- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
28.—(1) When the Regulator has notified the trustees of a Master Trust scheme that the implementation strategy is approved, the trustees must—
(a)pursue the continuity option identified in the strategy;
(b)take such other steps as are identified in the strategy in order to carry it out.
(2) The trustees must also make the strategy available to the employers before the end of a period specified in regulations made by the Department.
(3) If—
(a)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, and
(b)an implementation strategy has been approved by the Regulator in respect of the earlier triggering event,
the trustees are not required to comply with subsections (1) and (2) in respect of the strategy approved in respect of the earlier triggering event.
(4) The Regulator may direct the trustees to comply with the requirements of subsection (1), if they fail to do so.
(5) Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with a direction under subsection (4).
(6) This section overrides any provision of—
(a)the Master Trust scheme, and
(b)a Master Trust scheme contract,
to the extent that there is a conflict.
(7) Regulations under this section are subject to negative resolution.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: