The Occupational Pension Schemes (Master Trusts) Regulations 2018

Interpretation and notices E+W+S

2.—(1) In these Regulations—

“the 1993 Act” means the Pension Schemes Act 1993(1);

“the 1995 Act” means the Pensions Act 1995(2);

“the 2004 Act” means the Pensions Act 2004(3);

“the Act” means the Pension Schemes Act 2017;

“additional charge” means an administration charge for advice, information or a service provided to a member, including where the member requests a transfer to another pension scheme;

“the Administration Regulations” means the Occupational Pension Schemes (Scheme Administration) Regulations 1996(4);

“active member” has the meaning given by section 124(1) of the 1995 Act;

“arrangement” means an allocation of contributions to one or more investments;

“the Charges and Governance Regulations” means the Occupational Pension Schemes (Charges and Governance) Regulations 2015(5);

“Code” means a code of practice issued by the Regulator;

“commencement date” means the date on which section 3 of the Act (prohibition on operating scheme unless authorised) comes into force for all purposes;

“the Companies Act” means the Companies Act 2006(6);

“default arrangement” has the meaning given in regulation 3 of the Charges and Governance Regulations(7);

“discounted level” means a lower level of an administration charge which applies in particular circumstances, including—

(a)

a lower level which applies to members from a particular employer, or

(b)

a lower level which applies to a member according to the value of the member’s rights in the scheme;

“financial regulator” means the Financial Conduct Authority or the Prudential Regulatory Authority;

“receiving scheme”, except in Schedule 5, means a pension scheme to which (subject to Part 4ZA of the 1993 Act(8) (transfers and contribution refunds) and to provision made by regulations under section 24(2)(b) and (4) of the Act) members’ accrued rights and benefits under the scheme are proposed to be transferred;

“the Regulator” means the Pensions Regulator;

“scheme year” means—

(a)

a year specified for the purposes of the scheme in any document comprising the scheme, or

(b)

if no year is specified under paragraph (a), a period of 12 months beginning on 1st April or on such other date as the trustees select;

“service provider” means a person providing advisory, administrative, investment or other services in respect of the scheme;

“third-party charge” means any administration charge imposed on or in respect of a member by a person other than the trustees;

“the TUPE Regulations” means the Transfer of Undertakings (Protection of Employment) Regulations 2006(9).

(2) Except where paragraph 1 of Schedule 5 provides otherwise, sections 303 and 304 of the 2004 Act (service of notifications and other documents) are treated as applying to notices and notifications issued under these Regulations.

Commencement Information

I1 Reg. 2 in force at 1.10.2018, see reg. 1(2)

(1)

1993 c. 48.

(2)

1995 c. 26.

(3)

2004 c. 35.

(4)

S.I. 1996/1715.

(5)

S.I. 2015/879.

(6)

2006 c. 46, amended by S.I. 2013/3008 and 2015/980; there are other amending instruments but none is relevant.

(7)

Regulation 3 was amended by S.I. 2008/393, 2013/1970, 2015/889, 2016/649 and 2017/516.

(8)

Part 4ZA was amended, and the part heading inserted, by the Pension Schemes Act 2015 (c. 8), Schedule 4, Part 1, paragraph 4(2)(a).

(9)

S.I. 2006/246.