Section 21 — Triggering events

(1) A triggering event occurs in relation to a Master Trust scheme if—

(a) an event within the second column of the table in subsection (6) occurs in relation to it, and

(b) the event does not occur within an existing triggering event period for the scheme (subject to subsection (2)).

(2) An event within item 1, 2 or 3 of the table (notice of decision to withdraw authorisation; notification that scheme is not authorised) is a triggering event even if it occurs within an existing triggering event period.

(3) A triggering event occurs on the date specified in relation to the event in the third column of the table.

(4) A “triggering event period” for a Master Trust scheme is a period—

(a) starting with the date on which a triggering event occurs in relation to the scheme, and

(b) ending with the earliest of the dates given by subsection (5).

(5) The dates are—

(a) the date on which the scheme is wound up;

(b) the date on which the trustees receive notification from the Pensions Regulator that the Regulator is satisfied that the triggering event has been resolved (see section 25);

(c) in the case of an event within item 1 or 2 of the table (notice of decision to withdraw authorisation), the date on which it becomes clear that authorisation is not to be withdrawn (see section 34).

(6) The table is—

(7) A Master Trust scheme is to be taken to permit the trustees of the scheme to make the decision referred to in item 10 of the table, to the extent that it would not otherwise do so.

(8) In this section—“determination notice” has the meaning given by section 98(2)(a) of the Pensions Act 2004; “special procedure” has the meaning given by section 98 of that Act; “standard procedure” has the meaning given by section 96 of that Act; “warning notice” has the meaning given by section 96(2)(a) of that Act.