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)     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