C2C1C3C4C5Part 1Master Trusts
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26
Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)
Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(3)(4)(a)(b)
Pt. 1: power to disapply conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 47(3)(b), 131(1)(3)(a); S.I. 2022/721, reg. 3(a)
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.
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27