Pension Schemes Act 2021
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Change 1
98 Powers to extend definition of qualifying schemes
(1) The Department may by regulations remove the exclusion of any of the following from the definition of “qualifying scheme” in section 54— (a) pension schemes not established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes (Northern Ireland) Act 1993 applied when the scheme was established; (b) pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other. (2) The Department may by regulations make further provision about collective money purchase schemes that could not be qualifying schemes, or sections of qualifying schemes, but for regulations under subsection (1) (“relevant schemes”), including— (a) provision about the authorisation of relevant schemes by the Pensions Regulator; (b) provision about triggering events and continuity options; (c) provision about administration charges during triggering event periods. (3) Regulations under subsection (2) making provision about relevant schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other may among other things— (a) make provision corresponding or similar to provision made by or under Part 1 of the Pension Schemes Act 2017; (b) disapply, in relation to such schemes, any statutory provision corresponding to anything in that Part. (4) The provision that may be made under subsection (1) or (2) may be made by— (a) modifying or amending this Part; (b) making consequential modifications or amendments of any other statutory provision. (4A) Where regulations under this section make provision in relation to an unconnected multiple employer scheme that corresponds or is similar to provision contained in regulations under another provision of this Part made in relation to a single or connected employer scheme, the regulations under this section are to be treated for the purposes of this Part as having been made under that other provision of this Part to the extent that they contain such provision. (5) Regulations under this section are subject to confirmatory procedure.
98 Powers to extend definition of qualifying schemes
(1) The Department may by regulations remove the exclusion of any of the following from the definition of “qualifying scheme” in section 54— (a) pension schemes not established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes (Northern Ireland) Act 1993 applied when the scheme was established; (b) pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other. (2) The Department may by regulations make further provision about collective money purchase schemes that could not be qualifying schemes, or sections of qualifying schemes, but for regulations under subsection (1) (“relevant schemes”), including— (a) provision about the authorisation of relevant schemes by the Pensions Regulator; (b) provision about triggering events and continuity options; (c) provision about administration charges during triggering event periods. (3) Regulations under subsection (2) making provision about relevant schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other may among other things— (a) make provision corresponding or similar to provision made by or under Part 1 of the Pension Schemes Act 2017; (b) disapply, in relation to such schemes, any statutory provision corresponding to anything in that Part. (4) The provision that may be made under subsection (1) or (2) may be made by— (a) modifying or amending this Part; (b) making consequential modifications or amendments of any other statutory provision. (4A) Where regulations under this section make provision in relation to an unconnected multiple employer scheme that corresponds or is similar to provision contained in regulations under another provision of this Part made in relation to a single or connected employer scheme, the regulations under this section are to be treated for the purposes of this Part as having been made under that other provision of this Part to the extent that they contain such provision. (5) Regulations under this section are subject to confirmatory procedure.
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