{
  "url": "https://openlegislation.uk/draft-occupational-pension-schemes-master-trusts-regulations-2018/schedule-2/paragraph-5",
  "json_url": "https://openlegislation.uk/draft-occupational-pension-schemes-master-trusts-regulations-2018/schedule-2/paragraph-5.json",
  "legislation": "ukdsi/2018/9780111170533",
  "legislation_title": "The Occupational Pension Schemes (Master Trusts) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-occupational-pension-schemes-master-trusts-regulations-2018",
  "path": "schedule/2/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "A Master Trust scheme and each scheme funder must meet the following requirements in relation to the scheme’s financing—\n(a) any assets held by the trustees or a scheme funder to meet the costs mentioned in section 8(3) of the Act must be—\n(i) of the classes and in the proportions set out in a Code,\n(ii) valued in accordance with any discounted rates set out in a Code, and\n(iii) available to be used when the relevant cost falls due;\n(b) the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);\n(c) any funding commitment made to the scheme by a scheme funder or an employer must be given in writing and duly executed by the party making the commitment;\n(d) where a scheme funder operates more than one Master Trust scheme, the funds allocated to each scheme must be separately identified to the Regulator;\n(e) where the assets include cash in a greater proportion than that set out in a Code, the Regulator may require trustees to hold a proportion of the assets set out in a Code in a separate account kept with a deposit taker as defined in section 49(8A) of the 1995 Act (other responsibilities of trustees, etc).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 49(8A) was inserted by S.I. 2001/3649 and amended by paragraph 82(2) of Schedule 18 to the Financial Services Act 2012 (c. 21) and S.I. 2007/3014."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111170533/schedule/2/paragraph/5",
    "retrieved_at": "2026-10-30T15:04:23.592628+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}