{
  "url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-amendment-regulations-2022/note",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-amendment-regulations-2022/note.json",
  "legislation": "uksi/2022/277",
  "legislation_title": "The Occupational Pension Schemes (Master Trusts) (Amendment) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-amendment-regulations-2022",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030) (“the Master Trusts Regulations”).\nRegulation 2 amends regulation 25 of the Master Trusts Regulations by adding costs solely attributable to holding physical assets to the list of administration charges that must not apply in relation to members of an authorised Master Trust scheme.\nThis change is necessary following the commencement of section 127(2) of the Pension Schemes Act 2021 (c. 1), which makes an amendment to the definition of “administration charge” in paragraph 1(5) of Schedule 18 to the Pensions Act 2014 (c. 19), to clarify its scope. This amended definition would apply to authorised Master Trust schemes by virtue of section 39(1) of the Pension Schemes Act 2017 (c. 17), immediately after the saving provision contained in regulation 10(1) of the Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 (S.I. 2021/950) ceases to have effect on 5th April 2022. The amendment ensures that costs solely attributable to holding physical assets will remain excluded from the administration charges that apply in relation to members of an authorised Master Trust scheme under regulation 25 of the Master Trusts Regulations.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/277/note",
    "retrieved_at": "2026-10-28T22:02:49.044995+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."
}