326. Prohibition on operating unauthorised master trust scheme.

326.     Prohibition on operating unauthorised master trust scheme.

A person may not operate a master trust scheme1 unless the scheme is authorised2. For these purposes, a person 'operates' a master trust scheme if the person:

  1.  

    (1)     accepts money from members3 or employers4 (or prospective members or employers), in respect of fees, charges, contributions or otherwise, in relation to the scheme5; or

  2.  

    (2)     enters into an agreement with an employer that relates to the provision of pension savings for employees or other workers6.

If the Pensions Regulator7