Member

The noble Viscount asked how smaller employers will be assessed. This is particularly important, given the possibility of irregular contributions and high churn. The scheme proprietor will have to evidence to the regulator its strategy for onboarding members, and that the strategy will ensure that the scheme has the necessary scale to operate and can maintain and increase that scale on an ongoing basis. The noble Viscount will have noticed that Regulation 10 inserts into the 2021 Act Section 14A, which requires the scheme proprietor of an unconnected multiple employer scheme to prepare a business plan. The regulator must take into account the robustness and prudence of any assumptions about membership, contributions, income and costs when assessing that scheme’s business plan.