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.
- You should notify us when the scheme’s financial reserves fall to less than 98% of the level agreed in the costs, assets and liquidity plan (CALP) for at least two consecutive working days. We expect you to formulate a plan to increase reserves to the required level within a reasonable timeframe or submit a triggering event form if appropriate.
- 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 of your scheme’s financial reserves or liquidity agreed with TPR 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 last or reoccur.
- You should specify whether you are able to overcome the shortfall if the event is temporary or a one-off and, if so, what action has been taken 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.