Pension Schemes Act 2021

17 Continuity strategy requirement

(1) This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (see section 9(3)(f)).

(2) The trustees of a collective money purchase scheme must prepare a document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 31) occurs in relation to the scheme (a “continuity strategy”).

(3) A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.

(4) It must set out those levels of charges in the manner specified in regulations made by the Secretary of State.

(5) A continuity strategy must—

(a) contain such other information as may be specified in regulations made by the Secretary of State, and

(b) be prepared in accordance with regulations made by the Secretary of State.

(6) The trustees of a collective money purchase scheme must—

(a) keep the continuity strategy under review, and

(b) revise it if appropriate.

(7) The trustees must provide the continuity strategy to the Pensions Regulator—

(a) on application for authorisation (see section 8),

(b) within three months of the continuity strategy being revised, and

(c) at any other time, on request from the Pensions Regulator.

(8) In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Secretary of State.

(9) Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.

(10) Regulations under this section are subject to affirmative resolution procedure.