The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2024

12.—(1) The trustees of a collective money purchase scheme that is pursuing continuity option 1 must send a notice to each beneficiary of the scheme containing the information mentioned in sub-paragraph (2), in accordance with sub-paragraph (3).

(2) The information is—

(a) details of the default discharge option for the beneficiary;

(b) where the beneficiary can obtain information and guidance about the default discharge option;

(c) details of the beneficiary’s right to choose whether the value of the beneficiary’s accrued rights to benefits under the scheme are discharged by—

(i) the default discharge option proposed by the trustees, or

(ii) an alternative option specified by the beneficiary;

(d) details of the alternative options available to the beneficiary in accordance with paragraph 14(2);

(e) details of the beneficiary’s rights under Chapter 2 of Part 4ZA of the 1993 Act (early leavers: cash transfer sums and contribution refunds);

(f) next steps and the timetable for future communications with the beneficiary.

(3) A notice under this paragraph must be sent before the end of 14 days beginning with—

(a) the date on which the trustees identify the default discharge option in relation to the beneficiary, or

(b) if later, the date on which the Regulator notifies the trustees that the implementation strategy is approved.