Pension Schemes Act (Northern Ireland) 2021

Content of implementation strategy

27.—(1) This section applies for the purposes of enabling the Regulator to decide whether it is satisfied that an implementation strategy for a Master Trust scheme is adequate (see section 26(4)).

(2) An implementation strategy is a document setting out how the interests of members of the scheme are to be protected following the occurrence of the triggering event.

(3) An implementation strategy must include a section setting out the levels of administration charges that applied in relation to members of the scheme.

(4) The strategy must set out those levels of administration charges in the manner and as at the date specified or described in regulations made by the Department.

(5) An implementation strategy must include information about the following matters—

(a) the continuity option that the trustees are required, or decide, to pursue (see section 23);

(b) where the trustees are required, or decide, to pursue continuity option 1 (transfer of members’ accrued rights and benefits and winding up)—

(i) the scheme or schemes to which it is proposed that the accrued rights and benefits be transferred (if known), and

(ii) when the accrued rights and benefits are expected to be transferred (where employers and members do not exercise their rights under section 24 of this Act and Part 4ZA of the Pension Schemes Act);

(c) where the trustees intend to pursue continuity option 2 (resolving the triggering event), how it is proposed that the triggering event should be resolved.

(6) An implementation 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.

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