Continuity strategy: information12
1
The following information is specified for the purposes of section 12(6)(a) of the Act (continuity strategy requirement)—
a
the steps the trustees would take to decide which continuity option to pursue (if applicable) and the timescales for taking those steps;
b
details of—
i
the main decisions and actions that would need to be taken to protect members’ interests during a triggering event period,
ii
the person responsible for taking them, and
iii
the timescales for taking them;
c
details of strategies for communicating with employers and members, including—
i
the information to be provided, and
ii
the stages at which communication would take place;
d
details of strategies for communicating with the Regulator;
e
if applicable, details of how the trustees would choose the receiving scheme;
f
if applicable, details of how the scheme’s assets and members’ personal data would be transferred to the receiving scheme;
g
details of how members’ records are to be maintained during a triggering event period;
h
details of how assets held at scheme level would be reconciled with assets held at member level;
i
details of how the trustees would comply with any legal requirements and meet any legal costs arising from a triggering event;
j
a plan for making decisions on investments when a triggering event occurs, and for dealing with scheme investments during a triggering event period;
k
a plan for dealing with any outstanding contributions due from employers and members;
l
details of how the scheme’s administrative services would continue after a triggering event;
m
details of how service providers would be retained and paid for during a triggering event period;
n
details of how implementation of the continuity strategy would be funded.
2
A continuity strategy must be prepared—
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.