotion or marketing of the scheme is clear and not misleading. Resource planning 4 Whether there are systems and processes for ensuring that there are sufficient individuals, with the relevant skills, knowledge, experience and capacity necessary to enable relevant functions to be carried out by or on behalf of the scheme— (a) in a manner that secures that promotion or marketing of the scheme is clear and not misleading, and (b) in accordance with the scheme’s systems and processes concerning promotion or marketing of the scheme. Feedback and complaints 5 Whether there are systems and processes— (a) for gathering feedback concerning promotion or marketing of the scheme; (b) for directing complaints concerning promotion or marketing of the scheme to the correct channels for resolution; (c) for evaluating feedback and complaints concerning promotion or marketing of the scheme and sharing such feedback and complaints with the scheme proprietor and the trustees of the scheme; (d) for taking into account feedback and complaints concerning promotion or marketing of the scheme in the design of promotion or marketing of the scheme; (e) for reporting to the scheme proprietor and the trustees as to how feedback and complaints have been taken into account in the design of promotion or marketing of the scheme. Functionality of IT systems 6 Whether the IT systems used for the purposes of record-keeping in respect of promotion or marketing of the scheme have the necessary capacity and capability to record and manage all documents relating to promotion or marketing of the scheme (including all documents relating to feedback and complaints) in an accessible form, and to retain those documents for at least six years. Risk management 7 Whether there are systems and processes for identifying, managing and monitoring risks in respect of promotion or marketing of the scheme. Governance 8 Whether there are systems and processes— (a) for the identification of roles and responsibilities in respect of the oversight of promotion or marketing of the scheme; (b) for the appointment of persons with sufficient skills, knowledge and experience to carry out those roles; (c) for setting clear objectives concerning promotion or marketing of the scheme and for monitoring whether those objectives are being met within the relevant timescales; (d) for documenting and reporting to the scheme proprietor and the trustees of the scheme matters relating to the oversight of promotion or marketing of the scheme; (e) for identifying and addressing any failures in the oversight of promotion or marketing of the scheme; (f) for ensuring that all persons carrying out relevant functions in relation to the scheme are aware of the requirement that promotion or marketing of the scheme is clear and not misleading. Interpretation of Part 2 9 In this Part “relevant functions” in relation to a scheme are— (a) the development, production, provision or review of materials relating to promotion or marketing of the scheme, (b) record-keeping in respect of promotion or marketing of the scheme, (c) quality assurance activities in respect of promotion or marketing of the scheme, and (d) any other functions, in respect of promotion or marketing of the scheme, set out in a Code. .