The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024

6.—(1) After the period allowed for employers to send notice to the trustees under paragraph 5, the trustees must send a second notice to each member of the transferring scheme.

(2) A notice under this paragraph must be sent within the period of 3 months beginning with the day on which the trustees sent notice to members and employers under paragraph 4.

(3) A notice under this paragraph must state—

(a) the proposed transfer date;

(b) if the member’s employer has not nominated an employer default scheme—

(i) the fact that the member will be transferred to the trustee default scheme unless the member specifies otherwise, and

(ii) the name of, and information about—

(aa) the trustee default scheme, and

(bb) the default arrangement in that scheme;

(c) if the member’s employer has nominated an employer default scheme—

(i) the fact that the member will be transferred to the employer default scheme unless the member specifies otherwise, and

(ii) the name of, and information about—

(aa) the employer default scheme, and

(bb) the default arrangement in that scheme;

(d) the member’s ability to obtain information about arrangements from the applicable scheme;

(e) the fact that the member’s funds will be allocated to the default arrangement unless the member specifies otherwise;

(f) where the member can obtain guidance about the proposed transfer;

(g) the member’s right to choose whether the member’s accrued rights and benefits in the transferring scheme are transferred to—

(i) the applicable scheme, or

(ii) an alternative scheme selected by the member;

(h) the requirement for a member who has selected an alternative scheme to send the trustees of the transferring scheme a notice that meets the requirements of paragraph 7(2);

(i) the member’s rights under Part 4ZA(1) of the Pension Schemes Act (transfers and contribution refunds);

(j) the member’s right to require the cash equivalent of the member’s accrued rights and benefits to be used to buy one or more policies as set out in paragraph 7(1)(b);

(k) the consequences for the member of his or her choice of receiving scheme, with particular reference to its effect on payment of contributions by the member’s employer;

(l) the timetable for future communication with members.

(1)

See paragraph 50 of Schedule 4 to the Pension Schemes Act 2015