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Pension Schemes Act (Northern Ireland) 2021

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Duty to pursue continuity optionN.I.

This section has no associated Explanatory Notes

28.—(1) When the Regulator has notified the trustees of a Master Trust scheme that the implementation strategy is approved, the trustees must—

(a)pursue the continuity option identified in the strategy;

(b)take such other steps as are identified in the strategy in order to carry it out.

(2) The trustees must also make the strategy available to the employers before the end of a period specified in regulations made by the Department.

(3) If—

F1(a)a triggering event within item 1, 2 or 3 of the table in section 21(6) occurs within the triggering event period for an earlier triggering event, and

(b)an implementation strategy has been approved by the Regulator in respect of the earlier triggering event,

the trustees are not required to comply with subsections (1) and (2) in respect of the strategy approved in respect of the earlier triggering event.

(4) The Regulator may direct the trustees to comply with the requirements of subsection (1), if they fail to do so.

(5) Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a direction under subsection (4).

(6) This section overrides any provision of—

(a)the Master Trust scheme, and

(b)a Master Trust scheme contract,

to the extent that there is a conflict.

(7) Regulations under this section are subject to negative resolution.

Textual Amendments

F1Words in s. 28(3)(a) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 13; S.R. 2022/110, art. 2(a)(b)

Modifications etc. (not altering text)

Commencement Information

I1S. 28 not in operation at Royal Assent, see s. 44(2)

I2S. 28 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I3S. 28 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

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