Pension Schemes Act (Northern Ireland) 2021

Decision on application

5.—(1) Where an application is made for authorisation of a Master Trust scheme under section 4, the Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.

(2) The Regulator must make that decision within the period of six months beginning with the day on which it received the application.

(3) The authorisation criteria are—

(a) that the persons involved in the scheme are fit and proper persons (see section 7),

(b) that the scheme is financially sustainable (see section 8),

(c) that each scheme funder meets the requirements set out in section 10,

(d) that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 11), and

(e) that the scheme has an adequate continuity strategy (see section 12).

(4) If the Regulator is satisfied that the Master Trust scheme meets the authorisation criteria, it must—

(a) grant the authorisation,

(b) notify the applicant of its decision, and

(c) add the scheme to its list of authorised Master Trust schemes (see section 13).

(5) If the Regulator is not satisfied that the Master Trust scheme meets the authorisation criteria, it must—

(a) refuse to grant the authorisation, and

(b) notify the applicant of its decision.

(6) A notification under subsection (5) must also include—

(a) the reasons for the decision, and

(b) details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 6).