3A.—(1) A relevant scheme is a “qualifying collective money purchase scheme” if—
(a)it is a collective money purchase scheme; and
(b)it is being used—
(i)as a qualifying scheme in relation to one or more relevant jobholders; or
(ii)by a qualifying scheme in relation to one or more relevant jobholders.
(2) Where a scheme is a qualifying collective money purchase scheme, it continues to be such a scheme regardless of whether it continues to satisfy paragraph (1)(b).
(3) Where a qualifying collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a scheme that is divided into sections, any section of that scheme that is a collective money purchase scheme (for the purposes of section 1(2) of the 2021 Act) under which collective money purchase benefits may be provided to persons who were members of the undivided scheme (to whom such benefits were payable under that scheme), is a qualifying collective money purchase scheme regardless of whether it satisfies paragraph (1)(b).
(4) In this regulation, “relevant jobholder” means a jobholder of one or more of the employers that is using the qualifying collective money purchase scheme.]
Textual Amendments