C2C1C3C4C5Part 1Master Trusts
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26
Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)
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)
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
I1I2C2C1C3C426C2C1C3C4Approval of implementation strategy
1
If a triggering event occurs in relation to a Master Trust scheme, the trustees must submit an implementation strategy to the Pensions Regulator for approval.
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).
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 Pensions Regulator in respect of the earlier triggering event ceases to have effect when the later triggering event occurs.
4
The Pensions 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 Pensions Regulator for approval, the strategy must be submitted before the end of a period specified in regulations made by the Secretary of State.
6
The procedure for approval of an implementation strategy is to be specified by the Pensions Regulator.
7
The Pensions Regulator may direct the trustees to comply with the requirements of this section.
8
Section 10 of the Pensions Act 1995 (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 procedure.
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27