Pension Schemes Act 2017 (c. 17)

Part 1 E+W+S Master Trusts

Modifications etc. (not altering text)

C1 Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27

C2 Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26

C3 Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)

C4 Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(3)(4)(a)(b)

C5 Pt. 1: power to disapply conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 47(3)(b), 131(1)(3)(a); S.I. 2022/721, reg. 3(a)

Triggering events: continuity E+W+S

25 Continuity option 2: resolving triggering event E+W+S

(1) Where the trustees of a Master Trust scheme decide to pursue continuity option 2, they must attempt to resolve the triggering event.

(2) The trustees must notify the Pensions Regulator when they consider that the triggering event has been resolved.

(3) The notification must set out how the trustees consider that the triggering event has been resolved.

(4) The notification must be given before the end of the period specified in regulations made by the Secretary of State.

(5) After receiving the notification, the Pensions Regulator must notify the trustees of whether it is satisfied that the triggering event has been resolved.

(6) The Pensions Regulator may not form the view that a triggering event has been resolved unless it is satisfied that any other event within the table in section 21(6) that has occurred in relation to the Master Trust scheme since the occurrence of the triggering event has also been resolved.

(7) Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to comply with a requirement imposed by this section.

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

Commencement Information

I1 S. 25 in force at Royal Assent for specified purposes, see s. 44(1)(a)(iii)

I2 S. 25 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)

I3 S. 25 in force at 1.10.2018 in so far as not already in force by S.I. 2018/965, reg. 2(b)