Pension Schemes Act 2021
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Change 1
5 Schemes divided into sections
(1) The Secretary of State may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part. (2) The Secretary of State may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase scheme that is divided into sections, an authorisation previously granted in respect of the undivided scheme applies to any of those sections that— (a) is a collective money purchase scheme by reason of section 1(2)(b), and (b) satisfies conditions specified in the regulations. (3) For the purposes of this Part, where— (a) a qualifying scheme is divided into sections, and (b) each of those sections is a collective money purchase scheme by reason of section 1(2)(b), the qualifying scheme (taken as a whole) is to be treated as if it were not a collective money purchase scheme. (4) Regulations under subsection (1) are subject to negative resolution procedure. (5) Regulations under subsection (2) are subject to affirmative resolution procedure.
5 Schemes divided into sections
(1) The Secretary of State may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part. (2) The Secretary of State may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase scheme that is divided into sections, an authorisation previously granted in respect of the undivided scheme applies to any of those sections that— (a) is a collective money purchase scheme by reason of section 1(2)(b), and (b) satisfies conditions specified in the regulations. (3) For the purposes of this Part, where— (a) a qualifying scheme is divided into sections, and (b) each of those sections is a collective money purchase scheme by reason of section 1(2)(b), the qualifying scheme (taken as a whole) is to be treated as if it were not a collective money purchase scheme. (4) Regulations under subsection (1) are subject to negative resolution procedure. (5) Regulations under subsection (2) are subject to affirmative resolution procedure.
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