Pension Schemes Act 2021

SCHEDULE4B UNCONNECTED MULTIPLE EMPLOYER SCHEMES: BUSINESS PLAN - INFORMATION AND REQUIREMENTS

Section 65A(2) PART1 Information which must be included in a business plan General 1 | The date by reference to which the information in the business plan is stated (the “effective date” of the plan) (see paragraph 26). 2 | The period to which the business plan relates, to be no less than three years and no more than five years starting with the effective date of the plan. 3 | In each case where estimates are provided in connection with a business plan— any assumptions used in reaching those estimates, and the circumstances in which, and the extent to which, the scheme’s actual membership, contributions, income and costs may vary from the estimates of those matters. 4 | The name of the person who prepared the business plan. 5 | A statement, signed by the trustees and the scheme proprietor, confirming— that the scheme proprietor considers the business plan to give a true and fair representation of the matters to which it relates, and that the business plan has been approved by the trustees. Information about the scheme 6 | The name by which the scheme is known. 7 | The name under which the scheme is registered under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 8 | Any trading or brand name under which the scheme is promoted or marketed (if different from the names referred to in paragraphs 6 and 7). 9 | The date when the scheme was established. 10 | The address of the scheme’s office most recently notified to HM Revenue and Customs in connection with the scheme’s registration under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 11 | The name of— each trustee of the scheme, and the scheme proprietor. 12 | The name and address of any scheme administrator (within the meaning given by section 270 of the Finance Act 2004). 13 | The number of participating employers. 14 | The number of members, broken down into active members, deferred members, pension credit members and pensioner members (within the meanings given in Article 121(1) of the Pensions (Northern Ireland) Order 1995). 15 | In the three years ending with the effective date of the plan— the number of members joining the scheme, the number of members transferring from the scheme, and the number of members leaving the scheme. 16 | The number given to the scheme when it was placed on the register of occupational and personal pension schemes compiled and maintained by the Pensions Regulator under section 59(1) of the Pensions Act 2004 (if the scheme has been so placed). 17 | The reference number issued to the scheme by HM Revenue and Customs when the scheme was registered under Chapter 2 of Part 4 of the Finance Act 2004 (if the scheme is so registered). 18 | The scheme’s objectives and its strategy for meeting them, including delivery milestones. Information about the scheme proprietor 19 | Details of the succession planning in place in the event that— any single undertaking that provides significant funding to the scheme proprietor ceases to do so, or two or more undertakings that provide funding to the scheme proprietor which collectively is significant cease to do so. 20 | A description of the activities (if any) carried out by the scheme proprietor which do not relate directly to the scheme. 21 | The identity of any regulator (other than the Pensions Regulator) that regulates activities carried out by the scheme proprietor. 22 | In paragraph 21 “regulator” means— a person who has responsibility for, or oversight of, an area of activity by virtue of any legislation, or a person in a country or territory outside the United Kingdom which exercises functions of a public nature corresponding or similar to functions of a person referred to in sub-paragraph (a). 23 | A declaration as to the overall competence of the scheme proprietor, with particular reference to the experience, knowledge and professional qualifications of the individuals performing the functions of the scheme proprietor in the exercise of a management or executive role, and plans to improve that competence by way of continuous professional development or otherwise. Information following a triggering event 24 | Where a triggering event has reduced the value of the financial resources of the scheme (see section 65A(4)(b)), the plans and timetable for restoring the scheme’s financial resources to a level likely to satisfy the Pensions Regulator that the scheme is financially sustainable. PART2 Requirements relating to a business plan 25 | A business plan must be— in writing, and in the format set out in a Code. 26 | The information in the business plan must be correct as at the later of— a date chosen by the scheme proprietor, but not earlier than six months before the date when the trustees of the scheme apply to the Pensions Regulator for authorisation, where a business plan has been revised as a result of a review under section 65A(3), the date the review was completed, where a business plan has been revised as a result of a significant change to the information included in it, the date on which the significant change occurred, and where a business plan has been revised as a result of a triggering event reducing the value of the financial resources of the scheme, the earlier of— one month after the date the triggering event occurred, and such date as the Pensions Regulator may notify to the scheme proprietor for the purposes of this paragraph. 27 | If a revised business plan is provided in accordance with section 65A(6)(b) or (c) the plan must— indicate the parts of it which have been revised, and include a new statement in accordance with paragraph 5. 28 | Paragraph 29 applies if— a triggering event has occurred in relation to the scheme (see section 82), the trustees are pursuing continuity option 1 or 2 (see sections 87 and 88), and the Pensions Regulator has approved an implementation strategy relating to the scheme (see sections 90 and 91). 29 | Where this paragraph applies, the Pensions Regulator may give notice to the scheme proprietor and the trustees of the scheme specifying that a revised business plan provided during the triggering event period (see section 83)— must state that the circumstances described in paragraph 28(a) to (c) exist, and need not— contain the information specified in Part 1 or set out in a Code as described in section 65A(2)(a), or comply with any requirements set out in a Code as described in section 65A(2)(b).