The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2023

Made: 27th January 2023

Coming into operation: 30th January 2023

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PART 1 — Preliminary provisions

Citation and commencement

1

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Interpretation and notices

2

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Connected employers

3

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PART 2 — Schemes divided into sections

Qualifying schemes

4

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Schemes divided into sections

5

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PART 3 — Authorisation

Authorisation: contents

6

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Application for authorisation: fee

7

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Fit and proper persons requirement

8

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Scheme design requirement

9

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Viability report

10

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Viability certificate

11

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Financial sustainability requirement

12

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Communication requirement

13

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Systems and processes requirement

14

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Continuity strategy: contents

15

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Continuity strategy: administration charges

16

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PART 4 — Valuation and benefit adjustment

Calculation of benefits

17

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Advice of scheme actuary

18

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Actuarial valuations

19

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Reporting requirements relating to benefit adjustments

20

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Powers of the Regulator

21

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PART 5 — Ongoing supervision

Supervisory return: contents

22

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Significant events

23

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Risk notices

24

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PART 6 — Triggering events and continuity options

Triggering events: notification requirements

25

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Implementation strategy: approval

26

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Implementation strategy: charges

27

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Implementation strategy: content

28

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Continuity option 1: discharge of liabilities and winding up

29

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Continuity option 2: resolving the triggering event

30

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Continuity option 3: conversion to closed scheme

31

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Periodic reporting requirement

32

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Pause orders

33

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Administration charges during a triggering event period

34

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PART 7 — Collective money purchase benefits – amendments to subordinate legislation

Collective money purchase benefits – amendments to subordinate legislation

35

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PART 8 — Revocation

Revocation

36

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SCHEDULE 1 — Fit and proper persons requirement

1

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2

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3

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SCHEDULE 2 — Scheme design requirement

PART 1 — Matters that the Regulator must take into account

1

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PART 2 — Viability report

Preliminary

2

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General

3

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4

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5

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6

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7

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Information about the design of the scheme

8

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9

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PART 3 — Viability certificate

10

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11

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12

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13

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14

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SCHEDULE 3 — Financial sustainability requirement

PART 1 — Information required on application for authorisation

1

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PART 2 — Matters which the Regulator must take into account

2

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3

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PART 3 — Requirements to be met by the collective money purchase scheme

4

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SCHEDULE 4 — Communication requirement

Interpretation

1

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Preliminary

2

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Functionality, quality and maintenance of IT systems

3

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Resource planning

4

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Quality assurance

5

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Member engagement

6

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SCHEDULE 5 — Systems and processes requirement

Preliminary

1

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Features and functionality of IT systems

2

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Standards required of IT systems

3

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Maintenance of IT systems

4

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Member records

5

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Trustees and others

6

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Contracts and service providers

7

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Governance

8

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Risk management

9

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Security

10

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Resource planning

11

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Investments

12

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Valuation and benefit adjustment

13

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Member engagement

14

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SCHEDULE 6 — Continuity Option 1: transfer out and winding up

Definitions

1

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Alternative ways of discharging the scheme’s liability

2

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Requirements of rules of scheme

3

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Winding-up commencement time

4

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Quantification of the value of beneficiaries’ accrued rights to benefits

5

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Winding-up period

6

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Periodic income

7

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Information about periodic income

8

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Scheme to continue to be a CMPS during winding-up

9

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Trustees’ notice to employers

10

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Notification to receiving scheme

11

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Trustees’ first notice to beneficiaries in respect of discharge options

12

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Trustees’ second notice to beneficiaries in respect of discharge options

13

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Beneficiaries’ response to trustees

14

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Notice of expected discharge time

15

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Trustees’ powers

16

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Trustees’ duty to transfer

17

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Administration charges

18

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Trustee discharge

19

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Winding up

20

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Regulator’s power to direct

21

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Civil penalties

22

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SCHEDULE 7 — Collective money purchase benefits: amendments to subordinate legislation

Amendments to the Occupational Pension Schemes (Scheme Administration) Regulations

1

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Amendment of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations

2

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Amendments to the Occupational Pension Schemes (Charges and Governance) Regulations

3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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14

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15

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16

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17

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18

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19

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20

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21

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22

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Signed

Sealed with the Official Seal of the Department for Communities on 27th January 2023

Anne McCleary — A senior officer of the Department for Communities

Explanatory note

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Footnotes

[^f00001]: See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

[^f00002]: 2008 c. 13 (N.I.); section 28 was amended by sections 13(2) to (6) and 14 of the Pensions Act (Northern Ireland) 2012 (c.3(N.I.)) and section 38(4) of the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.))

[^f00003]: 2015 c. 5 (N.I.); paragraph 1 was amended by paragraph 25(2) of Schedule 6, and paragraph 15(2) of Schedule 11, to the Pension Schemes Act 2021 (c. 1); see also section 51(4)(g) as inserted by paragraph 24 of Schedule 6 to that Act

[^f00004]: 2021 c. 1

[^f00005]: 1993 c. 49

[^f00006]: S.I. 1995/3213 (N.I. 22)

[^f00007]: S.I. 1999/3147 (N.I. 11)

[^f00008]: S.I. 2005/255 (N.I. 1)

[^f00009]: 2006 c. 46

[^f00010]: “Actuarial valuation” is defined in section 71(2) of the Pension Schemes Act 2021

[^f00011]: The definition of “pensioner member” was amended by Article 11(7) of S.I. 2006/745

[^f00012]: Article 67A was inserted by Article 239 of the Pensions (Northern Ireland) Order 2005

[^f00013]: 1954 c. 33 (N.I.)

[^f00014]: 2015 c. 8

[^f00015]: This information is required to enable the Pensions Regulator to carry out its function under section 77(1) of the Pension Schemes Act 2021

[^f00016]: 1997 c. 50; section 112(1) was amended by section 79(1) of the Protection of Vulnerable Groups (Scotland) Act 2007 (asp14), sections 97(2) and 112(2) of, and Part 8 of Schedule 8 to, the Policing and Crime Act 2009 (c. 26), section 80(1) of the Protection of Freedoms Act 2012 (c. 9), S.S.I. 2006/50 and S.I. 2012/3006

[^f00017]: Section 109 was amended by section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c.4(N.I.)), paragraph 13 of Schedule 10 to the Pensions (Northern Ireland) Order 2005, paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)), section 43 of the Pensions Act (Northern Ireland) 2015, section 38 of the Pension Schemes Act (Northern Ireland) 2016 (c. 1 (N.I.)), paragraph 15(3) of Schedule 11 to the Pension Schemes Act 2021 and paragraph 15 of the Schedule to S.R. 2005 No. 434

[^f00018]: 2004 c. 12; section 228ZA was inserted by paragraph 10(1) of Schedule 4 to the Finance (No. 2) Act 2015 (c. 33)

[^f00019]: See section 72 of the Pension Schemes Act 2021

[^f00020]: Article 225 was amended by paragraph 252(9) of Schedule 1 to S.I. 2009/1941

[^f00021]: Article 10 was amended by paragraph 9 of Schedule 2 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, Schedule 11 to the Pensions (Northern Ireland) Order 2005 and paragraph 15 of Schedule 8 to the Pension Schemes Act 2021

[^f00022]: Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))