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
4 Application for authorisation: unconnected multiple employer schemes
In section 8 (application for authorisation)— (a) at the end of subsection (3)(a) omit “and”; (b) after subsection (3)(a) insert— (aa) where the scheme is an unconnected multiple employer scheme— (i) the scheme’s business plan (see section 14A), (ii) the scheme’s latest accounts (if any), (iii) the latest accounts (if any) of the scheme proprietor (see section 14B), prepared and audited as individual accounts in accordance with the applicable requirements, and (iv) the latest accounts of any undertaking, other than an unincorporated association, that partly or wholly funds the scheme proprietor, prepared and audited as individual accounts in accordance with the applicable requirements, and . (c) after subsection (3) insert— (3A) For the purposes of subsection (3)(aa)(iii) and (iv) accounts of a scheme proprietor or (as the case may be) an undertaking are prepared and audited as individual accounts in accordance with the applicable requirements if the accounts are prepared and audited in accordance with the requirements of the law by which the scheme proprietor or the undertaking is governed, ignoring any provision of that law— (a) that relates to the preparation or audit of group accounts; (b) that provides for accounts to be prepared or audited differently (or not at all) if the scheme proprietor or the undertaking— (i) does not exceed a certain size (by reference to turnover, balance sheet total, number of employees or otherwise), or (ii) is a subsidiary of another entity. (3B) If (notwithstanding subsection (3A)(a) and (b)) the law by which a scheme proprietor or undertaking is governed does not impose any requirements in relation to the preparation of the accounts of the scheme proprietor or undertaking, or the audit of those accounts, subsection (3A) is to apply as if the scheme proprietor or undertaking were subject to the requirements of Part 15 (accounts), or (as the case may be) Part 16 (audit), of the Companies Act 2006 with any modifications necessary to take account of the nature and structure of the scheme proprietor or undertaking (and ignoring any provision of that Act that falls within subsection (3A)(a) or (b)). (3C) In subsection (3A)(a) “group accounts” means accounts prepared under— (a) section 399 of the Companies Act 2006, or (b) any corresponding or similar provision (including a provision of the law of a territory outside the United Kingdom). .
4 Application for authorisation: unconnected multiple employer schemes
In section 8 (application for authorisation)— (a) at the end of subsection (3)(a) omit “and”; (b) after subsection (3)(a) insert— (aa) where the scheme is an unconnected multiple employer scheme— (i) the scheme’s business plan (see section 14A), (ii) the scheme’s latest accounts (if any), (iii) the latest accounts (if any) of the scheme proprietor (see section 14B), prepared and audited as individual accounts in accordance with the applicable requirements, and (iv) the latest accounts of any undertaking, other than an unincorporated association, that partly or wholly funds the scheme proprietor, prepared and audited as individual accounts in accordance with the applicable requirements, and . (c) after subsection (3) insert— (3A) For the purposes of subsection (3)(aa)(iii) and (iv) accounts of a scheme proprietor or (as the case may be) an undertaking are prepared and audited as individual accounts in accordance with the applicable requirements if the accounts are prepared and audited in accordance with the requirements of the law by which the scheme proprietor or the undertaking is governed, ignoring any provision of that law— (a) that relates to the preparation or audit of group accounts; (b) that provides for accounts to be prepared or audited differently (or not at all) if the scheme proprietor or the undertaking— (i) does not exceed a certain size (by reference to turnover, balance sheet total, number of employees or otherwise), or (ii) is a subsidiary of another entity. (3B) If (notwithstanding subsection (3A)(a) and (b)) the law by which a scheme proprietor or undertaking is governed does not impose any requirements in relation to the preparation of the accounts of the scheme proprietor or undertaking, or the audit of those accounts, subsection (3A) is to apply as if the scheme proprietor or undertaking were subject to the requirements of Part 15 (accounts), or (as the case may be) Part 16 (audit), of the Companies Act 2006 with any modifications necessary to take account of the nature and structure of the scheme proprietor or undertaking (and ignoring any provision of that Act that falls within subsection (3A)(a) or (b)). (3C) In subsection (3A)(a) “group accounts” means accounts prepared under— (a) section 399 of the Companies Act 2006, or (b) any corresponding or similar provision (including a provision of the law of a territory outside the United Kingdom). .
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