The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

10.—(1) The trustees of a collective money purchase scheme that is pursuing continuity option 1 must send a notice to each employer and relevant former employer in relation to the scheme containing the information mentioned in sub-paragraph (2), in accordance with sub-paragraph (3).

(2) The information is—

(a) details of the default discharge options identified in respect of beneficiaries and details of which option will apply to different descriptions of beneficiary including the name of any scheme which has been identified as a default discharge option for beneficiaries of the scheme;

(b) that if a beneficiary does not specify an alternative in accordance with the requirements of this Schedule, the scheme’s liability to the beneficiary will be discharged in accordance with the relevant default discharge option;

(c) the beneficiary’s rights under Chapter 2 of Part 4ZA of the 1993 Act (early leavers: cash transfer sums and contribution refunds);

(d) the timetable for future communication with beneficiaries and employers;

(e) that the notice is for information only.

(3) A notice under this paragraph must be sent before the end of 14 days beginning with—

(a) the date on which the trustees identify the default discharge options, or

(b) if later, the date on which the Regulator notifies the trustees that the implementation strategy is approved.