12Continuity strategy requirement
(1)This section applies for the purposes of enabling the Pensions 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 Secretary of State.
(6)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.
(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 Pensions 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 affirmative resolution procedure.
(11)Any subsequent regulations under this section are subject to negative resolution procedure.