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Pension Schemes Act 2017

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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The Act’s focus is on protecting savers and maintaining confidence in pension savings.
The introduction of automatic enrolment into workplace pension schemes under the Pensions Act 2008 made it compulsory for employers to automatically enroll eligible workers into a qualifying workplace pension scheme.
The pensions market has responded to this and the Master Trust market has developed. This Act aims to ensure that those saving into a Master Trust, a form of multi-employer occupational pension scheme which employers are able to select for their workers rather than needing to set up their own pension scheme, are protected.
The Act also amends existing legislation to support the Government’s intention to cap early exit charges and ban member-borne commission charges in certain occupational pension schemes.
The Act covers:
- Master Trust Authorisation
- Administration charges