Pension Schemes Act 2021

68 Continuity strategy requirement

(1) This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a collective money purchase scheme has an adequate continuity strategy (see section 60(3)(f)).

(2) The trustees of a collective money purchase scheme must prepare a document addressing how the interests of members of the scheme are to be protected if a triggering event (see section 82) occurs in relation to the scheme (a “continuity strategy”).

(3) A continuity strategy must include a section setting out the levels of administration charges that apply in relation to members of the scheme.

(4) It must set out those levels of charges in the manner specified in regulations made by the Department.

(5) A continuity strategy must—

(a) contain such other information as may be specified in regulations made by the Department, and

(b) be prepared in accordance with regulations made by the Department.

(6) The trustees of a collective money purchase scheme must—

(a) keep the continuity strategy under review, and

(b) revise it if appropriate.

(7) The trustees must provide the continuity strategy to the Pensions Regulator—

(a) on application for authorisation (see section 59),

(b) within three months of the continuity strategy being revised, and

(c) at any other time, on request from the Pensions Regulator.

(8) In deciding whether a continuity strategy is adequate, the Pensions Regulator must take into account any matters specified in regulations made by the Department.

(9) Regulations under subsection (8) may include provision requiring specified information to be provided to the Pensions Regulator.

(10) Regulations under this section are subject to confirmatory procedure.