Part 1: Collective Money Purchase Benefits Authorisation Section 9: Decision on application
This section sets out that where an application is made for authorisation, the Pensions Regulator must make a decision regarding authorisation within six months of the date of receiving the application. The Regulator will need to decide if it is satisfied that a collective money purchase scheme has met the six authorisation criteria set out in subsection (3), which are detailed in later sections of the Act. The criteria relate to: the individuals who are involved in the scheme; the soundness of the scheme’s design, the sustainability of the scheme's financial position; the scheme's systems and processes for communicating with members and others; the scheme’s systems and processes used in running the scheme; and the scheme’s continuity strategy if a triggering event occurs. All of the authorisation criteria must be met for a collective money purchase scheme to be authorised, and they must continue to be met for it to remain authorised. Sections 11 to 17 set out further detail about each of the criteria and the matters that the Regulator must take into account when satisfying itself as to whether the scheme meets the authorisation criteria.
	Where the Pensions Regulator is satisfied that the authorisation criteria have been met, it is required to authorise the scheme and notify the trustees of its decision. The scheme will also need to be included on the Regulator's published list of authorised collective money purchase schemes (see section 26).
	If the Regulator is not satisfied that the criteria have been met, it must refuse to grant the authorisation and must notify the trustees of its decision, the reasons for it and details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 10).