Pension Schemes Act (Northern Ireland) 2021

Continuity strategy requirement

12.—(1) This section applies for the purposes of enabling the Regulator to decide whether it is satisfied that a Master Trust scheme has an adequate continuity strategy (see section 5(3)(e)).

(2) A continuity strategy is a document addressing how the interests of members of the scheme are to be protected if a triggering event occurs in relation to the scheme (see section 21).

(3) A continuity strategy must be prepared by a scheme strategist.

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

(5) The strategy must set out those levels of charges in the manner specified in regulations made by the Department.

(6) A continuity strategy must—

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

(b) be prepared in accordance with regulations made by the Department.

(7) A scheme strategist must keep the continuity strategy under review and revise it if appropriate.

(8) The continuity strategy, and any revisions to it, must be approved by each scheme funder, any other scheme strategist and the trustees.

(9) A scheme strategist or the trustees must provide the continuity strategy to the Regulator—

(a) on application for authorisation (see section 4),

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

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

(10) The first regulations that are made under this section are subject to the confirmatory procedure.

(11) Any subsequent regulations under this section are subject to negative resolution.