PART 1

Master Trusts

Triggering events: continuity

Continuity options
23
1
If a triggering event occurs in relation to a Master Trust scheme, the trustees must comply with the requirements of this section.
2
In the following cases, the trustees must pursue continuity option 1—
a
the triggering event is within item 1 or 2 of the table in section 21(6), and the decision to withdraw authorisation has become final (see section 35);
b
the triggering event is within item 3 of that table.
3
In those cases, the trustees must pursue continuity option 1 even if—
a
the triggering event within item 1, 2 or 3 occurs within the triggering event period for an earlier triggering event, and
b
the trustees have already decided to pursue continuity option 2 in respect of the earlier triggering event.
4
In any other case, the trustees must decide whether to pursue continuity option 1 or continuity option 2.
5
“Continuity option 1” is for—
a
the accrued rights and benefits under the Master Trust scheme of all members of the scheme to be transferred out of the scheme, and
b
the Master Trust scheme to be wound up,
in accordance with regulations under section 24.
6
“Continuity option 2” is for the triggering event to be resolved (see section 25).
7
This section overrides any provision of the Master Trust scheme, to the extent that there is a conflict.
8
Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a requirement imposed by this section.
S. 23 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)
Pt. 1 excluded (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 26(1)
Pt. 1 modified (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 28(4)(a)
Words in s. 23(3)(a) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 11(b); S.R. 2022/110, art. 2(a)(b)
S. 23 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)
Pt. 1 modified (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 28(2)
Words in s. 23(2)(a) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 11(a)(i); S.R. 2022/110, art. 2(a)(b)
S. 23 not in operation at Royal Assent, see s. 44(2)
Pt. 1 excluded (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 27(1)
Words in s. 23(2)(a) inserted (16.3.2022 for specified purposes, 6.4.2022 in so far as not already in operation) by Pension Schemes Act (Northern Ireland) 2021 (c. 6), s. 44(2), Sch. 2 para. 11(a)(ii); S.R. 2022/110, art. 2(a)(b)
Pt. 1 excluded (N.I.) (3.10.2022) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2022 (revoked) 2022 (S.R. 2022/234), regs. 1, 26, 27
Pt. 1 applied (with modifications) (N.I.) (3.10.2022) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2022 (revoked) 2022 (S.R. 2022/234), regs. 1, 28, 29
Pt. 1 excluded (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 26(1)
Pt. 1 excluded (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 27(1)
Pt. 1 modified (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 28(2)
Pt. 1 modified (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 28(4)(a)
Pt. 1 excluded (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 26
Pt. 1 excluded (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 27
Pt. 1 applied (with modifications) (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 28(2)
Pt. 1 applied (with modifications) (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 28(4)(a)
Pt. 1 excluded (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 26
Pt. 1 excluded (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 27
Pt. 1 applied (with modifications) (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 28(2)
Pt. 1 applied (with modifications) (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 28(4)(a)