14AUnconnected multiple employer schemes: financial sustainability requirement - business plan(1)

The scheme proprietor of an unconnected multiple employer scheme must prepare a business plan for the scheme.

(2)

A business plan must—

(a)

include the information specified in Part 1 of Schedule 1B, and any other information set out in a Code for the purposes of this paragraph, unless Part 2 of that Schedule provides otherwise, and

(b)

comply with the requirements specified in Part 2 of Schedule 1B, and any other requirements set out in a Code in relation to the information to be included in a business plan.

(3)

The scheme proprietor must, at least once a year—

(a)

review the most recent business plan, and

(b)

if appropriate, revise it within three months of the scheme proprietor concluding that it is appropriate to revise the plan.

(4)

The scheme proprietor must revise the most recent business plan at any time if—

(a)

there is any significant change to the information included in it, or

(b)

a triggering event (see section 31) has reduced the value of the financial resources of the scheme.

(5)

The business plan, and any revised business plan, must be approved by the trustees of the scheme.

(6)

The scheme proprietor or the trustees must provide the Pensions Regulator with the most recent business plan, and any supporting information or documents required by the Regulator—

(a)

on application for authorisation (see section 8),

(b)

where a revision is required as a result of a review under subsection (3), on completion of the revision,

(c)

where a revision is required under subsection (4), within three months of the plan being revised, and

(d)

at any other time, on request from the Pensions Regulator.