The Occupational Pension Schemes (Master Trusts) Regulations 2018

• “trustee default scheme” means the pension scheme identified by the trustees under section 24(1)(a) of the Act (continuity option 1: transfer out and winding up).

• (2) Notices given under this Schedule must be sent—

• (a) in writing, by post or email,

• (b) to the addressee’s last known address, and

• (c) in accordance with any further requirements set out in a Code.

• (3) For the purposes of sub-paragraph (2), a person’s email address is—

• (a) any email address provided for the time being by that person as an address for contacting that person; or

• (b) if no such address has been provided, any email address by means of which the sender reasonably believes that the notice will come to the attention of that person or (where that person is a body corporate) any director or other officer of that body corporate.

• (4) A notice under this Schedule sent to a person by email is taken to have been received by that person 48 hours after it is sent.

• (5) This Schedule overrides any provision of the Master Trust scheme to the extent that there is a conflict.

Calculation of cash equivalent

2

• (1) In this Schedule, a “cash equivalent” of any rights and benefits to which a member is entitled is the realisable value of those rights and benefits.

• (2) A cash equivalent must be calculated—

• (a) in accordance with these Regulations and with the rules of the scheme to which it relates;

• (b) in a manner which is approved by the trustees;

• (c) as an estimate as at the date when the employers are informed of the transfer date under paragraph 9; and

• (d) as a final figure as at the transfer date.

• (3) In calculating a cash equivalent, account must be taken of any surrender, commutation or forfeiture of the whole or part of a member’s pension.

Trustees’ powers

3

• (1) The trustees of a scheme that is pursuing continuity option 1 may, without members’ consent, provide—

• (a) for either—

• (i) a member’s accrued rights and benefits (including any transfer credits allowed under the scheme) to be transferred, or

• (ii) a transfer payment in respect of a member’s rights to be made,

to a trustee default scheme or an employer default scheme in accordance with this Schedule, with a view to acquiring transfer credits for the member under that scheme; or

• (b) for arrangements to be made in accordance with paragraph 12 (trustees’ power to transfer otherwise than to a scheme).

• (2) A transfer payment made under sub-paragraph (1)(a)(ii) must be of an amount at least equal to the cash equivalent of the member’s rights under the scheme, calculated in accordance with paragraph 2.

• (3) The trustees of a scheme that is pursuing continuity option 1 may, where appropriate, decline a member’s request for a drawdown pension (as defined in paragraph 4 of Schedule 28 to the Finance Act 2004[^f00071]) (drawdown pension) in the transferring scheme.

• (4) A transfer, transfer payment or alternative arrangement under this paragraph is prescribed for the purposes of section 73(4)(b) of the 1993 Act (form of short service benefit and its alternatives).

Trustees’ first notice to employers and members

4

• (1) When the trustees have identified the trustee default scheme, they must send a notice to each participating employer, each member and the trustees of the trustee default scheme.

• (2) A notice under this paragraph must be sent within 14 days beginning with—

• (a) the date on which the trustees identify the trustee default scheme, or

• (b) if later, the date on which the Regulator notifies the trustees that the implementation strategy has been approved.

• (3) A notice sent to a member under this paragraph must include information about—

• (a) where the member can obtain guidance about the proposed transfer;

• (b) the member’s right to choose whether his or her accrued rights and benefits in the transferring scheme are transferred to—

• (i) a scheme selected by the trustees or, where applicable, the member’s employer, or

• (ii) an alternative scheme selected by the member;

• (c) the member’s right to require the cash equivalent of his or her accrued rights and benefits to be used to buy one or more policies as set out in paragraph 7(1)(b); and

• (d) the timetable for future communication with the member.

• (4) A notice sent to an employer under this paragraph must include information about—

• (a) the trustee default scheme, including its name;

• (b) the expected date on which the transferring scheme will stop accepting contributions;

• (c) the employer’s options for complying with its automatic enrolment duties when the transferring scheme has stopped accepting contributions;

• (d) where the employer can obtain guidance about the proposed transfer;

• (e) the employer’s option to nominate an employer default scheme in respect of its workers who are active members of the transferring scheme;

• (f) the fact that if the employer does not nominate an employer default scheme, active members will be transferred to the trustee default scheme; and

• (g) the timetable for future communication with the employer.

• (5) A notice sent to the trustees of the trustee default scheme under this paragraph must state that the trustee default scheme has been selected under section 24(1)(a) of the Act (continuity option 1: transfer out and winding up).

Employer’s response to trustees

5

• (1) Each employer which receives a notice under paragraph 4 must give notice to the trustees of whether—

• (a) it accepts the choice of trustee default scheme in relation to members then employed by it, or

• (b) it opts to nominate an alternative scheme (the trustees of which are able and willing to accept the transfer) as the employer default scheme for those members, in which case it must state the name of that scheme and inform the trustees of that scheme that it has been so nominated.

• (2) Each employer that has opted to nominate an alternative scheme as the employer default scheme must give notice of that nomination to those of its workers who are active members of the transferring scheme.

• (3) A notice to trustees or workers under this paragraph must be sent within eight weeks beginning with the date when the employer received the notice under paragraph 4.

• (4) If the trustees receive no notice from an employer under this paragraph, the employer is deemed to have accepted the trustee default scheme as the default scheme for members then employed by it.

Trustees’ second notice to members

6

• (1) After the period allowed for employers to send notice to the trustees under paragraph 5, the trustees must send a second notice to each member of the transferring scheme.

• (2) A notice under this paragraph must be sent within three months beginning with the day on which the trustees sent notice to members and employers under paragraph 4.

• (3) A notice under this paragraph must state—

• (a) the proposed transfer date;

• (b) if the member’s employer has not nominated an employer default scheme—

• (i) the fact that the member will be transferred to the trustee default scheme unless the member specifies otherwise; and

• (ii) the name of, and information about—

• (aa) the trustee default scheme, and

• (bb) the default arrangement in that scheme;

• (c) if the member’s employer has nominated an employer default scheme—

• (i) the fact that the member will be transferred to the employer default scheme unless the member specifies otherwise; and

• (ii) the name of, and information about—

• (aa) the employer default scheme, and

• (bb) the default arrangement in that scheme;

• (d) the member’s ability to obtain information about arrangements from the applicable scheme;

• (e) the fact that the member’s funds will be allocated to the default arrangement unless the member specifies otherwise;

• (f) where the member can obtain guidance about the proposed transfer;

• (g) the member’s right to choose whether the member’s accrued rights and benefits in the transferring scheme are transferred to—

• (i) the applicable scheme, or

• (ii) an alternative scheme selected by the member;

• (h) the requirement for a member who has selected an alternative scheme to send the trustees of the transferring scheme a notice that meets the requirements of paragraph 7(2);

• (i) the member’s rights under Part 4ZA of the 1993 Act (transfers and contribution refunds);

• (j) the member’s right to require the cash equivalent of the member’s accrued rights and benefits to be used to buy one or more policies as set out in paragraph 7(1)(b);

• (k) the consequences for the member of his or her choice of receiving scheme, with particular reference to its effect on payment of contributions by the member’s employer;

• (l) the timetable for future communication with members.

Member’s response to trustees

7

• (1) A member who has received notice from the trustees under paragraph 6 may give notice to the trustees requiring them—

• (a) to transfer the member’s accrued rights and benefits in the transferring scheme to—

• (i) the applicable scheme, or

• (ii) an alternative scheme selected by the member, the trustees of which are able and willing to accept the transfer; or

• (b) to use the cash equivalent of the member’s accrued rights and benefits to purchase one or more policies from one or more insurers authorised by the Financial Conduct Authority[^f00072] for carrying on long-term insurance business in the United Kingdom.

• (2) A notice under this paragraph—

• (a) must be sent within three months beginning with the day when the member received notice from the trustees under paragraph 6 (“the option period”); and

• (b) must contain sufficient information about the alternative scheme referred to in sub-paragraph (1)(a)(ii) or the destination of the cash equivalent referred to in sub-paragraph (1)(b), including bank account details, necessary for the trustees to comply with paragraph 8(1).

• (3) An alternative scheme selected by the member must be—

• (a) a Master Trust scheme authorised under the Act, or

• (b) a personal pension scheme as defined in section 1 of the 1993 Act (categories of pension schemes).

Trustees’ duty to transfer

8

• (1) If the trustees receive notice from a member in accordance with paragraph 7, they must—

• (a) arrange for the member’s accrued rights and benefits to be transferred, or the member’s cash equivalent applied, as specified in the notice;

• (b) notify the member of the value of the cash equivalent of his or her accrued rights if the member is not yet receiving benefits under the transferring scheme; and

• (c) notify the member of the value of his or her remaining benefits if the member is receiving benefits under the transferring scheme.

• (2) If the trustees do not receive notice from a member under paragraph 7, the member’s accrued rights and benefits must be transferred to the applicable scheme.

• (3) Any transfer of a member’s rights and benefits, and any application of a member’s cash equivalent, under this paragraph must be made within three months beginning with the end of the option period referred to in paragraph 7(2)(a).

Notice of expected transfer date

9

Not less than one month before the expected transfer date, the trustees must notify each participating employer of the expected transfer date.

Transfer requirements: choice of arrangements

10

• (1) The trustees of the applicable scheme must, as soon as reasonably practicable, contact each member whose accrued rights or benefits are to be transferred to that scheme and must invite them to select an arrangement of the applicable scheme into which those rights or benefits are to be transferred.

• (2) The accrued rights of members who do not respond to the applicable scheme within eight weeks after the date on which they received the invitation referred to in sub-paragraph (1) must remain in an arrangement which—

• (a) meets the conditions for use as the default arrangement of the applicable scheme, and

• (b) complies with Chapter 1 of Part 2 of the Charges and Governance Regulations (restrictions on charges: default arrangements).

Requirements to be met by default schemes

11

The trustee default scheme and any employer default scheme must each be—

• (a) a Master Trust scheme authorised under the Act, and

• (b) an automatic enrolment scheme in relation to the members being transferred, as defined in section 17 of the Pensions Act 2008[^f00073] (automatic enrolment schemes), or a scheme which would be an automatic enrolment scheme if the members being transferred were jobholders as defined in section 16(1) of that Act.

Trustees’ power to transfer otherwise than to a scheme

12

• (1) Where the trustees cannot identify a scheme which they consider appropriate for use as a default scheme in respect of a member of the transferring scheme, the trustees may make arrangements to transfer that member’s accrued rights and benefits to a vehicle which will secure suitable benefits for the member that are comparable to those in the transferring scheme.

• (2) Before making arrangements under sub-paragraph (1), the trustees must notify the members to whom the arrangements relate of their intention to do so.

• (3) The arrangements permitted by sub-paragraph (1) are the purchase of one or more policies from one or more insurers authorised by the Financial Conduct Authority for carrying on long-term insurance business in the United Kingdom.

• (4) A transfer under sub-paragraph (1) is prescribed for the purposes of section 73(4)(b) of the 1993 Act (form of short service benefit and its alternatives).

Administration charges

13

• (1) For the purposes of section 24(5)(i) of the Act (continuity option 1: transfer out and winding up), the trustees of an applicable scheme must provide to the Regulator a document setting out the administration charges in accordance with the following provisions.

• (2) The document must be provided within 28 days beginning with—

• (a) in the case of the trustee default scheme, the date on which the trustees received notice from the trustees of the transferring scheme under paragraph 4(1), or

• (b) in the case of an employer default scheme, the date on which the trustees received notice from the employer under paragraph 5(1)(b).

• (3) The document must set out all levels of administration charges for each charge structure, including any discounted levels—

• (a) for each arrangement, including a default arrangement, and any different levels in relation to any one arrangement;

• (b) for any additional charges, including the reason for imposing them;

• (c) for any third-party charges, including the reason for imposing them; and

• (d) for any other type of administration charge in the scheme, including the reason for imposing it.

• (4) The charges must be set out as at the most recent date, not falling within a triggering event period in relation to the transferring scheme, on which the applicable scheme submitted a continuity strategy to the Regulator.

• (5) The levels must be set out on an annualised basis.

• (6) Where there is a discounted level, the reason for charging the lower level must also be set out.

• (7) The document must include a statement explaining—

• (a) how the applicable scheme has complied with section 33(2) of the Act (prohibition on increasing charges during triggering event period);

• (b) whether the applicable scheme is liable for the costs mentioned in section 33(3) of the Act; and

• (c) if the applicable scheme is liable for those costs, how it is to meet them.

Future contributions

14

The trustees of a scheme that is pursuing continuity option 1 may—

• (a) arrange for the future contributions of employers and active members to be paid to the trustee default scheme from a date to be decided by the trustees, and

• (b) arrange for any contributions received from employers and active members after the date referred to in sub-paragraph (a) to be forwarded to the trustees of the applicable scheme.

Cessation of accruals

15

• (1) On the transfer date, the trustees of the transferring scheme are discharged from any obligation to receive contributions from members or maintain arrangements for the accrual of rights to benefits in respect of them.

• (2) When the accrued rights and benefits of members of the transferring scheme have been transferred to a receiving scheme, the trustees of the transferring scheme are discharged from any obligation to provide benefits to those members.

• (3) This paragraph does not apply in respect of members who are transferring out of the scheme in accordance with Part 4ZA of the 1993 Act (transfers and contribution refunds).

Winding up

16

The Regulator may direct the trustees of the transferring scheme to wind up the scheme where continuity option 1 is being pursued.

Regulator’s power to direct

17

The trustees of a Master Trust scheme must comply with a direction issued by the Regulator requiring them to do anything permitted or required by this Schedule.

Civil penalties

18

Section 10 of the 1995 Act (civil penalties) applies to a person who fails to comply with a requirement imposed by this Schedule, including where the requirement is contained in a direction made under it.

Signed

Signed by authority of the Secretary of State for Work and Pensions

Guy Opperman — Parliamentary Under Secretary of State — Department for Work and Pensions — 2018-09-25

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations implement the new authorisation and supervisory regime for Master Trust pension schemes under the provisions of the Pension Schemes Act 2017 (“the Act”).

Regulation 3 sets out when one employer is treated as connected with another employer for the purpose of section 1(3)(b) of the Act.

Regulation 4 sets out the information to be included in a Master Trust scheme’s application for authorisation by the Pensions Regulator (“the Regulator”) under section 4 of the Act, and specifies the application fee payable to the Regulator.

Regulation 5 introduces Schedule 1, which sets out the matters that the Regulator must take into account in assessing whether a person involved in a Master Trust scheme is a fit and proper person.

Regulation 6 introduces Schedule 2, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a Master Trust scheme is financially sustainable.

Regulation 7 and Schedule 3 contain requirements in relation to the business plan which a Master Trust scheme must submit to the Regulator under section 9 of the Act.

Regulation 8 sets out the requirements on scheme funders which are applying for exemption from the requirement, in section 10(3) of the Act, that they should only carry out activities that relate directly to Master Trust schemes that they are, or will be, funding.

Regulation 9 contains requirements in respect of a scheme funder’s accounts and auditing, and requirements in respect of any undertaking funding a scheme funder.

Regulation 10 introduces Schedule 4, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that the systems and processes used in running a Master Trust scheme are sufficient to ensure that it is run effectively.

Regulation 11 contains requirements in respect of the section of a Master Trust scheme’s continuity strategy which sets out the levels of administration charges imposed by the scheme. (The continuity strategy is a document addressing how members’ interests will be protected if a triggering event occurs in relation to the scheme.)

Regulation 12 specifies the information which the continuity strategy must contain, and how it must be prepared.

Regulation 13 sets out the information which the Regulator may require to be included in the supervisory return (a document which it may require schemes to submit in writing).

Regulation 14 lists the significant events in relation to the scheme which must be notified to the Regulator.

Regulation 15 sets out the fixed and escalating penalties that the Regulator can impose on a person that has not complied with a request for information.

Regulation 16 contains the matters which the trustees of a scheme must notify to employers who use the scheme when a triggering event occurs in relation to the scheme.

Regulation 17 sets the deadlines for a scheme’s implementation strategy to be submitted when it requires approval by the Regulator (the implementation strategy is a document setting out how members’ interests are to be protected after a triggering event has occurred in relation to the scheme).

Regulation 18 states how a scheme’s administration charges must be calculated and set out in the implementation strategy.

Regulation 19 stipulates what a scheme’s implementation strategy must contain and how it must be prepared and made available to employers.

Regulation 20 introduces Schedule 5, which sets out the procedure to be followed when a triggering event has occurred and the scheme’s trustees are pursuing continuity option 1, under which members’ accrued rights and benefits are transferred out of the scheme and the scheme is wound up.

Regulation 21 prescribes the deadline for a scheme’s trustees to notify the Regulator when they believe that a triggering event has been resolved.

Regulation 22 prescribes the deadline for a scheme’s trustees to submit their first periodic report to the Regulator during a triggering event period, and specifies the information which reports must contain in addition to that required by the Act.

Regulation 23 modifies various sections of the Pensions Act 2004 on fraud compensation, as they apply to Master Trust schemes or other schemes to which Part 1 of the Act applies. Consequential modifications are also made to the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005 and the Occupational Pension Schemes (Fraud Compensation Levy) Regulations 2006.

Regulation 24 modifies section 99 of the Pension Schemes Act 1993 (trustees’ duties) as it applies to a Master Trust scheme in respect of which the Regulator has made a pause order under section 31 of the Act. Consequential modifications are also made to the Occupational Pension Schemes (Transfer Values) Regulations 1996.

Regulation 25 sets out the types of costs that must not be included in the administration charges that apply in relation to the members of a Master Trust.

Regulation 26 provides that the authorisation and regulatory regime in Part 1 of the Act does not apply to hybrid schemes whose membership is limited to members or former members of a statutory pension scheme and which are closed to new members.

Regulation 27 provides that the regime in Part 1 of the Act does not apply to schemes whose only member is employed by two or more employers; to small self-administered schemes; or to schemes where the only money purchase benefits provided are those attributable to additional voluntary contributions made by non-money purchase members or to transfers from other schemes in respect of those members.

Regulation 28 modifies Part 1 of the Act to disapply certain requirements relating to scheme funders in respect of existing hybrid schemes which have more than one scheme funder, each of which is a participating employer.

Regulation 29 provides that two or more pension schemes under common control are treated as a single Master Trust scheme for the purposes of Part 1 of the Act if they are money purchase or hybrid schemes, each of which is used by one employer or multiple connected employers, or if they comprise a Master Trust scheme and its associated decumulation-only scheme.

Regulation 30 amends the Companies Act 2006 to exclude scheme funders of Master Trust schemes from the less stringent regime available to small and medium-sized companies, and certain subsidiaries, under that Act.

Regulation 31 amends the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 to exclude scheme funders which are limited liability partnerships from the less stringent regime available to small and medium-sized LLPs, and certain subsidiaries, under those Regulations.

Regulation 32 amends the Overseas Companies Regulations 2009 to exclude scheme funders of Master Trust schemes which are registered outside the UK from the less stringent accounting requirements which would otherwise apply to such overseas companies.

An impact assessment of the effect that this instrument will have on the costs of business is published with the Explanatory Memorandum alongside this instrument on the UK legislation website,www.legislation.gov.uk,andat www.gov.uk/government/publications. Paper copies can be obtained from the Department for Work and Pensions, First Floor, Caxton House, Tothill Street, London SW1H 9NA.

Footnotes

[^f00001]: 2017 c. 17.

[^f00002]: Regulations made under sections 1(3), 7(4), 8(4), 9(2), 10(4), 11(2), 12(5) and (6), 16(3), 24(2)(b) and (4), 38(2) (to the extent that they contain provision mentioned in subsection (3)(a)), 39(5) and 40(1) and (2) of the Act are stated to be subject to affirmative resolution procedure.

[^f00003]: 1993 c. 48.

[^f00004]: 1995 c. 26.

[^f00005]: 2004 c. 35.

[^f00006]: S.I. 1996/1715.

[^f00007]: S.I. 2015/879.

[^f00008]: 2006 c. 46, amended by S.I. 2013/3008 and 2015/980; there are other amending instruments but none is relevant.

[^f00009]: Regulation 3 was amended by S.I. 2008/393, 2013/1970, 2015/889, 2016/649 and 2017/516.

[^f00010]: Part 4ZA was amended, and the part heading inserted, by the Pension Schemes Act 2015 (c.8), Schedule 4, Part 1, paragraph 4(2)(a).

[^f00011]: S.I. 2006/246.

[^f00012]: There are further provisions about relevant transfers in regulation 3 of the TUPE Regulations, which was amended by S.I. 2014/16.

[^f00013]: 1997 c. 50; section 112(1) was amended by the Policing and Crime Act 2009 (c. 26), section 97(2) and Schedule 8, Part 8, the Protection of Freedoms Act 2012 (c. 9), section 80(1), and S.I. 2012/3006.

[^f00014]: Regulation 23 was inserted by S.I. 2015/879 and amended by S.I. 2016/427.

[^f00015]: “Statement of investment principles” is defined in section 35(2) of the 1995 Act; section 35 was substituted by the 2004 Act, section 244.

[^f00016]: S.I. 2005/3378.

[^f00018]: Section 49(8A) was inserted by S.I. 2001/3649 and amended by the Financial Services Act 2012 (c. 21), Schedule 18, Part 2, paragraph 82(1) and (2) and by S.I. 2007/3014.

[^f00019]: S.I. 2008/569; regulation 4 was amended by S.I. 2013/2005 and regulation 9 was amended by S.I. 2016/649.

[^f00020]: Section 248(8) was amended by S.I. 2009/1941.

[^f00021]: S.I. 1996/1975; the definition of “ear-marked scheme” was amended by S.I. 1997/786.

[^f00022]: Section 399 was amended by S.I. 2015/980 and 2016/1245.

[^f00023]: “Statement of investment principles” is defined in section 35(2) of the 1995 Act; section 35 was substituted by the 2004 Act, section 244.

[^f00024]: Item 2A of the table is substituted for item 2 by paragraph 10(c) of Schedule 2 to the Act in respect of Master Trust schemes in operation before the commencement date.

[^f00025]: Section 23 was substituted by section 36(3) of the 2004 Act.

[^f00026]: S.I. 2005/2184.

[^f00027]: Regulation 2(1)(ka) was inserted, and regulation 2(2) amended, by article 2 of the National Employment Savings Trust (Consequential Provisions) Order 2010 (S.I. 2010/9).

[^f00030]: Section 99(2) was substituted by the Pension Schemes Act 2015 (c.8), Schedule 4, Part 1, paragraph 13.

[^f00031]: S.I. 1996/1847. Regulation 13(1) was amended by S.I. 2016/200, and sub-paragraph (ba) was inserted by S.I. 2005/686; there are other amending instruments but none is relevant.

[^f00032]: 1999 c. 30; section 24 was amended by section 263(10)(b) of, and paragraph 158(2) of Schedule 27 and Schedule 30 to, the Civil Partnership Act 2004 (c. 33), and by article 2(2) of S.I. 2005/3175.

[^f00033]: Regulation 1(2ZB) was inserted by S.I. 2015/879.

[^f00034]: Section 23 was substituted by the 2004 Act, section 36(3).

[^f00035]: Section 7 was amended by the 2004 Act, section 35(1), Schedule 12, paragraph 36, and Schedule 13, paragraph 1; the Pensions Act 2014 (c.19), Schedule 19, paragraph 3; and the Pensions Act 2008 (c. 30), section 131(1).

[^f00036]: Subsections (1) and (2) were amended by S.I. 2007/2932 and 2015/980; subsection (2) was also amended by the Financial Services Act 2012 (c. 21), Schedule 18, paragraph 111, and S.I. 2013/2005.

[^f00037]: Subsections (1) and (2) were amended by the Financial Services Act 2012 (c. 21), Schedule 18, paragraph 113, and S.I. 2013/2005; subsection (2) was also amended by S.I. 2007/2932, 2008/393 and 2015/980.

[^f00038]: Paragraph (b) was amended by S.I. 2007/2932.

[^f00039]: Section 479B was inserted by S.I. 2012/2301 and amended by S.I. 2015/980.

[^f00040]: S.I. 2008/1911.

[^f00041]: Section 384, as modified by regulation 5, was amended by S.I. 2013/2005 and 2016/575.

[^f00042]: Section 467, as modified by regulation 26, was amended by S.I. 2013/2005 and 2016/575.

[^f00043]: Regulation 34A was inserted by S.I. 2012/2301.

[^f00044]: Section 479B, as modified by regulation 34A, was amended by S.I. 2016/575.

[^f00045]: S.I. 2009/1801.

[^f00046]: Section 263H was inserted by the Enterprise and Regulatory Reform Act 2013 (c. 24), Schedule 18.

[^f00047]: Section 381(2) was amended by the Enterprise and Regulatory Reform Act 2013, Schedule 19, paragraph 52.

[^f00048]: Section 381(1) was amended by the Enterprise and Regulatory Reform Act 2013, Schedule 19, paragraph 52.

[^f00049]: “Director” is defined in section 250 of the Companies Act.

[^f00050]: 1974 c. 53.

[^f00051]: S.I. 1978/1908 (N.I. 27).

[^f00052]: 1986 c. 46; section 1(1) was amended by section 5(1) of the Insolvency Act 2000 (c.39) and section 204(1) and (3) of the Enterprise Act 2002 (c.40). Section 1A was inserted by section 6(1) and (2) of the Insolvency Act 2000 and amended by section 111 of, and paragraphs 1 and 3(1), (2) and (3) of Part 1 of Schedule 7 to, the Small Business, Enterprise and Employment Act 2015 (c. 26).

[^f00053]: S.I. 2002/3150 (N.I. 4). Article 3(1) was amended by Article 4(3) of S.I. 2005/1454 (N.I.9).

[^f00054]: “Registrar of companies” is defined in section 1060(3) of the Companies Act.

[^f00055]: Section 3 was substituted by section 33 of the 2004 Act and amended by S.I. 2010/22.

[^f00056]: S.I. 1995/3213 (N.I. 22).

[^f00057]: Article 3 was substituted by Article 29 of S.I. 2005/255 (N.I. 1).

[^f00058]: Section 29 was amended by paragraph 45 of Schedule 12, and Schedule 13, to the 2004 Act and S.I. 2004/1941, 2006/1722, 2009/1941, 2012/2404 and 2016/481.

[^f00059]: Article 29 was amended by S.I. 2002/3150 (N.I. 1) and S.R. 2008/94 and 2016/108.

[^f00060]: 2016 asp 21.

[^f00062]: S.I. 1989/2405 (N.I. 19).

[^f00063]: Section 385(1) was amended by the Enterprise and Regulatory Reform Act 2013, Schedule 19, paragraph 55(a).

[^f00064]: Section 383(1) was amended by the Criminal Justice Act 1988 (c. 33), Schedule 16, and the Enterprise and Regulatory Reform Act 2013 (c. 24), Schedule 19, paragraph 53.

[^f00065]: Section 383(1) was amended by the Criminal Justice Act 1988 (c. 33), Schedule 16, and the Enterprise and Regulatory Reform Act 2013 (c. 24), Schedule 19, paragraph 53.

[^f00066]: S.R. 1991 No. 364.

[^f00067]: 2000 c.8.

[^f00068]: Section 35 was substituted by section 244 of the 2004 Act.

[^f00069]: Section 49(8A) was inserted by S.I. 2001/3649 and amended by paragraph 82(2) of Schedule 18 to the Financial Services Act 2012 (c. 21) and S.I. 2007/3014.

[^f00070]: Regulation 24 was inserted by S.I. 2015/879.

[^f00071]: 2004 c. 12.

[^f00072]: The Financial Conduct Authority is described in section 1A of the Financial Services and Markets Act 2000 (c.8) (“FSMA”), substituted by the Financial Services Act 2012 (c.21), section 6(1); Part 3 of FSMA contains provisions on authorisation.

[^f00073]: 2008 c. 30.

Editorial notes

[^key-aa14dda327c4fda9472b184e1997f216]: Reg. 1 in force at 1.10.2018, see reg. 1(2)

[^key-6b7e66101c8256c08f91379b472b6c79]: Reg. 2 in force at 1.10.2018, see reg. 1(2)

[^key-6eca82b6fae1048b866b30fea8c25e16]: Reg. 3 in force at 1.10.2018, see reg. 1(2)

[^key-36dbdf11c969b12105e2bdce7a99adc1]: Reg. 4 in force at 1.10.2018, see reg. 1(2)

[^key-23aa2def8233d5f67851a770a5bada94]: Reg. 5 in force at 1.10.2018, see reg. 1(2)

[^key-c0045d17aefd808257cf5305cbca9149]: Reg. 6 in force at 1.10.2018, see reg. 1(2)

[^key-417f14eb4ea39d2a4ada79b9255dd974]: Reg. 7 in force at 1.10.2018, see reg. 1(2)

[^key-99c44e0ea10daca46970f667adaa8477]: Reg. 8 in force at 1.10.2018, see reg. 1(2)

[^key-ac438715b6f902c64d7d9e73d25e804a]: Reg. 9 in force at 1.10.2018, see reg. 1(2)

[^key-ac7b37976d21beb3c8de75944a337b53]: Reg. 10 in force at 1.10.2018, see reg. 1(2)

[^key-e498d6cfa20f9beadea4afb0c4fa0aaa]: Reg. 11 in force at 1.10.2018, see reg. 1(2)

[^key-5b504245ecdde651f64947d543047211]: Reg. 12 in force at 1.10.2018, see reg. 1(2)

[^key-3e6b6826e215cb0e87006f0f29048a56]: Reg. 13 in force at 1.10.2018, see reg. 1(2)

[^key-024d1043faf454d3b265371826fc46dc]: Reg. 14 in force at 1.10.2018, see reg. 1(2)

[^key-35be655e03c3365deea91330e502b3ac]: Reg. 15 in force at 1.10.2018, see reg. 1(2)

[^key-5dd1d6fb562c705890e805463b9cc767]: Reg. 16 in force at 1.10.2018, see reg. 1(2)

[^key-b85caf84e4ae4d7e0de205a08251efb8]: Reg. 17 in force at 1.10.2018, see reg. 1(2)

[^key-a41aa6fd82979252a7b2ae2071ff7fc4]: Reg. 18 in force at 1.10.2018, see reg. 1(2)

[^key-4967bcbea9af8f134b5178bd06d94b33]: Reg. 19 in force at 1.10.2018, see reg. 1(2)

[^key-c812b35d02223edf00c22e00fc172409]: Reg. 20 in force at 1.10.2018, see reg. 1(2)

[^key-ecb6388f89a8eef31972b3991f4bea76]: Reg. 21 in force at 1.10.2018, see reg. 1(2)

[^key-78bd4f62700c3b897b1b74fb7854104f]: Reg. 22 in force at 1.10.2018, see reg. 1(2)

[^key-23d63f176e4ac060f763e718e3b1b967]: Reg. 23(1)(2)(a)(b)(iii)(c) in force at 1.10.2018, see reg. 1(2)

[^key-69c6d12779c47b0f46bb8e867aa9b166]: Reg. 24 in force at 1.10.2018, see reg. 1(2)

[^key-ebf3a3f990b75e23d0ce18c5448feb60]: Reg. 25 in force at 1.10.2018, see reg. 1(2)

[^key-ca259be87feb3658df3ad6798f55fcf3]: Reg. 26 in force at 1.10.2018, see reg. 1(2)

[^key-db4fa46e06e8f263b90af4f1ceffb4cd]: Reg. 27 in force at 1.10.2018, see reg. 1(2)

[^key-611e51a8daf43d160f19733ff298733e]: Reg. 28 in force at 1.10.2018, see reg. 1(2)

[^key-a70f9bfaaab7bfde9ad2c4f7158fdfb3]: Reg. 29 in force at 1.10.2018, see reg. 1(2)

[^key-6cbad0a67ab9aca4f6ca23d4ddfce223]: Reg. 30 in force at 1.10.2018, see reg. 1(2)

[^key-d44ca8f1ba1c1713e843a9c5efd691c7]: Reg. 31 in force at 1.10.2018, see reg. 1(2)

[^key-50c1328ec72112c35f3c633dca567978]: Reg. 32 in force at 1.10.2018, see reg. 1(2)

[^key-be0bc7af49e3e4fae55af85822ee1225]: Sch. 1 para. 1 in force at 1.10.2018, see reg. 1(2)

[^key-c5b46564720281c6d256da8e7e7c2ab4]: Sch. 1 para. 2 in force at 1.10.2018, see reg. 1(2)

[^key-f89e56c11be1e87b524697740c1f58a8]: Sch. 1 para. 3 in force at 1.10.2018, see reg. 1(2)

[^key-ece1bcbb3b227596f72693fe7d0c64e0]: Sch. 1 para. 4 in force at 1.10.2018, see reg. 1(2)

[^key-03943cc144230b5bced021d976967dc9]: Sch. 2 para. 1 in force at 1.10.2018, see reg. 1(2)

[^key-65a6227b5dae8f9b30b89d429925bee4]: Sch. 2 para. 2 in force at 1.10.2018, see reg. 1(2)

[^key-53c5317d3c0b8b4ab2238ff668e3da9f]: Sch. 2 para. 3 in force at 1.10.2018, see reg. 1(2)

[^key-d2f74db105ce7843ecf25ee4f47208d3]: Sch. 2 para. 4 in force at 1.10.2018, see reg. 1(2)

[^key-2dc52e4c21be9c169061d99cee2243cb]: Sch. 2 para. 5 in force at 1.10.2018, see reg. 1(2)

[^key-ca7189d2389d5d909da3040beb10810b]: Sch. 2 para. 6 in force at 1.10.2018, see reg. 1(2)

[^key-6141e63e5854a8d9e470dfaf62428ec2]: Sch. 3 para. 1 in force at 1.10.2018, see reg. 1(2)

[^key-c33c5fc4dbc7e0fea55191e3cda57473]: Sch. 3 para. 2 in force at 1.10.2018, see reg. 1(2)

[^key-80b037282709b92d8fc908a50fddc571]: Sch. 3 para. 3 in force at 1.10.2018, see reg. 1(2)

[^key-9a5fc624d95437fbe460de390db25baa]: Sch. 3 para. 4 in force at 1.10.2018, see reg. 1(2)

[^key-3cb687f9a3fabea4bc8f0e80baeae187]: Sch. 3 para. 5 in force at 1.10.2018, see reg. 1(2)

[^key-150d33d75577ec9f15fe0b0443cf6b6f]: Sch. 3 para. 6 in force at 1.10.2018, see reg. 1(2)

[^key-b2d55a2111f263e92d6e9a04d625c035]: Sch. 3 para. 7 in force at 1.10.2018, see reg. 1(2)

[^key-78b25db41df691e076e2cb62279073e2]: Sch. 3 para. 8 in force at 1.10.2018, see reg. 1(2)

[^key-066d801cf229741d85ef5c2aabd4b473]: Sch. 3 para. 9 in force at 1.10.2018, see reg. 1(2)

[^key-dfbeed9c24900fd4417dc31974fe906f]: Sch. 3 para. 10 in force at 1.10.2018, see reg. 1(2)

[^key-3f765ecb0e2e0f6fb49c9a53615a17c9]: Sch. 3 para. 11 in force at 1.10.2018, see reg. 1(2)

[^key-1c11eb516b31c4c79894279f6f0ef34a]: Sch. 3 para. 12 in force at 1.10.2018, see reg. 1(2)

[^key-bccf7cdf4c156f9d1dc37b8c3cc4068e]: Sch. 3 para. 13 in force at 1.10.2018, see reg. 1(2)

[^key-70a97d6cc867313e543e94aea6e6fa15]: Sch. 3 para. 14 in force at 1.10.2018, see reg. 1(2)

[^key-502dc1273a6df6dd5e87e6365cb69b61]: Sch. 3 para. 15 in force at 1.10.2018, see reg. 1(2)

[^key-7d48bff1892fded2b6a390578793bde0]: Sch. 3 para. 16 in force at 1.10.2018, see reg. 1(2)

[^key-ed02aa37d7c204413313c3bb96c80dff]: Sch. 3 para. 17 in force at 1.10.2018, see reg. 1(2)

[^key-91fa27ee761bad4c09aae8403acb6066]: Sch. 3 para. 18 in force at 1.10.2018, see reg. 1(2)

[^key-a68561a3400d5a09363124c52389515f]: Sch. 3 para. 19 in force at 1.10.2018, see reg. 1(2)

[^key-3504c78ca67e64cfb8e6048e62aeef2d]: Sch. 3 para. 20 in force at 1.10.2018, see reg. 1(2)

[^key-8a1dbdd94b79ddf35a3b93707a6558fe]: Sch. 3 para. 21 in force at 1.10.2018, see reg. 1(2)

[^key-cb71caec4170040f354618cc2b00bfca]: Sch. 3 para. 22 in force at 1.10.2018, see reg. 1(2)

[^key-f60483f9160ae1a34c2d83c560a669a3]: Sch. 3 para. 23 in force at 1.10.2018, see reg. 1(2)

[^key-b22f6b94bd0a990c555802704462fc66]: Sch. 3 para. 24 in force at 1.10.2018, see reg. 1(2)

[^key-62a98f316c7287de851032b7fcf438cf]: Sch. 3 para. 25 in force at 1.10.2018, see reg. 1(2)

[^key-c49d83f171ac1668c4934a9d0e6b22db]: Sch. 3 para. 26 in force at 1.10.2018, see reg. 1(2)

[^key-f904b8b6eb171281c73c36e0be703314]: Sch. 3 para. 27 in force at 1.10.2018, see reg. 1(2)

[^key-5d12f21c247ded2c07f563216e97a11a]: Sch. 4 para. 1 in force at 1.10.2018, see reg. 1(2)

[^key-4674ca50345d90ed8f1a5e1eb9105ef2]: Sch. 4 para. 2 in force at 1.10.2018, see reg. 1(2)

[^key-c6c4312aa86ada10c7f905bbd458ffc4]: Sch. 4 para. 3 in force at 1.10.2018, see reg. 1(2)

[^key-e0fba8a70a907949023f509703a79bfb]: Sch. 4 para. 4 in force at 1.10.2018, see reg. 1(2)

[^key-a655e45e35ae71a3e35b55afd7826c48]: Sch. 4 para. 5 in force at 1.10.2018, see reg. 1(2)

[^key-771f7fbeba2cb5de479038e9bb141f9b]: Sch. 4 para. 6 in force at 1.10.2018, see reg. 1(2)

[^key-79be1d36dd1214bf77280af91998a5ad]: Sch. 4 para. 7 in force at 1.10.2018, see reg. 1(2)

[^key-c62aca170aed500bfaa77a6dff449759]: Sch. 4 para. 8 in force at 1.10.2018, see reg. 1(2)

[^key-3a16c54f1e5d940a1856294f63751c83]: Sch. 4 para. 9 in force at 1.10.2018, see reg. 1(2)

[^key-7f946d107c4ad6ea25307b8d9e2d9a43]: Sch. 4 para. 10 in force at 1.10.2018, see reg. 1(2)

[^key-f568bc01d91f194173498fe2642bad59]: Sch. 4 para. 11 in force at 1.10.2018, see reg. 1(2)

[^key-0e7a569ff948e1f11a43eb0128249df6]: Sch. 5 para. 1 in force at 1.10.2018, see reg. 1(2)

[^key-da621430b420004a0d86024d12a7646a]: Sch. 5 para. 2 in force at 1.10.2018, see reg. 1(2)

[^key-5ff0a89462af621581ca7dab29c9ce5e]: Sch. 5 para. 3 in force at 1.10.2018, see reg. 1(2)

[^key-90569b0142b967e8cdf939703a0ba1a8]: Sch. 5 para. 4 in force at 1.10.2018, see reg. 1(2)

[^key-acdb3710fb849e5a71372efd99316e64]: Sch. 5 para. 5 in force at 1.10.2018, see reg. 1(2)

[^key-47a049596f10deef1aead8a82ce0f767]: Sch. 5 para. 6 in force at 1.10.2018, see reg. 1(2)

[^key-7101d5be0c643e5abdb083792bb2d69a]: Sch. 5 para. 7 in force at 1.10.2018, see reg. 1(2)

[^key-9ce1f052dbda9e9d9be5908d421e119b]: Sch. 5 para. 8 in force at 1.10.2018, see reg. 1(2)

[^key-ab619e4ff0f5e0cc3cd8acc758217ede]: Sch. 5 para. 9 in force at 1.10.2018, see reg. 1(2)

[^key-d81499c3314e05b0b6616e8225cce2b1]: Sch. 5 para. 10 in force at 1.10.2018, see reg. 1(2)

[^key-a26949a8572f6dd7cc7c6d4d6b9048fa]: Sch. 5 para. 11 in force at 1.10.2018, see reg. 1(2)

[^key-03b2b3dbde82f3b009d459b1892da8c4]: Sch. 5 para. 12 in force at 1.10.2018, see reg. 1(2)

[^key-cc78745e3f956d959ecb58c7dc093051]: Sch. 5 para. 13 in force at 1.10.2018, see reg. 1(2)

[^key-601fe39392333be4a425026f23f28010]: Sch. 5 para. 14 in force at 1.10.2018, see reg. 1(2)

[^key-4d1fbbe9a9348f0550ceb1144e2dc4bc]: Sch. 5 para. 15 in force at 1.10.2018, see reg. 1(2)

[^key-b87a60f3fe1ce41a28489e623257caff]: Sch. 5 para. 16 in force at 1.10.2018, see reg. 1(2)

[^key-860729ca2dd8a4773e1403a376ad8ceb]: Sch. 5 para. 17 in force at 1.10.2018, see reg. 1(2)

[^key-9c5ee7e0c6ec0a119e33c94d27abead2]: Sch. 5 para. 18 in force at 1.10.2018, see reg. 1(2)

[^key-d6bbec2b09175d06defb80893cd0c327]: Reg. 23(2)(b)(i)(ii) in force at 1.4.2019, see reg. 1(3)

[^key-be06272d81af7ae66ac20bcc4d106f00]: Reg. 23(2)(c) omitted (1.4.2022) by virtue of The Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations 2022 (S.I. 2022/259), regs. 1, 4

[^key-a37ee88a6d9b5d5e35eca762b4eb09e8]: Reg. 25(1): reg. 25 renumbered as reg. 25(1) (5.4.2022 immediately after regulation 10(1) of the Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 (saving provision in respect of the definition of "administration charge") ceases to have effect) by The Occupational Pension Schemes (Master Trusts) (Amendment) Regulations 2022 (S.I. 2022/277), regs. 1(1), 2(2)

[^key-a97434c748b7c77fc1e910c5f694452b]: Reg. 25(1)(e) and semi-colon substituted for full-stop (5.4.2022 immediately after regulation 10(1) of the Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 (saving provision in respect of the definition of "administration charge") ceases to have effect) by The Occupational Pension Schemes (Master Trusts) (Amendment) Regulations 2022 (S.I. 2022/277), regs. 1(1), 2(3)

[^key-681a43e33a15143f3a2bc3920cb83d93]: Reg. 25(2)(3) inserted (5.4.2022 immediately after regulation 10(1) of the Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 (saving provision in respect of the definition of "administration charge") ceases to have effect) by The Occupational Pension Schemes (Master Trusts) (Amendment) Regulations 2022 (S.I. 2022/277), regs. 1(1), 2(4)

[^key-e1daafba3b4c7cd6a192cd0bd9ff8948]: Words in reg. 4(2)(a)(v) inserted (1.4.2025) by The Disclosure (Scotland) Act 2020 (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/423), art. 2(1), Sch. 2 para. 5(2)(a)

[^key-0a9899f894c8979b0d3f499ded6bf0db]: Words in reg. 4(2)(a)(v) substituted (1.4.2025) by The Disclosure (Scotland) Act 2020 (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/423), art. 2(1), Sch. 2 para. 5(2)(b)