PART 3General

I144Commencement

1

The following provisions come into operation on the day after this Act is passed—

a

the following provisions as they apply to existing Master Trust schemes within the meaning of Schedule 2—

i

sections 1 and 2 (definition of a Master Trust scheme);

ii

section 6(2) (referral to Tribunal of refusal to grant authorisation);

iii

sections 17 and 18 (penalty notices);

iv

sections 20 to 22, 25 and 33, as modified by Schedule 2 (triggering events: notification requirements and prohibition on increasing charges);

v

paragraphs 5 and 9 of Schedule 3 (power of Regulator to request information), and section 38 as it applies to those paragraphs;

vi

section 39 (interpretation of Part 1);

b

paragraphs 1 to 7 of Schedule 2, and section 37 as it applies to those paragraphs (Master Trusts operating before commencement: transitional provisions);

c

paragraphs 1 to 6 of Schedule 3, and section 38 as it applies to those paragraphs (amendments to definitions of “scheme rules”);

d

section 41 (power to override contract terms);

e

this Part.

2

To the extent not already commenced by subsection (1), Part 1 comes into operation on such day or days as the Department may by order appoint.

3

The Department may by order make incidental, supplementary, transitional, transitory and saving provision in connection with the coming into operation of any provision of this Act.