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

46 Significant events

(1) The following are significant events for the purposes of section 28 of the Act (duty to notify the Pensions Regulator of significant events)— (a) a proposal to change or add to the persons involved in the scheme in the capacities mentioned in section 11(2) of the Act (fit and proper persons requirement); (b) an individual who is involved in the scheme in a capacity mentioned in section 11(2) of the Act, or whose involvement in the scheme in that capacity has been suspended while the individual’s appointment is being considered— (i) is convicted of an offence; (ii) enters bankruptcy; (iii) has a County Court judgment registered, or in Scotland a decree of the Sheriff Court issued, against the individual; (iv) is sanctioned by a regulator other than the Pensions Regulator; (v) is disqualified as a company director; (vi) has been the subject of an adverse judgment or has reached a settlement in civil proceedings, including in connection with investment or other financial business, misconduct, fraud or the formation or management of a body corporate; (vii) has contravened any of the requirements or standards of a regulator, including the Pensions Regulator; (viii) has a change of circumstances, through ill health or otherwise, which materially impairs the individual’s ability to operate in a capacity mentioned in section 11(2) of the Act; (ix) has any other change of circumstances which the person required to give notice considers likely to affect the Pensions Regulator’s assessment under section 11 of the Act of whether the individual is a fit and proper person; (c) a significant change to the scheme’s investment strategy; (d) a proposal to change the design of the scheme including, but not limited to, the following— (i) a proposal that the scheme should become a closed scheme; (ii) where the scheme is a collective money purchase scheme by virtue of section 1(2)(a) of the Act (collective money purchase benefits and schemes) and the scheme is not divided into sections, a proposal for the scheme to become a scheme that is divided into sections; (e) where the scheme is a collective money purchase scheme by virtue of section 1(2)(b) of the Act, a proposal to provide qualifying benefits, or other benefits, under a new section of the qualifying scheme; (f) a failure to obtain a viability certificate in accordance with section 13(4) or (5) of the Act (viability report); (g) an event which, in the opinion of a person mentioned in section 28(2) of the Act (duty to notify the Pensions Regulator of significant events), undermines, or is likely to undermine, the soundness of the design of the scheme; (h) an event which has resulted or, in the opinion of a person mentioned in section 28(2) of the Act, is likely to result in the scheme being unable to meet the requirements of Part 3 of Schedule 3; (i) the scheme is unable or, in the opinion of a person mentioned in section 28(2) of the Act, is unlikely to be able to meet its running costs; (j) in the opinion of a person mentioned in section 28(2) of the Act, the scheme will be unable or is unlikely to be able, to meet the costs mentioned in section 14(2)(b) of the Act (financial sustainability requirement); (k) a failure of the systems or processes used in running the scheme which has a significant adverse effect on the security or quality of data or on service delivery; (l) a failure of the systems and processes for communicating with relevant persons which has a significant adverse effect on communications with relevant persons; (m) a proposal to make a significant change to the systems and processes used in running the scheme (including the systems and processes for communicating with relevant persons), including a change in who the persons are that are responsible for delivering key services to the scheme; (n) an investigation of the scheme, or of a person involved in the scheme, by a regulator or other competent authority inside or outside the United Kingdom; (o) a proposal to begin promotion or marketing of the scheme; (p) in the opinion of a person mentioned in section 28(2) of the Act, a person has carried out promotion or marketing of the scheme that is unclear or misleading; (q) a change that requires revision of a business plan under section 14A(4) of the Act (financial sustainability requirement: business plan); (r) a failure to meet a key milestone, target, estimate or assumption in the business plan; (s) the scheme is unable or unlikely to meet its liabilities on demand; (t) the scheme is unable or unlikely to meet the level of assets or liquidity agreed with the Pensions Regulator and set out in the business plan; (u) a change to the financial reporting period to be used in the accounts of the scheme or scheme proprietor; (v) an event which, in the opinion of a person mentioned in section 28(2) of the Act, undermines, or is likely to undermine, the ability of the trustees of the scheme to pursue continuity option 3 whenever they consider it appropriate to do so, should a triggering event occur (other than where section 34(3) of the Act requires the trustees to pursue continuity option 1). (2) In this regulation, the significant events listed in paragraph (1)(a), (c) to (e), (g), (h), (k) to (p) and (v) are specified significant events. (3) A person who is required to give notice of a specified significant event and who is aware of the specified further information relating to that event set out in paragraphs (4) to (11) as applicable, must provide the specified further information, in writing, to the Pensions Regulator, as soon as reasonably practicable. (4) Where the specified significant event is a proposal or a change mentioned in paragraph (1)(a), (c) to (e) or (m), the specified further information relating to that event is— (a) details of the proposal or change; (b) the reasons for the proposal or change; (c) the objectives of the proposal or change; (d) how the interests of members of the scheme have been taken into account. (5) Where the specified significant event is that an event mentioned in paragraph (1)(g) has occurred, the specified further information relating to that event is— (a) the nature of the event; (b) the reasons why the person mentioned in paragraph (1)(g) is of the opinion that the event undermines, or is likely to undermine, the soundness of the design of the scheme. (6) Where the specified significant event is that an event mentioned in paragraph (1)(h) has occurred, the specified further information relating to that event is— (a) the nature of the event; (b) if the person mentioned in paragraph (1)(h) is of the opinion that the event is likely to result in the scheme being unable to meet the requirements of Part 3 of Schedule 3, the reasons for this opinion. (7) Where the specified significant event is that a failure mentioned in paragraph (1)(k) or (l) has occurred, the specified further information relating to that event is— (a) the nature of the failure; (b) the contact details of the person with responsibility for addressing the effect of the failure. (8) Where the specified significant event is an investigation of the scheme, or of a person involved in the scheme, by a regulator or other competent authority inside or outside the United Kingdom, the specified further information relating to that event is— (a) the nature of the investigation; (b) the contact details of the regulator or other competent authority. (9) Where the specified significant event is a proposal mentioned in paragraph (1)(o), the specified further information relating to that event is— (a) the details of the proposal; (b) the reasons for the proposal; (c) the objectives of the proposal; (d) how the interests of the members of the scheme have been taken into account; (e) how it is proposed the authorisation criterion in section 9(3)(cb)(ii) of the Act (promotion and marketing systems and processes) will be met. (10) Where the specified significant event is that, in the opinion of a person mentioned in section 28(2) of the Act, the activity mentioned in paragraph (1)(p) has occurred, the specified further information relating to that event is— (a) the nature of the promotion or marketing; (b) the reasons why the person is of the opinion that the promotion or marketing is unclear or misleading. (11) Where the specified significant event is that an event mentioned in paragraph (1)(v) has occurred, the specified further information relating to that event is— (a) the nature of the event; (b) the reasons why the person mentioned in paragraph (1)(v) is of the opinion that the event undermines, or is likely to undermine, the ability of the trustees of the scheme to pursue continuity option 3 whenever they consider it appropriate to do so, should a triggering event occur.