328. Decision on application for authorisation to operate master trust scheme.

Where an application is made for authorisation of a master trust scheme1, the Pensions Regulator2 must decide whether it is satisfied that the scheme meets the authorisation criteria3. The authorisation criteria are:

  1.  

    (1)     that the persons involved in the scheme are fit and proper persons4;

  2.  

    (2)     that the scheme is financially sustainable5;

  3.  

    (3)     that each scheme funder6 meets prescribed requirements7;

  4.  

    (4)     that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively8; and

  5.  

    (5)     that the scheme has an adequate continuity strategy9.

The Pensions Regulator must make that decision within the period

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