(1)If a triggering event occurs in relation to a Master Trust scheme, the trustees must submit an implementation strategy to the Pensions Regulator for approval.
(2)But in the case of a triggering event within item 1 or 2 of the table in section 21(6), the trustees must submit an implementation strategy only if the decision to withdraw authorisation has become final (see section 35).
(3)If 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—
(a)the trustees are not required to submit an implementation strategy in respect of the earlier triggering event, if they have not done so when the later triggering event occurs;
(b)any implementation strategy approved by the Pensions Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.
(4)The Pensions Regulator may approve an implementation strategy only if it is satisfied that the strategy is adequate (see section 27).
(5)Where the trustees are required to submit an implementation strategy to the Pensions Regulator for approval, the strategy must be submitted before the end of a period specified in regulations made by the Secretary of State.
(6)The procedure for approval of an implementation strategy is to be specified by the Pensions Regulator.
(7)The Pensions Regulator may direct the trustees to comply with the requirements of this section.
(8)Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with a direction under subsection (7).
(9)This section overrides any provision of the Master Trust scheme, to the extent that there is a conflict.
(10)Regulations under this section are subject to negative resolution procedure.