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
28 Schemes divided into sections
(1) Where an undivided scheme becomes a collective money purchase scheme that is divided into sections (a “divided scheme”), an authorisation previously granted in respect of the undivided scheme (the “existing authorisation”) applies to a section if— (a) that section of the divided scheme is a collective money purchase scheme by virtue of section 1(2)(b) of the Act (collective money purchase benefits and schemes), and (b) the rate or amounts by reference to which the qualifying benefits provided under that section of the divided scheme are provided each year under the scheme, and the expected adjustments to those rates or amounts, are the same as those provided for under the undivided scheme. (2) Where an undivided scheme becomes a divided scheme and there are two or more sections of that scheme to which paragraph (1) applies, the trustees of the undivided scheme must determine which section within the divided scheme the existing authorisation will apply to. (3) Where paragraph (2) applies, the trustees of the undivided scheme must, as soon as reasonably practicable, provide the Pensions Regulator with the following information— (a) the date from which the existing authorisation will apply to the section within the divided scheme, and (b) the name of the section within the divided scheme to which the existing authorisation will apply. (4) In this regulation, “undivided scheme” has the meaning given in section 5(2) of the Act (schemes divided into sections).
28 Schemes divided into sections
(1) Where an undivided scheme becomes a collective money purchase scheme that is divided into sections (a “divided scheme”), an authorisation previously granted in respect of the undivided scheme (the “existing authorisation”) applies to a section if— (a) that section of the divided scheme is a collective money purchase scheme by virtue of section 1(2)(b) of the Act (collective money purchase benefits and schemes), and (b) the rate or amounts by reference to which the qualifying benefits provided under that section of the divided scheme are provided each year under the scheme, and the expected adjustments to those rates or amounts, are the same as those provided for under the undivided scheme. (2) Where an undivided scheme becomes a divided scheme and there are two or more sections of that scheme to which paragraph (1) applies, the trustees of the undivided scheme must determine which section within the divided scheme the existing authorisation will apply to. (3) Where paragraph (2) applies, the trustees of the undivided scheme must, as soon as reasonably practicable, provide the Pensions Regulator with the following information— (a) the date from which the existing authorisation will apply to the section within the divided scheme, and (b) the name of the section within the divided scheme to which the existing authorisation will apply. (4) In this regulation, “undivided scheme” has the meaning given in section 5(2) of the Act (schemes divided into sections).
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