When to notify us
You must notify us as soon as reasonably practicable. This should be within five working days of the decision to remove or appoint a person subject to fit and proper requirements.
What you need to do
- We anticipate the initial notification should come from the scheme’s trustees.
- You need to notify us of new appointments, changes to existing appointments and termination of appointments along with the rationale for the change.
- You should refer to section 7(2), (3) and 39 of the Pension Schemes Act 2017 to understand the definition of persons involved with the scheme.
- If a new individual falls under the section 7(2) or (3) requirements, you should submit a fit and proper: role identification form (PDF, 694kb, 30 pages) and an individual fit and proper form (PDF, 661kb, 26 pages) alongside the significant events form.
- If the new individual’s appointment is subject to Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) approval, we would expect to be notified of the proposed details of the appointment and confirmation that the appointment was subject to this pending approval.
- There will be several scenarios if the scheme funder is changed. The different scenarios will determine whether you should submit a triggering event form or a significant event form.
- If an existing scheme funder has decided to end the relationship or arrangement with your master trust, you must notify this as a triggering event rather than a significant event.
- If a new scheme funder has joined the arrangement with your master trust, you should notify it as a significant event to us.
- If the change of scheme funder leads to a new business plan, you should notify us of a significant event (d) within the same notification form.
Completing the notification form
- You should state the name of the person who was either removed, appointed, or whose role changed in section 3 of the form.
- If the change affects a scheme trustee or strategist, you should state in section 4 how the collective competence of the scheme strategist(s) and trustees is affected. You should also state this on the role identification form.
- You should state what led to the removal or addition of the person in section 5.
- You should confirm the action plan you will take in response to this significant event, eg recruitment process or training plans for new entrants, in section 7.
- You should answer ‘N/A’ in sections 8 and 9 if you have provided all relevant information in previous sections.
If there is more than one significant event and they are related, you should use one form to notify us. If the events are not related, you should use separate forms. Check what other significant events to notify us about.