Pension Schemes Act 2026
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Change 1
63 Authorisation of superfunds
(1) The Regulator may authorise a superfund if satisfied, based on the superfund’s organisation, staff, plans, policies and procedures, that it is likely to comply with the requirements of Chapters 4 and 5 (ongoing requirements for superfunds). (2) An application for authorisation must be made jointly by— (a) the trustees of the superfund scheme, and (b) a body corporate that is incorporated in the United Kingdom and that is involved in the scheme’s management or administration. (3) An application for authorisation must be made in the manner and form specified by the Regulator. (4) The Secretary of State may by regulations make provision about applications for authorisation, including provision— (a) about the documents and information that an application must include; (b) requiring a fee to be paid to the Regulator in respect of an application. (5) The Regulator must maintain and publish a list of authorised superfunds. (6) Where a superfund has not yet received a superfund transfer, the Regulator may withdraw the superfund’s authorisation if no longer satisfied as described in subsection (1). (7) Regulations under subsection (4) are subject to the negative procedure.
63 Authorisation of superfunds
(1) The Regulator may authorise a superfund if satisfied, based on the superfund’s organisation, staff, plans, policies and procedures, that it is likely to comply with the requirements of Chapters 4 and 5 (ongoing requirements for superfunds). (2) An application for authorisation must be made jointly by— (a) the trustees of the superfund scheme, and (b) a body corporate that is incorporated in the United Kingdom and that is involved in the scheme’s management or administration. (3) An application for authorisation must be made in the manner and form specified by the Regulator. (4) The Secretary of State may by regulations make provision about applications for authorisation, including provision— (a) about the documents and information that an application must include; (b) requiring a fee to be paid to the Regulator in respect of an application. (5) The Regulator must maintain and publish a list of authorised superfunds. (6) Where a superfund has not yet received a superfund transfer, the Regulator may withdraw the superfund’s authorisation if no longer satisfied as described in subsection (1). (7) Regulations under subsection (4) are subject to the negative procedure.
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