Section 26: Approval of implementation strategy
This section requires the trustees of a Master Trust to submit an implementation strategy to the Pensions Regulator for approval if a triggering event occurs. This is a document setting out how the interests of members of the scheme are to be protected following the occurrence of the triggering event and section 27 sets out the content to be included in an implementation strategy.
Under subsection (2), in relation to item 1 or 2 of the table in section 21(6), the implementation strategy must only be submitted if the decision to withdraw has become final.
Under subsection (3), if a triggering event within item 1, 2 or 3 of the table in section 21(6) occurs within an existing triggering event period, the trustees must submit another implementation strategy and any implementation strategy which has already been approved for an earlier triggering event ceases to have effect.
The Pensions Regulator may approve the implementation strategy only if it is satisfied that it is adequate (subsection (4)).
The implementation strategy must be submitted before the end of a period specified in regulations (subsection (5)).
The Pensions Regulator may direct the trustees to comply with the requirements of this section (subsection (7)).
Where a person fails to comply with a direction under subsection (8), a civil penalty under Article 10 of the Pensions (Northern Ireland) Order 1995 applies.
Subsection (9) provides that this section overrides any provision of the Master Trust scheme to the extent there is a conflict.
Subsection (10) provides that any regulations made under this section are subject to negative resolution.
