The authorisation and supervisory regime for master trusts
The authorisation and supervisory regime for master trusts

The following Pensions guidance note provides comprehensive and up to date legal information covering:

  • The authorisation and supervisory regime for master trusts
  • The legislative framework
  • The Pensions Regulator’s regulatory framework
  • When did the regime come into force?
  • PSA 2017 definition of ‘Master Trust scheme’
  • What if an existing Master Trust scheme did not receive authorisation by the end of the application period?
  • Application fee
  • Authorisation criteria
  • Authorisation process
  • Interaction with the voluntary master trust assurance framework and other quality standards
  • more

FORTHCOMING DEVELOPMENT: The Pensions Regulator (TPR) announced that it intends to review its codes of practice over the next year to reflect the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (the Governance Regulations) and that this is expected to involve combining the content of its 15 current codes of practice to form a single, shorter code. In doing so, TPR’s intention is to make its codes of practice quicker to find, use and update, so that trustees and managers of all types of scheme can be more responsive to changes in regulation. The Governance Regulations implement the new governance requirements of the EU’s IORP II Directive into UK law, which includes placing a new duty on the trustees or managers of occupational pension schemes under the Pensions Act 2004, s 249A (subject to limited exceptions) to establish an effective system of governance, building on the previous requirement for trustees to maintain adequate internal controls. The effective system of governance will need to include a documented risk assessment, and the single code of practice will reflect TPR’s expectations of this work. TPR’s current intention is to develop the new single code in phases, with early focus on the codes most affected by the Governance Regulations. It will review Code of Practice 9 (internal controls) and
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