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
Schedule 2 Scheme design requirement
Regulations 32, 33(1), 34(1) Part 1 Matters that the Pensions Regulator must take into account 1 The Pensions Regulator must take into account the following matters in deciding whether it is satisfied that the design of an unconnected multiple employer scheme is sound— (a) the information or documents mentioned in regulation 33(3) that are provided to the Pensions Regulator in accordance with section 13(6) of the Act (viability report); (b) whether the Pensions Regulator is satisfied that the rules of the scheme meet— (i) the requirements of section 18 of the Act (calculation of benefits), and (ii) the requirements of regulation 40; (c) whether the Pensions Regulator is satisfied that the conclusions reached by— (i) the trustees as provided for in paragraph 8(1)(b) and (c); (ii) the scheme actuary on the matters in regulation 34(2), as set out in the viability report and viability certificate, are justified; (d) whether the Pensions Regulator considers that— (i) the contents of the viability report, (ii) the contents of the viability certificate, and (iii) the information provided to the Pensions Regulator concerning the testing or modelling used for the purposes of determining whether the design of the scheme is sound, are sufficiently comprehensive in order to enable the Pensions Regulator to decide whether it is satisfied that the design of the scheme is sound. Part 2 Information that must be included in a viability report General 2 The date which has been chosen in respect of the viability report in accordance with regulation 33(6). 3 The name and contact details of the person to be contacted in respect of the viability report. 4 A statement, signed by the trustees, confirming that— (a) in their opinion, the design of the scheme is sound; (b) the viability report has been approved by the trustees. 5 Where the viability report is required to be provided to the Pensions Regulator in accordance with section 13(6)(a) of the Act (on applying for authorisation), a statement, signed by the scheme proprietor, confirming that the viability report has been approved by the scheme proprietor. 6 A statement, signed by the scheme actuary, confirming that, to the extent that the viability report refers to actuarial matters, the scheme actuary is satisfied that those references accurately reflect those matters in respect of the scheme. 7 The name of the scheme in respect of which the viability report has been prepared. Information about the design of the scheme 8 (1) An explanation of— (a) the design of the scheme; (b) the reasons why the trustees consider the design of the scheme to be sound and the evidence on which this consideration is based; (c) what changes to the investment strategy the trustees consider would be changes that result in qualifying benefits in respect of which— (i) the rates or amounts by reference to which the qualifying benefits are provided each year under the scheme are materially different, or (ii) the expected adjustments to those rates or amounts are materially different. (2) The evidence referred to in sub-paragraph (1)(b) must include— (a) the document prepared by the scheme actuary for the purposes of regulation 33(3)(b); (b) the scheme’s investment strategy. 9 The explanation required by paragraph 8(1) must include an explanation as to why the trustees are satisfied that the rules of the scheme meet— (a) the requirements of section 18 of the Act (calculation of benefits); (b) the requirements of regulation 40. Part 3 Information that must be included in a viability certificate 10 The date which has been agreed in respect of the viability certificate in accordance with regulation 34(9). 11 The name and contact details of the scheme actuary. 12 The name of the scheme in respect of which the viability certificate is being obtained. 13 A statement, signed by the scheme actuary, confirming that— (a) in the scheme actuary’s opinion, the design of the scheme is sound; (b) when providing the viability certificate, the scheme actuary— (i) has had regard to the matters specified in regulation 34(2), as applicable, and (ii) is satisfied that the scheme has rules that meet the requirements of section 18 of the Act (calculation of benefits) and the requirements of regulation 40.
Schedule 2 Scheme design requirement
Regulations 32, 33(1), 34(1) Part 1 Matters that the Pensions Regulator must take into account 1 The Pensions Regulator must take into account the following matters in deciding whether it is satisfied that the design of an unconnected multiple employer scheme is sound— (a) the information or documents mentioned in regulation 33(3) that are provided to the Pensions Regulator in accordance with section 13(6) of the Act (viability report); (b) whether the Pensions Regulator is satisfied that the rules of the scheme meet— (i) the requirements of section 18 of the Act (calculation of benefits), and (ii) the requirements of regulation 40; (c) whether the Pensions Regulator is satisfied that the conclusions reached by— (i) the trustees as provided for in paragraph 8(1)(b) and (c); (ii) the scheme actuary on the matters in regulation 34(2), as set out in the viability report and viability certificate, are justified; (d) whether the Pensions Regulator considers that— (i) the contents of the viability report, (ii) the contents of the viability certificate, and (iii) the information provided to the Pensions Regulator concerning the testing or modelling used for the purposes of determining whether the design of the scheme is sound, are sufficiently comprehensive in order to enable the Pensions Regulator to decide whether it is satisfied that the design of the scheme is sound. Part 2 Information that must be included in a viability report General 2 The date which has been chosen in respect of the viability report in accordance with regulation 33(6). 3 The name and contact details of the person to be contacted in respect of the viability report. 4 A statement, signed by the trustees, confirming that— (a) in their opinion, the design of the scheme is sound; (b) the viability report has been approved by the trustees. 5 Where the viability report is required to be provided to the Pensions Regulator in accordance with section 13(6)(a) of the Act (on applying for authorisation), a statement, signed by the scheme proprietor, confirming that the viability report has been approved by the scheme proprietor. 6 A statement, signed by the scheme actuary, confirming that, to the extent that the viability report refers to actuarial matters, the scheme actuary is satisfied that those references accurately reflect those matters in respect of the scheme. 7 The name of the scheme in respect of which the viability report has been prepared. Information about the design of the scheme 8 (1) An explanation of— (a) the design of the scheme; (b) the reasons why the trustees consider the design of the scheme to be sound and the evidence on which this consideration is based; (c) what changes to the investment strategy the trustees consider would be changes that result in qualifying benefits in respect of which— (i) the rates or amounts by reference to which the qualifying benefits are provided each year under the scheme are materially different, or (ii) the expected adjustments to those rates or amounts are materially different. (2) The evidence referred to in sub-paragraph (1)(b) must include— (a) the document prepared by the scheme actuary for the purposes of regulation 33(3)(b); (b) the scheme’s investment strategy. 9 The explanation required by paragraph 8(1) must include an explanation as to why the trustees are satisfied that the rules of the scheme meet— (a) the requirements of section 18 of the Act (calculation of benefits); (b) the requirements of regulation 40. Part 3 Information that must be included in a viability certificate 10 The date which has been agreed in respect of the viability certificate in accordance with regulation 34(9). 11 The name and contact details of the scheme actuary. 12 The name of the scheme in respect of which the viability certificate is being obtained. 13 A statement, signed by the scheme actuary, confirming that— (a) in the scheme actuary’s opinion, the design of the scheme is sound; (b) when providing the viability certificate, the scheme actuary— (i) has had regard to the matters specified in regulation 34(2), as applicable, and (ii) is satisfied that the scheme has rules that meet the requirements of section 18 of the Act (calculation of benefits) and the requirements of regulation 40.
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