# Pension Schemes Act 2021, Part 2: Requirements relating to a business plan


25
A business plan must be—
(a)in writing, and
(b)in the format set out in a Code.
26
The information in the business plan must be correct as at the later of—
(a)a date chosen by the scheme proprietor, but not earlier than six months before the date when the trustees of the scheme apply to the Pensions Regulator for authorisation,
(b)where a business plan has been revised as a result of a review under section 65A(3), the date the review was completed,
(c)where a business plan has been revised as a result of a significant change to the information included in it, the date on which the significant change occurred, and
(d)where a business plan has been revised as a result of a triggering event reducing the value of the financial resources of the scheme, the earlier of—
(i)one month after the date the triggering event occurred, and
(ii)such date as the Pensions Regulator may notify to the scheme proprietor for the purposes of this paragraph.
27
If a revised business plan is provided in accordance with section 65A(6)(b) or (c) the plan must—
(a)indicate the parts of it which have been revised, and
(b)include a new statement in accordance with paragraph 5.
28
Paragraph 29 applies if—
(a)a triggering event has occurred in relation to the scheme (see section 82),
(b)the trustees are pursuing continuity option 1 or 2 (see sections 87 and 88), and
(c)the Pensions Regulator has approved an implementation strategy relating to the scheme (see sections 90 and 91).
29
Where this paragraph applies, the Pensions Regulator may give notice to the scheme proprietor and the trustees of the scheme specifying that a revised business plan provided during the triggering event period (see section 83)—
(a)must state that the circumstances described in paragraph 28(a) to (c) exist, and
(b)need not—
(i)contain the information specified in Part 1 or set out in a Code as described in section 65A(2)(a), or
(ii)comply with any requirements set out in a Code as described in section 65A(2)(b).

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Source: https://www.legislation.gov.uk/ukpga/2021/1/schedule/4B/part/2 (the official version)
Page: https://openlegislation.uk/pension-schemes-act-2021/schedule-4B/part-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.