SCHEDULE 6Continuity Option 1: transfer out and winding up
Notification to receiving scheme
11
1
The trustees of a collective money purchase scheme that is pursuing continuity option 1 must send a notice to the trustees or managers of any occupational pension scheme to which they propose to transfer the value of beneficiaries’ accrued rights to benefits under the scheme under a default discharge option, the trustees or managers of which are able and willing to accept the transfer.
2
The notice sent under this paragraph must state that the scheme has been selected as a default discharge option for the purposes of section 36 of the Act (continuity option 1: discharge of liabilities and winding up), for the transfer of the value of beneficiaries’ accrued rights to benefits.
3
The notice must be sent before the end of 14 days beginning with—
a
the date on which the trustees identify the scheme as a default discharge option for those purposes; or
b
if later, the date on which the Regulator notifies the trustees that the implementation strategy is approved.