Pension Schemes Act 2021
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Change 1
7 Authorisation of collective money purchase schemes
(1) A person may not operate a collective money purchase scheme unless the scheme is authorised. (2) Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1). (3) If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not authorised. (4) The notification must— (a) explain that the notification is a triggering event (see section 31), and (b) include an explanation of the trustees' duties under sections 31 to 45. (5) For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts— (a) money paid by a member (or prospective member), or (b) money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except— (i) the costs of setting up the scheme, or (ii) costs relating to obtaining authorisation for the scheme.
7 Authorisation of collective money purchase schemes
(1) A person may not operate a collective money purchase scheme unless the scheme is authorised. (2) Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1). (3) If the Pensions Regulator becomes aware that a collective money purchase scheme is being operated without authorisation, it must notify the trustees of the scheme that the scheme is not authorised. (4) The notification must— (a) explain that the notification is a triggering event (see section 31), and (b) include an explanation of the trustees' duties under sections 31 to 45. (5) For the purposes of this section a person “operates” a collective money purchase scheme if, in relation to the scheme, the person accepts— (a) money paid by a member (or prospective member), or (b) money paid by an employer (or prospective employer) in respect of contributions, fees, charges or anything else except— (i) the costs of setting up the scheme, or (ii) costs relating to obtaining authorisation for the scheme.
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