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5. A Master Trust scheme and each scheme funder must meet the following requirements in relation to the scheme’s financing—
(a)any assets held by the trustees or a scheme funder to meet the costs mentioned in section 8(3) of the Act must be—
(i)of the classes and in the proportions set out in a Code,
(ii)valued in accordance with any discounted rates set out in a Code, and
(iii)available to be used when the relevant cost falls due;
(b)the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);
(c)any funding commitment made to the scheme by a scheme funder or an employer must be given in writing and duly executed by the party making the commitment;
(d)where a scheme funder operates more than one Master Trust scheme, the funds allocated to each scheme must be separately identified to the Regulator;
(e)where the assets include cash in a greater proportion than that set out in a Code, the Regulator may require trustees to hold a proportion of the assets set out in a Code in a separate account kept with a deposit taker as defined in section 49(8A) of the 1995 Act(1) (other responsibilities of trustees, etc).
Section 49(8A) was inserted by S.I. 2001/3649 and amended by paragraph 82(2) of Schedule 18 to the Financial Services Act 2012 (c. 21) and S.I. 2007/3014.
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