The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022

(8A) (1) If the trustees make the choice under regulation 6A(1) to assess charges in accordance with this regulation, the limit of permitted charges under— (a) a collective single charge structure; or (b) a collective existing rights charge in a collective combination charge structure, is not exceeded if, on the first day of the charges year, the charges regime to be applied to members’ rights under the scheme meets the requirement in paragraph (2) and that charges regime is applied to members’ rights throughout that charges year. (2) The requirement referred to in paragraph (1) is that the charges regime would not result in charges being imposed on the members exceeding the limit of permitted charges when calculated in accordance with regulation 7A, if the assumptions in paragraph (3) and, if the trustees so choose, the assumption in paragraph (4) are made for the purposes of those calculations. (3) The assumptions to be made for the purposes of paragraph (2) are— (a) the value of members’ rights under the scheme will not increase or decrease during the charges year when compared to the value on the first day of the charges year, other than as a result of charges imposed on the members; and (b) all the members may leave the scheme at any time during that charges year. (4) The assumption which may be made for the purposes of paragraph (2) is that, where the charges include a performance fee to which regulation 7A(10) applies, the charge to be imposed on the members in relation to the forthcoming charges year will be X divided by Y, where— (a) X is the sum of the performance fees accrued in relation to the return earned by the assets in the scheme during each of the years preceding the charges year in question, up to a maximum of five preceding charges years, and (b) Y is— (i) 5, or (ii) where the investment period is less than 5 charges years, the number of charges years in the relevant period. (5) In this regulation, “charges regime” means— (a) the charges to be imposed, and any rebates of charges to be applied, as a percentage of the value of members’ rights under the scheme; (b) when they are to be deducted from, or added to, the value of members’ rights throughout the charges year; (c) how the value of members’ rights will be calculated for the purposes of imposing or rebating charges. (6) Where the first contribution made by or on behalf or in respect of members to the scheme is made after the first day of the charges year, paragraphs (1) and (3)(a) are to be read as if “on the first day of the charges year” read “on the date on which the first contribution is made in a charges year”. (7) Where the trustees make the choice under regulation 6A(1) to assess charges in accordance with this regulation but, during the charges year the charges regime fails to meet the requirement in paragraph (2), the trustees must assess charges for the whole charges year in accordance with regulation 7A.

17

• (1) Regulation 9 (member agreement for services)[^f00077] is amended as follows.

• (2) In paragraph (1), after “Subject to paragraph (3),” insert “in the case of a member of a relevant scheme (that is not a collective money purchase scheme),”.

• (3) After paragraph (1), insert—

(1A) Subject to paragraph (3), in the case of the members of a relevant scheme (that is a qualifying collective money purchase scheme), the restrictions in regulation 4 (with the exception of regulation 4(1A)) do not apply in relation to advice or a service for which a member has entered into an agreement with a person for the provision of that advice or service, provided the conditions in paragraph (2) are satisfied.

• (4) In paragraph (2)—

• (a) for “paragraph (1)” substitute “paragraphs (1) and (1A)”;

• (b) in sub-paragraph (b)(ii), after “default arrangement” insert “or under a qualifying collective money purchase scheme, as applicable”.

• (5) In paragraph (4), at the end of sub-paragraph (e), omit the full-stop and insert—

; (f) a transfer out of a qualifying collective money purchase scheme into a different scheme; (g) a transfer into a qualifying collective money purchase scheme.

18

In paragraph (1) of regulation 10 (charge limits adjustment), after “relevant scheme” insert “, that is not a collective money purchase scheme,”.

19

In paragraph (5) of regulation 11 (non-contributing members), in the definition of “relevant scheme”, for “regulation 2(2)” substitute “regulation 2(2)(a) or (b)”.

20

• (1) Regulation 11A (payments to advisers)[^f00078] is amended as follows.

• (2) In paragraph (1), the existing text after “applies” becomes sub-paragraph (a).

• (3) At the end of that sub-paragraph, insert “; or”.

• (4) After that sub-paragraph, insert—

(b) to a member of a specified section, if the member is, or was, a worker of a qualifying section employer who participates or has participated in the section.

• (5) In paragraph (3), after “specified scheme” in both places that it occurs, insert “or specified section, as applicable”.

21

In regulation 11B (relevant information)[^f00079], after paragraph (7) insert—

(8) In this regulation, in relation to a specified section, references to a “specified scheme” are to be read as references to a “specified section”.

22

For paragraph (5) of regulation 11C (member agreement for payments to advisers)[^f00080] substitute—

(5) In this regulation— - “charge limits” has the meaning given in regulation 10(10); and - “specified scheme” does not include a relevant scheme that is a collective money purchase scheme.

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 — 8th March 2022

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations implement the new authorisation and supervisory regime for collective money purchase schemes under Part 1 of the Pension Schemes Act 2021 (c. 1) (“the Act”). They also make provision for amendments to secondary legislation in relation to schemes providing collective money purchase benefits.

Part 1 of these Regulations contains introductory provisions. In particular, regulation 3 sets out when one employer is treated as connected with another employer for the purposes of Part 1 of the Act.

Part 2 of these Regulations makes provision relating to sections of qualifying schemes. In particular, regulation 4 sets out certain characteristics of qualifying benefits. If a scheme provides a combination of qualifying benefits where these characteristics are different, those benefits must be provided under different sections. Regulation 5 makes provision about where an authorisation granted in respect of an undivided collective money purchase scheme will apply to a section following the division of the scheme into sections.

Part 3 of these Regulations makes provision relating to the authorisation of a collective money purchase scheme. Regulation 6 sets out the information to be included in an application to the Pensions Regulator (“the Regulator”) for authorisation (in addition to the information specified in the Act). Regulation 6 also introduces Part 1 of Schedule 3, which sets out the information to be included in an application in relation to whether a scheme is financially sustainable.

Regulation 7 requires an application for authorisation to be accompanied by a fee payable to the Regulator, which is either a set amount or in certain circumstances an amount to be determined by the Regulator.

Regulation 8 introduces Schedule 1, which sets out the matters that the Regulator must take into account in assessing whether a person involved in a collective money purchase scheme is a fit and proper person. Regulation 8 also makes provision for this assessment in cases where a person involved in a collective money purchase scheme is a body corporate.

Regulation 9 relates to the scheme design requirement. It introduces Part 1 of Schedule 2, which sets out the matters that the Regulator must take into account in deciding whether the design of a collective money purchase scheme is sound.

Regulation 10 introduces Part 2 of Schedule 2, which sets out the information that must be contained in a viability report prepared by the trustees of a collective money purchase scheme. Regulation 10 also sets out more detail relating to the preparation of the viability report.

Regulation 11 introduces Part 3 of Schedule 2 which sets out the information that must be included in a viability certificate provided by the scheme actuary. Regulation 11 also sets out the matters the scheme actuary must have regard to when providing a viability certificate and considering whether the design of the scheme is sound.

Regulation 12 introduces Part 2 of Schedule 3, which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a collective money purchase scheme is financially sustainable, and Part 3 of Schedule 3 which sets out requirements to be met by a collective money purchase scheme in relation to its financing.

Regulation 13 introduces Schedule 4 which sets out the matters that the Regulator must take into account in deciding whether it is satisfied that a collective money purchase scheme has adequate systems and processes for communicating with members and others.

Regulation 14 introduces Schedule 5 which sets out the matters that the Regulator must take into account in deciding whether the systems and processes used in running a collective money purchase scheme are sufficient to ensure that the scheme is run effectively.

Regulation 15 contains requirements about a collective money purchase scheme’s continuity strategy and sets out information that must be included in the strategy. A continuity strategy is a document setting out how the interests of members of the scheme are to be protected if a triggering event occurs in relation to the scheme. Regulation 16 contains requirements about how the continuity strategy must set out levels of administration charges that apply in relation to members of the scheme.

Part 4 of these Regulations relates to valuation and benefit adjustments. Regulation 17 sets out provisions that the rules of a collective money purchase scheme must contain relating to the determination of the value of the available assets of the scheme, the determination of the required amount and the adjustment of the rate or amount of benefits provided under the scheme. Regulation 17 also makes provision for where trustees of a collective money purchase scheme apply a multi-annual reduction to the rate or amount of benefits provided under the scheme.

Regulation 18 makes provision regarding guidance to which the scheme actuary must have regard when advising the trustees of a collective money purchase scheme.

Regulation 19 makes provision regarding actuarial valuations of the scheme including when the trustees of a collective money purchase scheme must obtain an actuarial valuation and what the valuation must contain.

Regulation 20 sets out the information that must be included in a report given by the trustees of a collective money purchase scheme to the Regulator if a benefit adjustment is not made in accordance with the most recent actuarial valuation or does not take effect in accordance with scheme rules.

Regulation 21 makes provision regarding what must be included in a direction issued by the Regulator under section 23 of the Act (powers of the Pensions Regulator).

Part 5 of these Regulations makes provision about the ongoing supervision by the Regulator of a collective money purchase scheme. Regulation 22 sets out the information which the Regulator may require to be included in the supervisory return (a document which the Regulator may require schemes to submit to it).

Regulation 23 lists the significant events in relation to the scheme, which are events which must be notified to the Regulator by persons specified in the Act. Regulation 23 also sets out further information that must be provided to the Regulator by a person who is required to give notice of a significant event.

Regulation 24 makes provision about risk notices including what must be contained in a risk notice. Risk notices are notices given by the Regulator to the trustees of a collective money purchase scheme under section 29 of the Act (risk notices).

Part 6 of these Regulations makes provision about triggering events and continuity options. Regulation 25 sets out the matters which must be notified by a trustee to employers and relevant former employers if a triggering event occurs in relation to a collective money purchase scheme; and when notifications under section 33 of the Act (notification of triggering events) must be given.

Regulation 26 sets out when an implementation strategy must be submitted to the Regulator for approval. An implementation strategy is a document setting out how the interests of members of a collective money purchase scheme are to be protected following the occurrence of a triggering event.

Regulation 27 sets out the information to be included in an implementation strategy about levels of administration charges in relation to members of the scheme. Regulation 28 sets out other information that an implementation strategy must contain.

Regulation 29 introduces Schedule 6 which sets out the procedure to be followed when a triggering event has occurred and the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1 (under which the scheme’s liabilities to each beneficiary are discharged by transfer out of the scheme, or securing the payment of benefits by some other means, and the scheme is wound up).

Regulation 30 applies where a triggering event has occurred and the trustees of a collective money purchase scheme are pursuing continuity option 2 (resolving triggering event). It prescribes the deadline for a scheme’s trustees to notify the Regulator when they believe that a triggering event has been resolved.

Regulation 31 applies where a triggering event has occurred and the trustees of a collective money purchase scheme are pursuing continuity option 3 (conversion to closed scheme). It prescribes the deadline for a scheme’s trustees to notify the Regulator when they consider that preparations for the conversion of the scheme into a closed scheme are complete.

Regulation 32 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 33 modifies section 99 of the Pension Schemes Act 1993 (c. 48) (trustees’ duties) as it applies to a collective money purchase scheme in respect of which the Regulator has made a pause order under section 44 of the Act (pause orders).

Regulation 34 sets out the administration charges that are not included in the prohibition on increasing charges during a triggering event period for a collective money purchase scheme in section 45 of the Act (prohibition on increasing charges etc during triggering event period). It also applies the provisions of section 45 of the Act to certain receiving schemes.

Part 7 of these Regulations makes provision for amendments to secondary legislation in relation to schemes providing collective money purchase benefits. In particular, regulation 35 introduces Schedule 7 which contains amendments to the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715), the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 (S.I. 2010/772) and the Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879) in relation to collective money purchase schemes.

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. A hard copy of the impact assessment may be obtained from the Department for Work and Pensions, Caxton House, Tothill Street, London SW1H 9NA.

Footnotes

[^f00001]: 2008 c. 30. Section 28 was amended by sections 12 and 13 of the Pensions Act 2011 (c. 19), section 39 of the Pensions Act 2014 (c. 19) and section 46 of, and paragraphs 39 and 45 of Schedule 2 to, the Pension Schemes Act 2015 (c. 8). See section 99 of the Pensions Act 2008 for the definitions of “prescribed” and “regulations”.

[^f00002]: 2014 c. 19. Paragraph 1 of Schedule 18 to the Pensions Act 2014 (“the 2014 Act”) is amended by section 127 of, and paragraphs 23 and 25(1) and (2) of Schedule 3 to, the Pension Schemes Act 2021 (c. 1) (“the 2021 Act”). See paragraph 15 of Schedule 17 to the 2014 Act for the definition of “prescribed”.

[^f00003]: 2021 c. 1.

[^f00004]: A statutory instrument containing regulations under section 28 of the Pensions Act 2008 is stated to be made subject to affirmative resolution procedure.

[^f00005]: The first regulations under paragraph 1 of Schedule 18 to the 2014 Act that make provision in relation to collective money purchase schemes (within the meaning of the 2021 Act) and regulations under paragraph 2 of Schedule 18 to that Act are stated to be made subject to affirmative resolution procedure.

[^f00006]: Regulations made under sections 5(2), 11(3)(a), 12(2)(b), 13(3), 14(3), 15(4)(a), 16(2), 17, 18(4), 36(2), 36(6), 45(3)(a), 45(6), 49(2) and 49(4), and the first regulations made under sections 19(2), 20(5), 28(3) and 45(3)(b), of the 2021 Act are stated to be made subject to affirmative resolution procedure.

[^f00007]: 1993 c. 48.

[^f00008]: 1995 c. 26.

[^f00009]: 2004 c. 35.

[^f00010]: 2006 c. 46.

[^f00011]: “Actuarial valuation” is defined in section 20(2) of the 2021 Act.

[^f00012]: The definition of “pensioner member” was amended by paragraph 8 of Schedule 5 to the Child Support, Pensions and Social Security Act 2000 (c. 19) and S.I. 2006/745; there are other amendments to section 124(1) but none is relevant.

[^f00013]: Section 67A was inserted into the Pensions Act 1995 by section 262 of the Pensions Act 2004 (“the 2004 Act”).

[^f00014]: 2015 c. 8.

[^f00015]: This information is required to enable the Pensions Regulator to carry out its function under section 26(1) of the 2021 Act (list of authorised schemes).

[^f00016]: 1997 c. 50; section 112(1) was amended by section 79(1) of the Protection of Vulnerable Groups (Scotland) Act 2007 (asp 14), 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 113 was amended by section 1(2) of the Employment Rights (Dispute Resolution) Act 1998 (c. 8), sections 52(1) and (2) of the Child Support, Pensions and Social Security Act 2000 (c. 19), paragraphs 9 and 17 of Schedule 12 to the 2004 Act, paragraph 6 of Schedule 5 to the Pensions Act 2007 (c. 22), section 44(1) of the Pensions Act 2014 (c. 19), section 38 of and Schedule 2 to the Pension Schemes Act 2015 (c. 8), section 127(3) of the 2021 Act and S.I. 2005/2053.

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

[^f00019]: See section 21 of the 2021 Act (certificate that actuarial valuation prepared in accordance with scheme rules).

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

[^f00021]: Section 10 was amended by paragraph 11 of Schedule 2 to the Welfare Reform and Pensions Act 1999 (c. 30), paragraphs 34 and 38 of Schedule 12 and Part 1 of Schedule 13 to the 2004 Act, section 62(3) of and paragraph 121 of Schedule 13 to the Tribunals, Courts and Enforcement Act 2007 (c. 15), paragraph 52 of Schedule 9 to the Crime and Courts Act 2013 (c. 22) and paragraph 1 of Schedule 7 to the 2021 Act.

[^f00022]: Section 23 was substituted for section 23, as originally enacted, by section 36(1) and (3) of the 2004 Act.

[^f00023]: Section 99(2) was substituted by section 67 of and paragraphs 3 and 13 of Schedule 4 to the Pension Schemes Act 2015 (c. 8) and was amended by section 25(1) and (4) of the 2021 Act.

[^f00024]: 1999 c. 30; section 24 was amended by paragraph 43A of Schedule 8 to the Family Law Act 1996 (c. 27) and paragraph 158 of Schedule 27 to and Schedule 30 to the Civil Partnership Act 2004 (c. 33).

[^f00025]: S.I. 2001/544. The definition of financial instrument was inserted by S.I. 2006/3384, and was amended by S.I. 2017/488 and 2019/632. There are other amendments to this article which are not relevant to this instrument.

[^f00026]: 2016 asp 21.

[^f00027]: 1986 c. 45.

[^f00028]: S.I. 1989/2405 (N.I.19).

[^f00029]: Section 385(1) was amended by paragraphs 1 and 55 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00030]: Section 383(1) was amended by section 170(2) of and Schedule 16 to the Criminal Justice Act 1988 (c. 33) and paragraphs 1 and 53 of and Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00031]: S.R. 1991 No. 364.

[^f00032]: Section 263H was inserted by section 71(2) of and Schedule 18 to the Enterprise and Regulatory Reform Act 2013 (c. 24).

[^f00033]: Section 381(2) was amended by paragraphs 1 and 52 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00034]: Section 381(1) was amended by paragraphs 1 and 52 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00035]: Schedule 4A was inserted by section 257(2) of and Schedule 20 to the Enterprise Act 2002 (c. 40).

[^f00036]: Schedule 2A was inserted by S.I. 2005/1455 (N.I.10).

[^f00037]: “Director” is defined in section 11(6) of the Act for the purposes of that section as having the meaning given in section 251 of the Insolvency Act 1986 (c. 45).

[^f00038]: 1974 c. 53.

[^f00039]: S.I. 1978/1908 (N.I.27).

[^f00040]: 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(1) was inserted by section 6(1) and (2) of the Insolvency Act 2000 (c. 39) and was amended by and paragraphs 1 and 3 of Schedule 7 to the Small Business, Enterprise and Employment Act 2015 (c. 26).

[^f00041]: S.I. 2002/3150 (N.I.4). Article 3(1) was amended by S.I. 2005/1454 (N.I.9). Article 4(1) was amended by paragraph 9(4)(a) of Schedule 8 to the Small Business, Enterprise and Employment Act 2015 (c. 26).

[^f00042]: “Registrar of companies” is defined in section 1060(3) of the Companies Act 2006.

[^f00043]: Section 3 was substituted by section 33 of the 2004 Act and amended by S.I. 2010/22.

[^f00044]: S.I. 1995/3213 (N.I.22).

[^f00045]: Article 3 was substituted by S.I. 2005/255 (N.I. 1) and was amended by paragraph 3 of Schedule 1 to and Schedule 3 to the Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4 (N.I.)).

[^f00046]: Section 29 was amended by paragraphs 34 and 45 of Schedule 12 to and Schedule 13 to the 2004 Act, section 106(2) of and paragraph 8 of Schedule 16 to the Tribunals Courts and Enforcement Act 2007 (c. 15) and S.I. 2004/1941, 2006/1722, 2009/1941, 2012/2404 and 2016/481.

[^f00047]: Article 29 was amended by S.I. 2002/3150 (N.I.4), S.I. 2005/255 (N.I. 1) and S.R. 2008 No. 94 and 2016 No. 108.

[^f00048]: S.I. 1996/1715. Regulation 24 was inserted by S.I. 2015/879.

[^f00049]: 2004 c. 12. Section 152 was amended by paragraphs 1 and 2 of Schedule 5 to the Finance Act 2021 (c. 26).

[^f00050]: S.I. 2015/879. Regulation 3 was amended by S.I. 2015/889.

[^f00051]: Paragraph 7 was substituted by paragraphs 2 and 5 of Schedule 16 to the Finance Act 2011 (c. 11) and amended by section 1 and paragraphs 5 and 19 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 39).

[^f00052]: Paragraph 8A was inserted by section 1 of and paragraph 3 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 39).

[^f00053]: Subsections (3A) to (3D) were inserted by section 49(2) of the Child Support, Pensions and Social Security Act 2000 (c. 19) and amended by paragraphs 34 and 69 of Schedule 12 to the 2004 Act.

[^f00054]: 1999 c. 30.

[^f00055]: Chapter 2 of Part 4ZA was inserted by section 264 of the 2004 Act and its heading was substituted by paragraphs 3 and 4 of Schedule 4 to the Pension Schemes Act 2015 (c. 8).

[^f00056]: S.I. 1996/1715.

[^f00057]: Regulation 1 was amended by S.I. 1997/786, S.I. 2005/2426, S.I. 2005/3377, S.I. 2006/778, S.I. 2015/575, S.I. 2015/879, S.I. 2016/427 and S.I. 2019/192.

[^f00058]: Regulation 3 was amended by S.I. 1997/786, S.I. 1998/1494, S.I. 2001/3649, S.I. 2005/2426, S.I. 2006/778, S.I. 2010/499 and S.I. 2011/672.

[^f00059]: Regulation 23 was inserted by S.I. 2015/879 and amended by S.I. 2016/427, S.I. 2018/233 and S.I. 2021/1070.

[^f00060]: Regulation 25 was inserted by S.I. 2015/879 and amended by S.I. 2021/1070.

[^f00061]: S.I. 2010/772.

[^f00062]: Regulation 32E was inserted by S.I. 2012/1257 and amended by S.I. 2019/192.

[^f00063]: 1992 c. 4. Section 5 was substituted by paragraph 1 of Schedule 9 to the Welfare Reform and Pensions Act 1999 (c. 30); subsection (1) was amended by section 1 and Schedule 2 to the National Insurance Contributions Act 2008 (c. 16).

[^f00064]: Regulation 32G was inserted by S.I. 2012/1257.

[^f00065]: Regulation 32H was inserted by S.I. 2012/1257.

[^f00066]: Regulation 32K was inserted by S.I. 2012/1257.

[^f00067]: 2021 c. 1.

[^f00068]: S.I. 2015/879.

[^f00069]: Regulation 2 was amended by S.I. 2016/304, 2017/774 and 2021/1070.

[^f00070]: 2021 c. 1.

[^f00071]: The definition of “performance fee” was inserted by S.I. 2021/1070.

[^f00072]: Paragraph 5 was inserted by S.I. 2021/1070.

[^f00073]: Regulation 3 was amended by S.I. 2015/889.

[^f00074]: The heading to Chapter 1 was inserted by S.I. 2017/774.

[^f00075]: Regulation 4 was amended by S.I. 2016/304, 2017/774 and 2018/240.

[^f00076]: The definition of “pensioner member” was amended by paragraph 8 of Schedule 5 to the Child Support, Pensions and Social Security Act 2000 (c. 19) and S.I. 2006/745.

[^f00077]: Regulation 9 was amended by S.I. 2017/774.

[^f00078]: Regulation 11A was inserted by S.I. 2016/304 and was amended by S.I. 2017/774.

[^f00079]: Regulation 11B was inserted by S.I. 2016/304 and was amended by S.I. 2017/774.

[^f00080]: Regulation 11C was inserted by S.I. 2016/304 and was amended by S.I. 2017/774.

Editorial notes

[^key-dfbf5d5adf8ccdfd3e8588af21d5d0fe]: Sch. 6 para. 22 in force at 1.8.2022, see reg. 1(3)

[^key-fda57d0836c7890ca7d9c0fc4af337ff]: Sch. 7 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-f3772bdcc03368778f975898ffe370a5]: Sch. 7 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-d1f6d2c85e0b4f1817eb1a93ecd656b9]: Sch. 7 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-c656749009b23b699f6906884fdb0f96]: Sch. 7 para. 5 in force at 1.8.2022, see reg. 1(3)

[^key-f3dda3ec210f0ba509be948d0dd2b0db]: Sch. 7 para. 6 in force at 1.8.2022, see reg. 1(3)

[^key-62d9a53fd3ab9e3c87a61e4747e2b2e6]: Sch. 7 para. 7 in force at 1.8.2022, see reg. 1(3)

[^key-1710a097a31d075e29f1becfc0ff8dcc]: Sch. 7 para. 8 in force at 1.8.2022, see reg. 1(3)

[^key-accddc4d4ea3ad808d5bcbbc994bca7e]: Sch. 7 para. 9 in force at 1.8.2022, see reg. 1(3)

[^key-a2dd19225bc306d21f9c6862e8a4c1ec]: Sch. 7 para. 10 in force at 1.8.2022, see reg. 1(3)

[^key-d12b2634efecaa4514bf50c5bed051f5]: Sch. 7 para. 11 in force at 1.8.2022, see reg. 1(3)

[^key-8c99c51810dbddc2cb168f23ae7249d2]: Sch. 7 para. 12 in force at 1.8.2022, see reg. 1(3)

[^key-89ff1a257ef8404c8a5fa9a2e1a9cfcd]: Sch. 7 para. 13 in force at 1.8.2022, see reg. 1(3)

[^key-f9eeaba27333c276a2350ce8d737d424]: Sch. 7 para. 14 in force at 1.8.2022, see reg. 1(3)

[^key-d1ee1c9e6dfe0d860f5b578079e34c9b]: Sch. 7 para. 15 in force at 1.8.2022, see reg. 1(3)

[^key-2e3e6b3f0e6ca826d4f01083f0c918d3]: Sch. 7 para. 16 in force at 1.8.2022, see reg. 1(3)

[^key-97d2f1ee73a3052399b3c95e8860f5eb]: Sch. 7 para. 17 in force at 1.8.2022, see reg. 1(3)

[^key-774208f8a74d1a0535feac37225ef2d9]: Sch. 7 para. 18 in force at 1.8.2022, see reg. 1(3)

[^key-cc2e829fdfabc655c3209b15c302caa2]: Sch. 7 para. 19 in force at 1.8.2022, see reg. 1(3)

[^key-44c06e98fa96991a3cf227dad039ae5a]: Sch. 7 para. 20 in force at 1.8.2022, see reg. 1(3)

[^key-95dca8324fb3ba00183399f855d173e3]: Sch. 7 para. 21 in force at 1.8.2022, see reg. 1(3)

[^key-f0d52406acd826be98d85e5a20fffcce]: Sch. 7 para. 22 in force at 1.8.2022, see reg. 1(3)

[^key-a640dbec6ddeab706167331b2402bd8f]: Reg. 33 in force at 1.8.2022, see reg. 1(3)

[^key-0ec9933bfd073f40e8475daf464a2e98]: Reg. 1 in force at 1.8.2022, see reg. 1(3)

[^key-7d50dd256882de26435bbd258bcd6bd0]: Reg. 34 in force at 1.8.2022, see reg. 1(3)

[^key-0141b46fbc35c622578c75ccc26cb7eb]: Reg. 17 in force at 1.8.2022, see reg. 1(3)

[^key-c05435a84c1770c6450bf38a43b81dbd]: Reg. 19 in force at 1.8.2022, see reg. 1(3)

[^key-6a805f2894c43e7c0d842c27c99a62b4]: Sch. 6 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-543f4b284b26f2dd894374dd4273a087]: Sch. 6 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-7dcabebe48e6cdf840a2d321c0a21b79]: Sch. 6 para. 14 in force at 1.8.2022, see reg. 1(3)

[^key-47b7017886c6d119284b8bf0077c8b56]: Reg. 2 in force at 1.8.2022, see reg. 1(3)

[^key-ae2f993ba5b3b5bcd0b36d9140e1c707]: Reg. 3 in force at 1.8.2022, see reg. 1(3)

[^key-761e78ea6cfa4d4a1b44b534353952a5]: Reg. 4 in force at 1.8.2022, see reg. 1(3)

[^key-9343247403c7d89a4dc829c935c6d4cb]: Reg. 5 in force at 1.8.2022, see reg. 1(3)

[^key-42ca48e5cd7d47f947a8a19f881a9a5b]: Reg. 6 in force at 1.8.2022, see reg. 1(3)

[^key-886daa2cb92dedd6ea065d5183308202]: Reg. 7 in force at 1.8.2022, see reg. 1(3)

[^key-71ea6a02c1edcbfe6325726d7c1c8031]: Reg. 8 in force at 1.8.2022, see reg. 1(3)

[^key-83e1c242d5bb8cb17967b928c1342029]: Reg. 9 in force at 1.8.2022, see reg. 1(3)

[^key-e2a4936148d0a35251dde7d9427f186c]: Reg. 10 in force at 1.8.2022, see reg. 1(3)

[^key-85ae230e7e648c999a4e911262e2920e]: Reg. 11 in force at 1.8.2022, see reg. 1(3)

[^key-b1bcca067994570e47b2d51aed9dc4b0]: Reg. 12 in force at 1.8.2022, see reg. 1(3)

[^key-90e012e8f83b1a142385f8018dffbe6a]: Reg. 13 in force at 1.8.2022, see reg. 1(3)

[^key-b29902a301ff5494faf8713204b59aef]: Reg. 14 in force at 1.8.2022, see reg. 1(3)

[^key-3035c6b36be1bde51c16a8e2e47cc875]: Reg. 15 in force at 1.8.2022, see reg. 1(3)

[^key-36a3dffc49bbabb1fac3d6e019926039]: Reg. 16 in force at 1.8.2022, see reg. 1(3)

[^key-6ac9512e2e9e3e1469525cc91daf523f]: Reg. 18 in force at 1.8.2022, see reg. 1(3)

[^key-1f9f6a8034f7edd941d5ef42853a672b]: Reg. 20 in force at 1.8.2022, see reg. 1(3)

[^key-ee7d8e8eec995e3bdb9ca076f2659791]: Reg. 21 in force at 1.8.2022, see reg. 1(3)

[^key-cce39744a93ebfb5ffe0ff106a5727b2]: Reg. 22 in force at 1.8.2022, see reg. 1(3)

[^key-99e08c497ca00fea32efdc7549efc92d]: Reg. 23 in force at 1.8.2022, see reg. 1(3)

[^key-cf92d3925fd91d0f5fdf63bbc82df234]: Reg. 24 in force at 1.8.2022, see reg. 1(3)

[^key-0e9a4ceaa3729c51bf388dc73390223c]: Reg. 25 in force at 1.8.2022, see reg. 1(3)

[^key-6be3ad9ab97cb6600a9a3777889bf2ad]: Reg. 26 in force at 1.8.2022, see reg. 1(3)

[^key-9d4fce413c96b1b3fc015e5faae11d56]: Reg. 27 in force at 1.8.2022, see reg. 1(3)

[^key-bc2362f47248e22b929ded40700323fe]: Reg. 28 in force at 1.8.2022, see reg. 1(3)

[^key-dc42b1a683b14f385ca09aedd8ba451b]: Reg. 29 in force at 1.8.2022, see reg. 1(3)

[^key-ea521aba94b06b607e768e7fb9eca458]: Reg. 30 in force at 1.8.2022, see reg. 1(3)

[^key-ea716797f8439ff9a082651463fb2e0a]: Reg. 31 in force at 1.8.2022, see reg. 1(3)

[^key-47ccb216eef4abc11e787a51177e3e97]: Reg. 32 in force at 1.8.2022, see reg. 1(3)

[^key-07daf4c6918f0654e57a11b536b65777]: Reg. 35 in force at 1.8.2022, see reg. 1(3)

[^key-bd04b76def75a53fcd1f0d1fb097faaf]: Sch. 1 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-17679e3e8d678de39e2857dd3641090a]: Sch. 1 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-7e73b27bb9af709fc041fd36d30b82b8]: Sch. 1 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-a1f8a6ae28167a5916544d745516c248]: Sch. 2 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-7d22ac387a18594706caa7a656490ef4]: Sch. 2 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-2ea68cc6da88ad55474d073630e968cf]: Sch. 2 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-00757c023a685600870583d5faeef6cf]: Sch. 2 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-56dd9ca103d08616e37c8849c974f857]: Sch. 2 para. 5 in force at 1.8.2022, see reg. 1(3)

[^key-51df4e91ad43cc9fa939ac45b1b2fdbd]: Sch. 2 para. 6 in force at 1.8.2022, see reg. 1(3)

[^key-955dbd067240b0fae229b4a77f188793]: Sch. 2 para. 7 in force at 1.8.2022, see reg. 1(3)

[^key-9d7e63d80618dbd017a1f1725bfd40ac]: Sch. 2 para. 8 in force at 1.8.2022, see reg. 1(3)

[^key-6c057be969c15a519294f8127993e0dd]: Sch. 2 para. 9 in force at 1.8.2022, see reg. 1(3)

[^key-0de1b3e9ed9dcb2c7150e15790fd5ea7]: Sch. 2 para. 10 in force at 1.8.2022, see reg. 1(3)

[^key-bbbcd605a0c35a58b595b4f840ca43c9]: Sch. 2 para. 11 in force at 1.8.2022, see reg. 1(3)

[^key-c7eabafa43cba1c5b0766885933599a5]: Sch. 2 para. 12 in force at 1.8.2022, see reg. 1(3)

[^key-0d8943c89f935123a90426be0c75994b]: Sch. 2 para. 13 in force at 1.8.2022, see reg. 1(3)

[^key-4b2b4573db0e7d2747a5e1203d94ca76]: Sch. 2 para. 14 in force at 1.8.2022, see reg. 1(3)

[^key-b7258b7c1046af317ed7e0eaf4025d9d]: Sch. 3 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-7222da8709d9ddf152634e4a8def0adb]: Sch. 3 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-dca95248bc7e28c8b6b5cb7868d40c16]: Sch. 3 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-ac5b6cae5b9e9afaf2b5902107060158]: Sch. 3 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-10543f6584dee80cf8ecb9cdc6a5e1d0]: Sch. 4 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-764665fd7224706ed9d8507882ef1795]: Sch. 4 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-e21cd2be5a1ef90ac1d1c5ff3d24cf5b]: Sch. 4 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-4603496a27940eb145378b20fd273bfc]: Sch. 4 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-ab5a58a3dae653accbf6b3c782ac3424]: Sch. 4 para. 5 in force at 1.8.2022, see reg. 1(3)

[^key-52e16d27ffece45f5eca5d20589c5a7e]: Sch. 4 para. 6 in force at 1.8.2022, see reg. 1(3)

[^key-d87214b2814455a732a7c71e422fa49f]: Sch. 5 para. 1 in force at 1.8.2022, see reg. 1(3)

[^key-5e081ee226ccb6cbf66a0629b5759ed1]: Sch. 5 para. 2 in force at 1.8.2022, see reg. 1(3)

[^key-d3ef194abd754e6fd9fb92e19f37c3f1]: Sch. 5 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-9d49f37f6f5b929cc19c0e1ab2815914]: Sch. 5 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-2a6eaa6473a4e08ab19f9803ecdee4de]: Sch. 5 para. 5 in force at 1.8.2022, see reg. 1(3)

[^key-317017ed15e06d8764d75bbace11966e]: Sch. 5 para. 6 in force at 1.8.2022, see reg. 1(3)

[^key-bfc8b6e6af68d08a91acafb8b13b6276]: Sch. 5 para. 7 in force at 1.8.2022, see reg. 1(3)

[^key-a264913e462dadce6c2209a0ad3d64ab]: Sch. 5 para. 8 in force at 1.8.2022, see reg. 1(3)

[^key-2a4bb6bf1d5f35319c4c8575aa6b34ed]: Sch. 5 para. 9 in force at 1.8.2022, see reg. 1(3)

[^key-756aad06e504d21b546e547e0a889784]: Sch. 5 para. 10 in force at 1.8.2022, see reg. 1(3)

[^key-2799cdf2de5f2f8ded956a567235d788]: Sch. 5 para. 11 in force at 1.8.2022, see reg. 1(3)

[^key-bb4b240223643dbe819fd2368cbcb1b4]: Sch. 5 para. 12 in force at 1.8.2022, see reg. 1(3)

[^key-5964175b461a00e335022faa5599af39]: Sch. 5 para. 13 in force at 1.8.2022, see reg. 1(3)

[^key-50fa35c1efe0fce3c0f59bab5b05045f]: Sch. 5 para. 14 in force at 1.8.2022, see reg. 1(3)

[^key-d46ead25a0442bcb21938b7da295a020]: Sch. 6 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-2375d6379524975a423e244b6feb4b4e]: Sch. 6 para. 4 in force at 1.8.2022, see reg. 1(3)

[^key-611ffa897c3d725b9cb92180f37f5d32]: Sch. 6 para. 5 in force at 1.8.2022, see reg. 1(3)

[^key-8544d466ab22071af8a43854aeed0a06]: Sch. 6 para. 6 in force at 1.8.2022, see reg. 1(3)

[^key-d8d027d48730c0262ea5bfbdefbe9373]: Sch. 6 para. 7 in force at 1.8.2022, see reg. 1(3)

[^key-55a8cc326a9a55a492447e1bcdab4faf]: Sch. 6 para. 8 in force at 1.8.2022, see reg. 1(3)

[^key-3df8ac0a4108c4bb7cb5d8844148f7c9]: Sch. 6 para. 9 in force at 1.8.2022, see reg. 1(3)

[^key-ed16543e27ff80a39c9fecee766399e5]: Sch. 6 para. 10 in force at 1.8.2022, see reg. 1(3)

[^key-304d6c667548a6ee91e0262e55adabfe]: Sch. 6 para. 11 in force at 1.8.2022, see reg. 1(3)

[^key-ee7b1bc6381aa0b8143340982c282ab3]: Sch. 6 para. 12 in force at 1.8.2022, see reg. 1(3)

[^key-25e22ddcc7aad86884bf33572ae837fb]: Sch. 6 para. 13 in force at 1.8.2022, see reg. 1(3)

[^key-7e93b0de03131e3452461c1864ad027c]: Sch. 6 para. 15 in force at 1.8.2022, see reg. 1(3)

[^key-e44f74438f0dc6273479af9ee924379e]: Sch. 6 para. 16 in force at 1.8.2022, see reg. 1(3)

[^key-8e227851f81d9692947de1ae730babf9]: Sch. 6 para. 17 in force at 1.8.2022, see reg. 1(3)

[^key-892236f5dbab171dc27709f6dc375b7f]: Sch. 6 para. 18 in force at 1.8.2022, see reg. 1(3)

[^key-ea96bdd8da65374595e11399ca8559df]: Sch. 6 para. 19 in force at 1.8.2022, see reg. 1(3)

[^key-85873de21922b7e4c4e54a68643750b4]: Sch. 6 para. 20 in force at 1.8.2022, see reg. 1(3)

[^key-861fae358e4bf1eb519c44cda892e4c0]: Sch. 6 para. 21 in force at 1.8.2022, see reg. 1(3)

[^key-6ebdfca0cfbd8768ba9d2ced7779a345]: Sch. 7 para. 3 in force at 1.8.2022, see reg. 1(3)

[^key-1a0c9dbc1e1d81773af5a538560a9666]: Reg. 17(10A)-(10C) inserted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 3(5)

[^key-b2c82c106b2088c7d02c3be19051e656]: Words in reg. 17(4)(e) inserted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 3(2)

[^key-5a9f17b5bf03183343efe613b90bca60]: Words in reg. 17(9) substituted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 3(3)

[^key-7a90748a3a9658d0ca90e34f7476c03f]: Reg. 17(10) substituted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 3(4)

[^key-6aba7c5d0359c18ac1c3e4c0e44e151c]: Reg. 19(4)(k)(v) inserted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 4(2)

[^key-40a53b0cddc5e9e5ed12e9c0731384be]: Reg. 19(4)(ka) inserted (8.3.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(3), 4(3)

[^key-cd693cd35c5979bede6f130f0aedffa4]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(4), 5(2)(a)

[^key-b209016b74ded66c96ea1415dfc3ba5a]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(4), 5(2)(b)

[^key-2cab8c73ca47790468b5966034397956]: Words in Sch. 6 para. 1(1) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(4), 5(2)(c)

[^key-879d84fc44b38c9ca4f3a284920e5339]: Sch. 6 para. 2(1)(c)-(e) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(4), 5(3)

[^key-9b20e2ad6e680659fe4e0921edeec8cb]: Sch. 6 para. 14(2)(ca)-(cc) inserted (1.10.2024) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Amendment) Regulations 2024 (S.I. 2024/334), regs. 1(4), 5(4)