CDC code in force: 1 August 2022
We are more likely to be satisfied where the continuity strategy shows that trustees have considered each continuity option and addresses how they will protect members’ interests during a triggering event period.
Key issues to consider when pursuing Continuity option 1
Continuity option 1 is for the scheme’s liabilities to be discharged and for the scheme to be wound up.
Key issues to consider when pursuing continuity option 1 are set out in the table below. We are more likely to be satisfied that the continuity strategy is adequate if it addresses these points:
Requirement | Matters more likely to satisfy TPR |
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When choosing continuity option 1, details of how the trustees wouldCI1 |
|
Details of scheme rules on how continuity option 1 is given effect, includingCI3 |
|
A plan on how the trustees would implement the following actions, from the winding-up commencement dateCI7 |
|
Details of how the trustees willCI10: |
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A plan for how the trustees will provide periodic income to pensioner beneficiaries during the wind-up periodCI11 |
From the wind-up commencement date, until initial quantification of accrued rights has taken place:
After initial quantification of accrued rights:
|
Data cleansing and member tracingCI12 |
|
Dealing with investmentsCI13 |
|
TransfersCI15 |
|
Details of communication strategiesCI16 |
How trustees would communicate with employers, beneficiaries and TPR, including:
|