Financial sustainability requirement: business planI17
1
A Master Trust scheme’s business plan must be submitted—
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.
2
The business plan must contain the information listed in Part 1 of Schedule 3 (but see paragraph (6)).
3
The business plan must comply with the requirements set out in a Code in relation to the matters listed in Part 2 of Schedule 3 (but see paragraph (6)).
4
The information in the business plan must be provided as at the later of—
a
a date chosen by the scheme strategist, but not earlier than 6 months before the date when the scheme’s trustees apply to the Regulator for authorisation, and
b
where the business plan has been revised as a result of a significant change to the information contained in it, the date on which the significant change occurred.
5
If a revised business plan is submitted in accordance with section 9(6) of the Act (financial sustainability requirement: business plan), the business plan must indicate which parts of it have been revised.
6
The Regulator may give notice to the scheme’s trustees stipulating that a revised business plan submitted during a period when the circumstances in paragraph (7) apply—
a
must state that those circumstances apply, and
b
need not comply with paragraphs (2) and (3).
7
The circumstances are—
a
that the scheme has experienced a triggering event;
b
that the trustees are pursuing continuity option 1 or 2, and
c
that the Regulator has approved an implementation strategy in respect of the scheme.