24 Continuity option 1: transfer out and winding up
Pension Schemes Act 2017 (2017 c 17) | Legislation

24  Continuity option 1: transfer out and winding up

(1)     Where the trustees of a Master Trust scheme are required, or decide, to pursue continuity option 1 they must—

(a)     identify one or more pension schemes to which (subject to Part 4ZA of the Pension Schemes Act 1993 and to provision made by regulations under subsections (2)(b) and(4)) members' accrued rights and benefits under the Master Trust scheme are proposed to be transferred, and

(b)     notify employers and members of the proposed transfer and of such other matters as may be specified in regulations made by the Secretary of State.

(2)     Each pension scheme proposed under subsection (1)(a) must be—

(a)     a Master Trust scheme, or

(b)     in such circumstances as may be specified in regulations made by the Secretary of State, a pension scheme that has characteristics specified in regulations made by the Secretary of State (“an alternative scheme”).

(3)     Notification under subsection (1)(b) must be given—

(a)     in the manner specified in regulations made by the Secretary of State, and

(b)     before the end of the time period specified in regulations made by the Secretary of State.

(4)     The Secretary of State—

(a)     must make regulations about

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