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.