C2C1C3C4C5Part 1Master Trusts

Annotations:
Modifications etc. (not altering text)
C5

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)

Definition of a Master Trust scheme

I1I3I5C2C1C3C41C2C1C3C4Master Trust schemes: definition

1

In this Act, “Master Trust scheme” means an occupational pension scheme which—

a

provides money purchase benefits (whether alone or in conjunction with other benefits),

b

is used, or intended to be used, by two or more employers,

c

is not used, or intended to be used, only by employers which are connected with each other, and

d

is not a relevant public service pension scheme.

2

Where a Master Trust scheme provides money purchase benefits in conjunction with other benefits, references in the following provisions of this Act to a Master Trust scheme are to a Master Trust scheme only to the extent that it provides money purchase benefits, except as provided in section 39(2) to (4).

3

For the purposes of this section, an employer (“A”) is connected with another employer (“B”)—

a

where A is, or has been, a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or

b

in circumstances specified in regulations made by the Secretary of State.

4

In this section—

  • “employer”, in relation to an occupational pension scheme, means a person who employs or engages persons who are, or are entitled to become, members of the scheme;

  • “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);

  • “occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);

  • “relevant public service pension scheme” has the meaning given in section 2.

5

Regulations under this section are subject to affirmative resolution procedure.

I2I4I6C2C1C3C42C2C1C3C4Relevant public service pension schemes

1

For the purposes of section 1, a pension scheme is a relevant public service pension scheme if it falls within subsection (2) or (3).

2

A scheme falls within this subsection if it is a public service pension scheme within the meaning of the Pension Schemes Act 1993 (see section 1(1) of that Act).

3

A scheme falls within this subsection if it is—

a

a scheme under section 1 of the Public Service Pensions Act 2013 (new public service schemes),

b

a new public body pension scheme (as defined in section 30 of that Act), or

c

a statutory pension scheme which is connected with a scheme referred to in paragraph (a) or (b) (and for this purpose “statutory pension scheme” and “connected” have the meanings given in that Act; see sections 37 and 4(6) of that Act).

4

But a scheme does not fall within subsection (3) if it is a scheme specified in an order made under section 318(6)(b) of the Pensions Act 2004 (schemes excluded from definition of “public service pension scheme”).