Pension Schemes Act (Northern Ireland) 2021

Changes over time for: Section 26

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Approval of implementation strategyN.I.

This section has no associated Explanatory Notes

26.—(1) If a triggering event occurs in relation to a Master Trust scheme, the trustees must submit an implementation strategy to the Regulator for approval.

F1 F2(2) But in the case of a triggering event within item 1 or 2 of the table in section 21(6), the trustees must submit an implementation strategy only if the decision to withdraw authorisation has become final (see section 35).

F3(3) If a triggering event within item 1, 2 or 3 of the table in section 21(6) occurs within the triggering event period for an earlier triggering event—

(a)the trustees are not required to submit an implementation strategy in respect of the earlier triggering event, if they have not done so when the later triggering event occurs;

(b)any implementation strategy approved by the Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.

(4) The Regulator may approve an implementation strategy only if it is satisfied that the strategy is adequate (see section 27).

(5) Where the trustees are required to submit an implementation strategy to the Regulator for approval, the strategy must be submitted before the end of a period specified in regulations made by the Department.

(6) The procedure for approval of an implementation strategy is to be specified by the Regulator.

(7) The Regulator may direct the trustees to comply with the requirements of this section.

(8) Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a direction under subsection (7).

(9) This section overrides any provision of the Master Trust scheme, to the extent that there is a conflict.

(10) Regulations under this section are subject to negative resolution.

Textual Amendments

F1Words in s. 26(2) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 12(a)(ii); S.R. 2022/110, art. 2(a)(b)

F2Words in s. 26(2) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 12(a)(i); S.R. 2022/110, art. 2(a)(b)

F3Words in s. 26(3) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 12(b); S.R. 2022/110, art. 2(a)(b)

Modifications etc. (not altering text)

C1Pt. 1 excluded (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 26

C2Pt. 1 applied (with modifications) (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 28(4)(a)