If a specified1 triggering event2 occurs in relation to a master trust scheme3, the trustees4 must pursue the option ('continuity option 1') under which the accrued rights and benefits under the master trust scheme of all members5 of the scheme are transferred out of the scheme and the scheme is wound up6.
In any other case, the trustees must decide whether to pursue continuity option 1 or pursue the option ('continuity option 2') under which the triggering event is resolved7. These provisions override any provision of the master trust scheme, to the extent that there is a conflict8. The provisions
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