{
  "url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018/schedule-2/paragraph-5",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018/schedule-2/paragraph-5.json",
  "legislation": "uksi/2018/1030",
  "legislation_title": "The Occupational Pension Schemes (Master Trusts) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/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": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 2 para. 5 in force at 1.10.2018, see reg. 1(2)"
    },
    {
      "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/uksi/2018/1030/schedule/2/paragraph/5",
    "retrieved_at": "2026-10-28T22:53:51.683386+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."
}