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Significant event (d)

A change that requires revising your business plan under section 9(4) of the Pension Schemes Act 2017.

When to notify us

You must notify us in writing of this event as soon as reasonably practicable. This should be within five working days of the decision to make the change.

What you need to do

  1. We anticipate the initial notification should be from the scheme's strategists.
  2. We view a 'change' would only be considered a change once the final decision has been agreed.
  3. Your business plan should set out the tolerance levels and trigger points for notifying us of any changes that the scheme strategist considers to be prudent for their master trust. For details, see paragraph 353 in the master trust code of practice.
  4. You should notify us of significant changes that require revision of the business plan if outside your annual cycle for reviewing the business plan, for example:
    • changing the forecast of business performance (revenue, cost, profitability or member number) that constitutes changes to the tolerance levels: you should include those tolerance levels in your business plan
    • change in business strategy, eg new product or services, significant re-pricing
    • significant business developments, eg mergers and acquisitions, or a large new client or employer
  5. You should submit your revised business plan to within three months of the plan being revised.

Completing the notification form

  1. You should specify the date that you are planning to revise or have revised the business plan in section 1 of the form.
  2. You should provide the date when the decision was made to revise the business plan in section 2.
  3. You should specify the details of the changes to the business plan in section 3.
  4. You should provide the rationale for the changes in section 5.
  5. You should specify the next steps for revising the business plan in section 7.

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.