Introduction
Background and Policy Objectives
Overview
Part 1 – Master Trusts
Part 2 – Administration Charges
Part 3 – General
Commentary on Sections
Definition of a Master Trust scheme
Section 1: Master Trust schemes: definition
Section 2: Relevant public service pension schemes
Authorisation: applications etc
Section 3: Prohibition on operating a scheme unless authorised
Section 4: Application for authorisation
Section 5: Decision on application
Section 6: Referral to Tribunal of refusal to grant authorisation
Authorisation criteria
Section 7: Fit and proper persons requirement
Section 8: Financial sustainability requirement
Section 9: Financial sustainability requirement: business plan
Section 10: Scheme funder requirements
Section 11: Systems and processes requirements
Section 12: Continuity strategy requirement
Ongoing supervision of Master Trust schemes
Section 13: List of authorised schemes
Section 14: Requirement to submit annual accounts
Section 15: Requirement to submit supervisory return
Section 16: Duty to notify Regulator of significant events
Section 17: Fixed penalty notice for failure to comply with request for information
Section 18: Escalating penalty notice for failure to comply with request for information
Section 19: Withdrawal of authorisation
Triggering events: continuity
Section 20: Triggering event: duties of trustees
Section 21: Triggering events
Section 22: Notification requirements
Section 23: Continuity options
Section 24: Continuity option 1: transfer out and winding up
Section 25: Continuity option 2: resolving triggering event
Section 26: Approval of implementation strategy
Section 27: Content of implementation strategy
Section 28: Duty to pursue continuity option
Section 29: Prohibition on winding up except in accordance with continuity option 1
Section 30: Periodic reporting requirement
Section 31 and Schedule 1: Pause orders
Section 32: Prohibition on new employers during triggering event period
Section 33: Prohibition on increasing charges etc during triggering event period
Decisions on withdrawal of authorisation: timing
Section 34: When it becomes clear that authorisation not to be withdrawn
Section 35: When a decision to withdraw authorisation becomes final
Supplementary
Section 36: Fraud compensation
Section 37 and Schedule 2: Master trusts in operation on commencement: transitional provision
Section 38 and Schedule 3: Minor and consequential amendments
Section 39: Interpretation of Part 1
Section 40: Regulations modifying application of Part 1
Part 2: Adminstration Charges
Section 41: Power to override contract terms
Part 3: General
Section 42: Regulations: general provisions
Section 43: General interpretation
Section 44: Commencement
Section 45: Short title
Hansard Reports
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