When to notify us
You must notify us of this event as soon as reasonably practicable. This should be within one working day of you becoming aware of the event.
What you need to do
- We anticipate the initial notification should be from the scheme trustees. However, in the situation where the scheme is reliant upon the scheme funder we anticipate the scheme funder should make the initial notification.
- You should notify us when you become aware that the scheme is unable or unlikely to meet its liabilities on demand.
- You should prioritise notifying us even if you do not have complete information about the event.
- If the trustees have decided that the master trust is at risk of failure or there has been an insolvency event, you must notify us separately of a triggering event.
Completing the notification form
- You should provide details of the shortfall and its proportion to your scheme liabilities in section 3 of the form.
- You should specify the financial impact of this event in section 4. You should also confirm whether this is a temporary or one-off event or whether this is likely to endure or reoccur.
- You should specify in section 7 whether you are able to overcome the shortfall if the event is temporary or one-off and, if so, what action has been taken.
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.