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
26 Interpretation and notices
(1) In this Part— “the Act” means the Pension Schemes Act 2021; “active member” has the meaning given in section 124(1) of the Pensions Act 1995; “additional charge” means an administration charge for advice, information or a service provided to a member, including where the member requests a transfer to another pension scheme; “the available assets of the scheme” has the meaning given in section 2(2) of the Act; “beneficiary”, in relation to an unconnected multiple employer scheme, means— a member of the scheme, or a person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member; “body corporate” has the meaning given in section 1173(1) of the Companies Act 2006; “central estimate” means an estimate that is not deliberately either optimistic or pessimistic, does not include any margin for prudence and does not incorporate adjustments to reflect the desired outcome; “closed”, in relation to an unconnected multiple employer scheme, means closed to new contributions or new members (or both); “consumer prices index” means the consumer prices index calculated and published by the Office for National Statistics; “continuity option” means one of the continuity options listed in section 34(2) of the Act; “continuity strategy” has the meaning given in section 17(2) of the Act; “effective date” has the meaning given in section 20(6)(a) of the Act; “multi-annual reduction” means an arrangement permitted under the scheme rules under which the trustees apply a reduction to the rate or amount of benefits provided under the scheme over multiple years following an actuarial valuation; “relevant person” means a person falling within section 15(3) of the Act; “the required amount” has the meaning given in section 2(2) of the Act; “scheme year” means— a year specified for the purposes of the scheme in any document comprising the scheme, or if no such year is specified, a period of 12 months beginning on 1st April or on such other date as the trustees of the scheme select; “service provider” means a person providing advisory, administration, investment or other services in respect of the scheme; “survivor” has the meaning given in section 67A(10)(a) of the Pensions Act 1995; “third-party charge” means any administration charge imposed on or in respect of a member by a person other than the trustees of the scheme; “viability certificate” has the meaning given in section 13(1)(b) of the Act; “viability report” has the meaning given in section 13(1)(a) of the Act. (2) Except where paragraph 1 of Schedule 6 provides otherwise, sections 303 (service of notifications and other documents) and 304 (notification and documents in electronic form) of the Pensions Act 2004 are treated as applying where provision made, in whatever terms, by or under Part 1 of the Act authorises or requires a notice or notification to be given to a person in respect of an unconnected multiple employer scheme.
26 Interpretation and notices
(1) In this Part— “the Act” means the Pension Schemes Act 2021; “active member” has the meaning given in section 124(1) of the Pensions Act 1995; “additional charge” means an administration charge for advice, information or a service provided to a member, including where the member requests a transfer to another pension scheme; “the available assets of the scheme” has the meaning given in section 2(2) of the Act; “beneficiary”, in relation to an unconnected multiple employer scheme, means— a member of the scheme, or a person who has survived a member of the scheme and has an entitlement to benefits, or a right to future benefits, under the scheme rules in respect of the member; “body corporate” has the meaning given in section 1173(1) of the Companies Act 2006; “central estimate” means an estimate that is not deliberately either optimistic or pessimistic, does not include any margin for prudence and does not incorporate adjustments to reflect the desired outcome; “closed”, in relation to an unconnected multiple employer scheme, means closed to new contributions or new members (or both); “consumer prices index” means the consumer prices index calculated and published by the Office for National Statistics; “continuity option” means one of the continuity options listed in section 34(2) of the Act; “continuity strategy” has the meaning given in section 17(2) of the Act; “effective date” has the meaning given in section 20(6)(a) of the Act; “multi-annual reduction” means an arrangement permitted under the scheme rules under which the trustees apply a reduction to the rate or amount of benefits provided under the scheme over multiple years following an actuarial valuation; “relevant person” means a person falling within section 15(3) of the Act; “the required amount” has the meaning given in section 2(2) of the Act; “scheme year” means— a year specified for the purposes of the scheme in any document comprising the scheme, or if no such year is specified, a period of 12 months beginning on 1st April or on such other date as the trustees of the scheme select; “service provider” means a person providing advisory, administration, investment or other services in respect of the scheme; “survivor” has the meaning given in section 67A(10)(a) of the Pensions Act 1995; “third-party charge” means any administration charge imposed on or in respect of a member by a person other than the trustees of the scheme; “viability certificate” has the meaning given in section 13(1)(b) of the Act; “viability report” has the meaning given in section 13(1)(a) of the Act. (2) Except where paragraph 1 of Schedule 6 provides otherwise, sections 303 (service of notifications and other documents) and 304 (notification and documents in electronic form) of the Pensions Act 2004 are treated as applying where provision made, in whatever terms, by or under Part 1 of the Act authorises or requires a notice or notification to be given to a person in respect of an unconnected multiple employer scheme.
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