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) that the persons involved in the scheme are fit and proper persons4;
(2) that the scheme is financially sustainable5;
(3) that each scheme funder6 meets prescribed requirements7;
(4) that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively8; and
(5) that the scheme has an adequate continuity strategy9.
The Pensions Regulator must make that decision within the period
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