VRS7250 | Bespoke schemes: practical guidance: Termination dates for bespoke schemes

Bespoke scheme agreements should contain a commitment from both sides to review the scheme, re-agreeing any aspects of it if necessary, before the agreed termination date is reached.

When a scheme reaches its agreed termination date, it formally lapses and the business reverts to normal accounting unless there is an agreement (either explicit or implicit) in place that the scheme should continue.

In most cases, unless we have explicitly advised the business that we are not prepared to continue the agreement, the acceptance and processing of returns will be taken as our having implicitly agreed to the continuation of the scheme.