The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025

(5A) Where there is a change in relation to the information listed in paragraph 1A of Schedule 11 (statement to be published by unconnected multiple employer schemes), the statement mentioned in sub-paragraph (2)(a) must be altered accordingly, and published as soon as practicable after, and in any event within the period of three months beginning with, the date the change occurred.

• (5) In Schedule 11 (statements to be published by collective money purchase schemes)—

• (a) in paragraph 1, at the beginning insert “Where the scheme is a single or connected employer scheme,”;

• (b) after paragraph 1 insert—

(1A) Where the scheme is an unconnected multiple employer scheme, a summary of— (a) the rate or amount of benefits provided under the scheme; (b) how the benefits which accrue each year under the scheme relate to the contributions made into the scheme by, on behalf of or in respect of members.

Signed

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

Torsten Bell — Parliamentary Under Secretary of State — Department for Work and Pensions — 15th December 2025

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

These Regulations amend the Pension Schemes Act 2021 (c. 1) (“the 2021 Act”) in order to remove the exclusion of pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other (“unconnected multiple employer schemes”) from the definition of “qualifying scheme”. This enables such schemes to be “collective money purchase schemes” for the purposes of Part 1 of the 2021 Act, which extends to England and Wales and Scotland. The Regulations also make further provision about such schemes - such as the detail of the authorisation and supervisory regime to which such schemes will be subject, amend the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulation 2022 (S.I. 2022/255) (“the 2022 Regulations”) and make provision for amendments to legislation in relation to schemes providing collective money purchase benefits.

Part 2 of the Regulations makes amendments to the 2021 Act.

Regulation 3 amends subsection (2) of section 3 of the 2021 Act, and omits subsection (3) of that section, to remove the limitations on qualifying schemes to (a) pension schemes established solely by one or more persons to whom section 1(2)(a) (employer) of the Pension Schemes Act 1993 applied when the scheme was established and (b) pension schemes used, or intended to be used, only by a single employer or two or more employers that are connected with each other (“single or connected employer schemes”). It also inserts definitions of “single or connected employer scheme” and “unconnected multiple employer scheme” into section 1 of the 2021 Act to enable different provision to be made in relation to each type of scheme.

Regulations 4 to 23 make amendments to the 2021 Act to make provision about unconnected multiple employer schemes. Regulation 5 amends section 9 of the 2021 Act to provide additional authorisation criteria that must be met by unconnected multiple employer schemes. Regulation 9 amends section 14 of the 2021 Act to require the Pensions Regulator to be satisfied that the business strategy relating to the scheme is sound in order to be satisfied that an unconnected multiple employer scheme is financially sustainable. Regulation 10 inserts section 14A into the 2021 Act, requiring the scheme proprietor of an unconnected multiple employer scheme to prepare a business plan for the scheme, which the Pensions Regulator must take into account in deciding whether it is satisfied that the business strategy relating to the scheme is sound. Schedules 1A and 1B, which are inserted into the 2021 Act by regulation 23 make provision about the matters the Pensions Regulator must and may take into account in deciding whether a scheme’s business strategy is sound and about the business plan. Other provisions of Part 2 of the Regulations amend the 2021 Act to reflect these changes.

Part 3 of the Regulations makes provision about when an employer is connected with another employer for the purposes of determining whether a scheme is a single or connected employer scheme or an unconnected employer scheme.

Part 4 of the Regulations makes provision about unconnected multiple employer schemes. This Part makes provision equivalent to the 2022 Regulations, which will continue to have effect in relation to single or connected employer schemes. There are some differences to reflect the different nature of unconnected multiple employer schemes and the additional authorisation criteria that will apply to such schemes. Chapter 1 makes preliminary provision covering application, interpretation and notices. Chapter 2 makes provision about schemes divided into sections. Chapter 3 makes provision about authorisation. Chapter 4 makes provision about the provisions that must be included in scheme rules relating to the calculation of benefits, about actuarial valuations and about benefit adjustments. Chapter 5 makes provision about ongoing supervision including about supervisory returns, significant events and risk notices. Chapter 6 (including Schedule 6), makes provision about triggering events and continuity options, including provision about administration charges during a triggering event period.

Part 5 of the Regulations amends the 2022 Regulations. Regulation 59 limits the application of the 2022 Regulations to single or connected employer schemes (other than where the 2022 Regulations make amendments to other instruments). Regulation 61 omits regulation 3 of the 2022 Regulations which made provision about when an employer is connected with another employer. This is now provided for in Part 3 of these Regulations. Regulations 60 and 62 to 77 make changes for consistency between the 2022 Regulations and these Regulations.

Part 6 of the Regulations amends the Pension Schemes Act 1993 (c. 48), the Pensions Act 1995 (c. 26) and the Pensions Act 2004 (c. 35) to ensure that relevant definitions of “scheme rules” incorporate overrides made by virtue of these Regulations. It also amends the Pensions Act 2004 to reflect changes to the provisions in the 2021 Act about risk notices provided for by regulation 15. It also amends the Pension Schemes Act 2017 (c. 17) to provide that unconnected multiple employer schemes are not Master Trusts for the purposes of that Act and to make provision for cases where a section of a Master Trust is subject to the provisions of the 2021 Act. Part 6 also introduces Schedule 7 which makes consequential amendments to secondary legislation.

A full impact assessment of the effect that this instrument will have on the costs of business, the voluntary sector and the public sector 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]: 2021 c. 1.

[^f00002]: Regulations made under sections 5(2), 11(3)(a), 12(2)(b), 13(3), 14(3), 15(6), 16(2), 17, 18(4), 36(6), 47 and 49(2) of the Pension Schemes Act 2021 are stated to be subject to affirmative resolution procedure.

[^f00003]: “Employer” is defined in section 49(1) of the Pension Schemes Act 2021.

[^f00004]: 2006 c. 46.

[^f00005]: Regulation 21 of this instrument inserts a definition of “Code” into section 49(1) of the Pension Schemes Act 2021.

[^f00006]: 1995 c. 26. Section 49(8A) was inserted by S.I. 2001/3649 and amended by paragraph 82(1) and (2) of Schedule 18 to the Financial Services Act 2012 (c. 21) and S.I. 2019/192.

[^f00007]: 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 to the Pensions Act 2004 (c. 35), 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 Pension Schemes Act 2021.

[^f00008]: “The triggering events table” is defined in section 31(4) of the Pension Schemes Act 2021 as the table in that section.

[^f00009]: 2004 c. 35. Section 90 was amended by paragraphs 11 and 13 of Schedule 3 to the Pension Schemes Act 2021.

[^f00010]: Section 35 was substituted by section 244 of the Pensions Act 2004.

[^f00011]: 2004 c. 12.

[^f00012]: Section 270 was amended by paragraphs 1 and 9 of Schedule 7 to the Finance Act 2014 (c. 26).

[^f00013]: The definition of “pension credit member” in section 124(1) was inserted by paragraphs 43 and 61(3) of Schedule 12 to the Welfare Reform and Pensions Act 1999 (c. 30) and the definition of “pensioner member” in section 124(1) was amended by virtue of S.I. 2006/745.

[^f00014]: “Scheme actuary” is defined in section 49(1) of the Pension Schemes Act 2021.

[^f00015]: S.I. 2013/2734; regulation 29B and Schedule 11 were inserted by S.I. 2022/337; paragraph 1A of Schedule 11 is inserted by paragraph 6(5) of Schedule 7 to this instrument.

[^f00016]: A definition of “unconnected multiple employer schemes” is inserted into the Pension Schemes Act 2021 by regulation 3 of this instrument.

[^f00017]: “Scheme rules” is defined in section 49(1) of the Pension Schemes Act 2021.

[^f00018]: Section 17(2) is amended by regulation 11 of this instrument.

[^f00019]: “Actuarial valuation” is defined in section 20(2) of the Pension Schemes Act 2021.

[^f00020]: Section 67A was inserted by section 262 of the Pensions Act 2004.

[^f00021]: The term “qualifying benefits” is explained in section 2 of the Pension Schemes Act 2021.

[^f00022]: This information is required to enable the Pensions Regulator to carry out its function under section 26(1) of the Pension Schemes Act 2021 (list of authorised schemes).

[^f00023]: Section 11(2) is amended by regulation 7 of this instrument.

[^f00024]: 1997 c. 50; section 112(1) was amended by section 79(1) of the Protection of Vulnerable Groups (Scotland) Act 2007 (asp 14), section 97(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 and repealed in relation to Scotland by paragraph 3 of Schedule 5 to the Disclosure (Scotland) Act 2020 (asp 13).

[^f00025]: 2020 asp 13.

[^f00026]: Sections 14B and 14C are inserted by regulation 10 of this instrument.

[^f00027]: Schedule 1C is inserted by regulation 23 of this instrument.

[^f00028]: Section 3 is amended by regulation 3 of this instrument.

[^f00029]: 1993 c. 48. 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 Pensions Act 2004, 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 the Pension Schemes Act 2015 (c. 8), section 127(3) of the Pension Schemes Act 2021 and S.I. 2005/2053.

[^f00030]: Section 228ZA was inserted by paragraph 10(1) of Schedule 4 to the Finance (No. 2) Act 2015 (c. 33).

[^f00031]: Section 14 is amended by regulation 9 of this instrument.

[^f00032]: The term “triggering event period” is explained in section 32 of the Pension Schemes Act 2021.

[^f00033]: A company registered in England and Wales with number 02486368.

[^f00034]: See section 21 of the Pension Schemes Act 2021 (certificate that actuarial valuation prepared in accordance with scheme rules).

[^f00035]: Section 248(8) was amended by S.I. 2009/1941.

[^f00036]: Regulation 5 of this instrument amends section 9(3).

[^f00037]: Section 28(2) is amended by regulation 14 of this instrument.

[^f00038]: Section 14A is inserted by regulation 10 of this instrument.

[^f00039]: Section 9(3)(cb) is inserted by regulation 5 of this instrument.

[^f00040]: Section 29(4) is amended by regulation 15 of this instrument.

[^f00041]: Section 29(7) is amended by regulation 15 of this instrument.

[^f00042]: Section 33(3A) is inserted by regulation 18(c) of this instrument.

[^f00043]: “Implementation strategy” is defined in section 49(1) of the Pension Schemes Act 2021.

[^f00044]: Section 33 is amended by regulation 18 of this instrument.

[^f00045]: Section 23 was substituted by section 36(1) and (3) of the Pensions Act 2004.

[^f00046]: Section 99(2) was substituted by paragraphs 3 and 13 of Schedule 4 to the Pension Schemes Act 2015 and was amended by section 25(1) and (4) of the Pension Schemes Act 2021.

[^f00047]: 1999 c. 30; section 24 was amended by paragraph 158 of Schedule 27, and Schedule 30, to the Civil Partnership Act 2004 (c. 33).

[^f00048]: Section 49(1) of the Pension Schemes Act 2021 provides that “occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993.

[^f00049]: 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 article 3 which are not relevant to this instrument.

[^f00050]: S.I. 2022/255; amended by S.I. 2024/334.

[^f00051]: “Single or connected employer scheme” is defined for the purposes of Part 1 of the Pension Schemes Act 2021 in section 1(3) of that Act (inserted by regulation 3(1) of this instrument).

[^f00052]: Paragraph (4) of regulation 17 was amended by, and paragraph (10C) of that regulation was inserted by, S.I. 2024/344.

[^f00053]: The definition of “personal pension scheme” in section 1(1) was substituted by section 239(3) of the Pensions Act 2004 and amended by Part 3(2) of Schedule 27 to the Finance Act 2007 (c. 11).

[^f00054]: 2017 c. 17.

[^f00055]: Section 100B was inserted by paragraphs 3 and 14 of Schedule 4 to the Pension Schemes Act 2015.

[^f00056]: Sub-paragraph (xvi) was inserted by section 25(1) and (6)(a) of the Pension Schemes Act 2021.

[^f00057]: Sub-paragraph (xii) was inserted by section 25(1) and (6)(b) of the Pension Schemes Act 2021.

[^f00058]: Section 101AI was inserted by section 264 of the Pensions Act 2004.

[^f00059]: Sub-paragraph (xiv) was inserted by paragraphs 1 and 3(a) of Schedule 3 to the Pension Schemes Act 2021.

[^f00060]: Sub-paragraph (xi) was inserted by paragraphs 1 and 3(b) of Schedule 3 to the Pension Schemes Act 2021.

[^f00061]: Section 67A, together with other sections, was substituted for section 67 by section 262 of the Pensions Act 2004.

[^f00062]: Sub-paragraph (xv) was inserted by section 24(1) and (8)(a) of the Pension Schemes Act 2021.

[^f00063]: Sub-paragraph (xii) was inserted by section 24(1) and (8)(b) of the Pension Schemes Act 2021.

[^f00064]: Section 93(2)(pc) was inserted by paragraphs 11 and 14(3) of Schedule 3 to the Pension Schemes Act 2021.

[^f00065]: Section 318(3)(a)(xv) was inserted by paragraphs 11 and 20(a) of Schedule 3 to the Pension Schemes Act 2021.

[^f00066]: Section 318(3)(b)(xii) was inserted by paragraphs 11 and 20(b) of Schedule 3 to the Pension Schemes Act 2021.

[^f00067]: 2016 asp 21.

[^f00068]: 1986 c. 45.

[^f00069]: S.I. 1989/2405 (N.I.19).

[^f00070]: Section 385(1) was amended by paragraphs 1 and 55 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013 (c. 24).

[^f00071]: Section 383(1) was amended by paragraphs 1 and 53 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00072]: S.R. 1991 No. 364.

[^f00073]: Section 263H was inserted by section 71(2) of, and Schedule 18 to, the Enterprise and Regulatory Reform Act 2013.

[^f00074]: Section 381(2) was amended by paragraphs 1 and 52 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00075]: Section 381(1) was amended by paragraphs 1 and 52 of Schedule 19 to the Enterprise and Regulatory Reform Act 2013.

[^f00076]: Schedule 4A was inserted by section 257(2) of, and Schedule 20 to, the Enterprise Act 2002 (c. 40).

[^f00077]: Section 22 was amended by section 6(2) of the Bankruptcy and Diligence (Scotland) Act 2024 (asp 9).

[^f00078]: Schedule 2A was inserted by S.I. 2005/1455 (N.I. 10).

[^f00079]: 1974 c. 53.

[^f00080]: S.I. 1978/1908 (N.I. 27).

[^f00081]: 1986 c. 46; section 1(1) was amended by section 5(1) of the Insolvency Act 2000 (c. 39), section 204(1) and (3) of the Enterprise Act 2002 and paragraph 2(2) of Schedule 13 to the Finance Act 2024 (c. 3). Section 1A(1) was inserted by section 6(1) and (2) of the Insolvency Act 2000 and was amended by paragraphs 1 and 3 of Schedule 7 to the Small Business, Enterprise and Employment Act 2015 (c. 26) and paragraph 2(3) of Schedule 13 to the Finance Act 2024.

[^f00082]: 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.

[^f00083]: Section 3 was substituted by section 33 of the Pensions Act 2004 and amended by S.I. 2010/22.

[^f00084]: S.I. 1995/3213 (N.I. 22).

[^f00085]: Article 3 was substituted by S.I. 2005/255 (N.I. 1) and was amended by paragraphs 2 and 3 of Schedule 1 to and Schedule 3 to the Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4 (N.I.)).

[^f00086]: Section 29 was amended by paragraphs 34 and 45 of Schedule 12 to and Schedule 13 to the Pensions Act 2004 and S.I. 2006/1722, 2009/1941, 2012/2404 and 2016/481.

[^f00087]: 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 and.

[^f00088]: Paragraphs (ba) to (bd) of section 11(2) are inserted by regulation 7 of this instrument.

[^f00089]: S.I. 1996/1715. Regulation 24 was inserted by S.I. 2015/879.

[^f00090]: Regulation 10 of this instrument inserts section 14A into the Pension Schemes Act 2021 (business plan requirement).

[^f00091]: Section 152 was amended by paragraphs 1 and 2 of Schedule 5 to the Finance Act 2021 (c. 26) and section 24(1) and (2) of the Finance (No. 2) Act 2023 (c. 30).

[^f00092]: S.I. 2015/879. Regulation 3 was amended by S.I. 2015/889 and 2022/255.

[^f00093]: Paragraph 15 was amended by paragraphs 1 and 26 of Schedule 10 to the Finance Act 2005 (c. 7), paragraph 6(2) of Schedule 5 to the Finance Act 2016 (c. 24) and S.I. 2005/3229.

[^f00094]: Paragraph 21 was substituted by paragraphs 12 and 15 of Schedule 16 to the Finance Act 2011 (c. 11) and amended by paragraph 20 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30).

[^f00095]: Paragraph 22A was inserted by paragraph 4(1) of Schedule 1 to the Taxation of Pensions Act 2014.

[^f00096]: Paragraph 7 was substituted by paragraphs 2 and 5 of Schedule 16 to the Finance Act 2011 and amended by paragraphs 5 and 19 of Schedule 1 to the Taxation of Pensions Act 2014.

[^f00097]: Paragraph 8A was inserted by paragraph 3(1) of Schedule 1 to the Taxation of Pensions Act 2014.

[^f00098]: Paragraph 27A was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014.

[^f00099]: Paragraph 27D was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014.

[^f00100]: Paragraph 27E was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014 and amended by paragraphs 1 and 13 of Schedule 4 to the Finance Act 2015 (c. 11).

[^f00101]: Paragraph 27F was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014.

[^f00102]: Paragraph 27J was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014.

[^f00103]: Paragraph 27K was inserted by paragraphs 1 and 3(1) of Schedule 2 to the Taxation of Pensions Act 2014 and amended by paragraphs 1 and 13 of Schedule 4 to the Finance Act 2015.

[^f00104]: 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 Pensions Act 2004.

[^f00105]: Chapter 2 of Part 4ZA was inserted by section 264 of the Pensions Act 2004 and its heading was substituted by paragraphs 3 and 4 of Schedule 4 to the Pension Schemes Act 2015 (c. 8).

[^f00106]: S.I. 1991/167; regulation 12(7) was inserted by S.I. 2018/240; regulation 12A was inserted by S.I. 2022/337. There are other amending instruments but none is relevant.

[^f00107]: Paragraph 14 was amended by S.I. 2024/334 and is further amended by regulation 77(f) of this instrument.

[^f00108]: Section 1(3) is inserted by regulation 3(1) of this instrument.

[^f00109]: S.I. 1996/1847; regulation 2A was inserted by S.I. 2022/337. There are other amending instruments but none is relevant.

[^f00110]: S.I. 1997/785; regulation 8(7A) and (9) were inserted by S.I. 2022/337. There are other amending instruments but none is relevant.

[^f00111]: S.I. 2006/349, amended by S.I. 2022/337; there are other amending instruments but none is relevant.

[^f00112]: S.I. 2006/759, amended by S.I. 2022/337; there are other amending instruments but none is relevant.

[^f00113]: S.I. 2013/2734, amended by S.I. 2015/482 and 2022/337; there are other amending instruments but none is relevant.