Pension Schemes Act (Northern Ireland) 2021

Notification of trustees, scheme funders, scheme strategists, employers and members

4.—(1) This paragraph applies where—

(a) a pause order is made in relation to a Master Trust scheme, or

(b) an order is made under paragraph 3 validating action taken in contravention of a pause order made in relation to a scheme.

(2) The Regulator must, as soon as reasonably practicable after the order has been made, notify the following persons of the fact that the order has been made and of its effect—

(a) the trustees of the scheme;

(b) the scheme funders and scheme strategists.

(3) The Regulator may by order direct the trustees of the scheme to notify the following persons of the fact that the order has been made and of its effect—

(a) all of the members of the scheme or such members as are specified in the order;

(b) all employers by which the scheme is used, or such employers as are specified in the order.

(4) The trustees must give a notification under sub-paragraph (3) within the period and in the manner specified in the order under that sub-paragraph.

(5) If the trustees of a scheme fail to comply with a direction to them contained in an order made under sub-paragraph (3), Article 10 of the 1995 Order (civil penalties) applies to any trustee who has failed to take all reasonable steps to secure compliance.