AI Summary of 26M. Advisory Notice.
The Pensions Authority may issue an Advisory Notice to trustees of a pension scheme or RAC if they determine that the trustees are not fulfilling their regulatory obligations or if deficiencies are identified during a supervisory review. The notice will outline the Pensions Authority's opinion, the specific requirements or deficiencies identified, and the remedial actions necessary for compliance.
Trustees will be notified of their right to respond to the proposed notice within 21 days. Upon consideration of any submissions, the Pensions Authority may either proceed with the notice, potentially in modified form, or decide against it. Failed compliance may lead to legal proceedings, and trustees retain the right to appeal such notices before the High Court.
26M. Advisory Notice.
(1) The Pensions Authority may for the purposes of prudential supervision, subject to subsection (3), serve a notice ('Advisory Notice') on the trustees of a scheme or trust RAC where -
(a) in the opinion of the Pensions Authority, the trustees of the scheme or trust RAC concerned are failing to act in a manner that would enable the trustees concerned to satisfy a requirement under -
(b) following a supervisory review under section 26J and having considered that review, it is of the opinion that there are one or more weaknesses or deficiencies (or both) in the scheme or trust RAC concerned for which a remedy is required to address,
for the purpose of advising the trustees concerned of the action that is required to be taken to satisfy a requirement referred to in paragraph (a) or provide a remedy to address the weakness or deficiency (or both) referred to in paragraph (b).