PART 2Collective money purchase benefits: Northern Ireland
Authorisation criteria
I1I268Continuity strategy requirement
1
This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (see section 60(3)(f)).
2
The trustees of a collective money purchase scheme must prepare a document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 82) occurs in relation to the scheme (a “continuity strategy”).
3
A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.
4
It must set out those levels of charges in the manner specified in regulations made by the Department.
5
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.
6
The trustees of a collective money purchase scheme must—
a
keep the continuity strategy under review, and
b
revise it if appropriate.
7
The trustees must provide the continuity strategy to the Pensions Regulator—
a
on application for authorisation (see section 59),
b
within three months of the continuity strategy being revised, and
c
at any other time, on request from the Pensions Regulator.
8
In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Department.
9
Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.
10
Regulations under this section are subject to confirmatory procedure.