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

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

  • The authorisation and supervisory regime for master trusts
  • The legislative framework
  • The Pension Schemes Act 2017
  • The subordinate regulations
  • The Pensions Regulator’s regulatory framework
  • Code of Practice
  • Forms and guidance
  • Readiness review—lessons learnt
  • Supervision and enforcement policy
  • List of authorised master trusts
  • More...

CORONAVIRUS (COVID-19) UPDATE: In light of the coronavirus pandemic, the Pensions Regulator (TPR) issued guidance stating that, until 30 June 2020, it would not take regulatory action if master trusts delayed filing their accounts with TPR but the delay did not go beyond 30 June 2020. Moreover, while notifications continued to be required for triggering events and significant events, TPR would accept informal reporting to the supervisor in the first instance rather than the existing formal mechanisms.

Since 1 July 2020, while TPR continues to take a flexible approach to the late preparation of audited accounts and DC chair’s statements until 30 September 2020, TPR expects formal reporting to resume.

For more information on the pensions implications of coronavirus, see Practice Notes: Coronavirus (COVID-19)—the pensions implications for trustees.
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
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