PART 1Master Trusts

Authorisation criteria

I1I29Financial sustainability requirement: business plan

1

A scheme strategist of a Master Trust scheme must prepare a business plan for the scheme.

2

The Department may make regulations setting out—

a

information that must be included in a business plan, and

b

any other requirements with which a business plan must comply.

3

The scheme strategist must review the business plan at least once a year, and revise it if appropriate.

4

The scheme strategist must revise the business plan at any time if there is any significant change to the information included in it.

5

The business plan, and any revisions to it, must be approved by each scheme funder, any other scheme strategist and the trustees.

6

The scheme strategist or the trustees must provide the Regulator with the most recent business plan, and any supporting information or documents required by the Regulator—

a

on application for authorisation (see section 4);

b

within three months of the plan being revised;

c

at any other time, on request from the Regulator.

7

The first regulations that are made under this section are subject to the confirmatory procedure.

8

Any subsequent regulations under this section are subject to negative resolution.