C2C1C3C4C5Part 1Master Trusts

Annotations:

Authorisation: applications etc

I1I2C2C1C3C43C2C1C3C4Prohibition on operating a scheme unless authorised

1

A person may not operate a Master Trust scheme unless the scheme is authorised.

2

Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1).

3

If the Pensions Regulator becomes aware that a Master Trust scheme is operating without authorisation, it must notify the trustees of the scheme that the scheme is not authorised.

4

The notification must include an explanation that it is a triggering event for the purposes of sections 20 to 33 and of the trustees' duties under those sections.

5

For the purposes of this Part, a person “operates” a Master Trust scheme if the person—

a

accepts money from members or employers (or prospective members or employers), in respect of fees, charges, contributions or otherwise, in relation to the scheme, or

b

enters into an agreement with an employer that relates to the provision of pension savings for employees or other workers,

and references to a scheme that is “operating” or “in operation” are to be construed accordingly.