Automatic Enrolment Retirement Savings System Act 2024
|
Standards for purposes of section 51 | ||
|
52. (1) The Authority, in consultation with the Pensions Authority, shall draw up— | ||
(a) standards to apply for the purposes of section 51 in relation to occupational pension schemes, | ||
(b) standards to apply for the purposes of section 51 in relation to PRSAs, | ||
(c) standards to apply for the purposes of section 51 in relation to trust RACs, and | ||
(d) standards to apply for the purposes of section 51 in relation to PEPPs. | ||
(2) The standards drawn up under this section shall relate to levels of contribution by employers and employees, and any other matter that the Authority, in consultation with the Pensions Authority, considers appropriate. | ||
(3) In drawing up standards under this section, the Authority— | ||
(a) shall have regard to the operation of this Act in relation to participants, and | ||
(b) shall aim to secure that the standards drawn up, as they affect employees in respect of whom contributions are made to a qualifying occupational pension scheme, qualifying PRSA, qualifying trust RAC or qualifying PEPP, are at least as favourable as corresponding standards affecting employees who are participants under this Act. | ||
(4) The Authority, in consultation with the Pensions Authority, shall keep under review and may from time to time revise the standards drawn up under this section. | ||
(5) Where standards are drawn up or revised under this section, the Minister may by regulations make provision setting out the standards and providing for them to apply for the purposes of section 51 from a date prescribed by the regulation. | ||
(6) The Authority and the Minister shall exercise their functions under this section with a view to ensuring that the first standards drawn up under each of paragraphs (a), (b), (c) and (d) of subsection (1) apply for the purposes of section 51 from a date no later than the beginning of years 7 to 9. |