Part 1: Collective Money Purchase Benefits Triggering events and continuity options Section 41: Trustees’ duties once implementation strategy approved
This section requires that when the Pensions Regulator has approved the implementation strategy, the trustees must pursue the continuity option identified in the strategy and take the steps set out in the implementation strategy to carry out the continuity option (subsection (1)). If they fail to do so, the Regulator has the power to direct the trustees to pursue the continuity option identified in the strategy and take the steps identified in the strategy to carry it out (subsection (4)). A financial penalty for failure to comply under section 10 of the Pensions Act 1995 applies to anyone who fails to comply with a direction made by the Pensions Regulator (subsection 5).
	Regulations under subsection (2) may require the trustees to make the implementation strategy available to employers and relevant former employers by a specified time.
	Subsection (3) provides that where an item 1, 2 or 3 triggering event occurs within the triggering event period for an earlier triggering event, trustees cease to be obliged to comply with the requirements of subsection (1) and any regulations under subsection (2) in respect of the original triggering event. If it becomes clear that authorisation is not to be withdrawn in relation to an item 1 or 2 triggering event, the trustees are subject to those requirements again from the date on which that becomes clear.
	Subsection (6) provides that this section overrides any provisions of the qualifying scheme or any contracts that the scheme has entered into, to the extent that there is a conflict.