Part 1: Master Trusts Chapter 5: Triggering events: continuity Section 23: Continuity options
Where a Master Trust has a triggering event, subject to the circumstances set out in subsection (2), there are two continuity options available; option 1 which allows for members’ accrued rights to be transferred out and the scheme to be wound up (section 24), and option 2 which allows for the triggering event to be resolved (section 25). The continuity options are required elements of the implementation strategy described in sections 26 and 27. Trustees must choose a continuity option when setting out their implementation strategy.
	Under subsection (2), if a Master Trust has been de-authorised by the Pensions Regulator, and all appeals have been exhausted, or the scheme has received a notification under section 3(3) (not authorised), the only option available to the trustees is continuity option 1.
	Subsection (8) provides that where a person fails to comply with the requirements of the section, a civil penalty under section 10 of the Pensions Act 1995 may apply.