The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022

Implementation strategy: content

19.—(1) An implementation strategy must contain—

(a) details of—

(i) the main decisions and actions that will be taken, in relation to the continuity option being pursued, to address the triggering event that has occurred;

(ii) the person responsible for taking them, and

(iii) the timescales for taking them;

(b) a communications plan setting out what information will be communicated to employers and members and when, including information about—

(i) the continuity option being pursued, and

(ii) key milestones and when they were achieved;

(c) a plan setting out how members’ assets are to be transferred (if applicable);

(d) a plan setting out how the integrity of members’ records will be maintained during the triggering event period;

(e) a plan setting out how assets held at scheme level are to be reconciled with assets held at member level;

(f) details of how the trustees will comply with any legal requirements and meet any legal costs arising from the triggering event that has occurred and the continuity option being pursued;

(g) details of how scheme investments will be managed during the triggering event period;

(h) a plan for dealing with any outstanding contributions due from employers and members;

(i) details of how the scheme’s administrative services will continue during the triggering event period and how the trustees will implement the continuity option being pursued;

(j) details of how service providers are to be retained and paid during the triggering event period;

(k) details of how carrying out the steps identified in the implementation strategy is to be funded, with particular reference to the continuity option being pursued.

(2) An implementation strategy must be prepared—

(a) in writing;

(b) in the format set out in a Code, and

(c) in accordance with any further requirements set out in a Code.

(3) After approval by the Regulator, the implementation strategy must be made available to the employers within the period of 7 days beginning with the date on which the Regulator notifies the trustees that the implementation strategy is approved.