The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024

Continuity strategy: information N.I.

12.—(1) The following information is specified for the purposes of section 12(6)(a) of the Act (continuity strategy requirement)—

(a) the steps the trustees would take to decide which continuity option to pursue (if applicable) and the timescales for taking those steps;

(b) details of—

(i) the main decisions and actions that would need to be taken to protect members’ interests during a triggering event period;

(ii) the person responsible for taking them, and

(iii) the timescales for taking them;

(c) details of strategies for communicating with employers and members, including—

(i) the information to be provided, and

(ii) the stages at which communication would take place;

(d) details of strategies for communicating with the Regulator;

(e) if applicable, details of how the trustees would choose the receiving scheme;

(f) if applicable, details of how the scheme’s assets and members’ personal data would be transferred to the receiving scheme;

(g) details of how members’ records are to be maintained during a triggering event period;

(h) details of how assets held at scheme level would be reconciled with assets held at member level;

(i) details of how the trustees would comply with any legal requirements and meet any legal costs arising from a triggering event;

(j) a plan for making decisions on investments when a triggering event occurs, and for dealing with scheme investments during a triggering event period;

(k) a plan for dealing with any outstanding contributions due from employers and members;

(l) details of how the scheme’s administrative services would continue after a triggering event;

(m) details of how service providers would be retained and paid for during a triggering event period;

(n) details of how implementation of the continuity strategy would be funded.

(2) A continuity strategy must be prepared—

(a) in writing;

(b) in the format set out in a Code, and

(c) in accordance with any further requirements set out in a Code.

Commencement Information

I1 Reg. 12 in operation at 27.3.2024, see reg. 1