Paragraph 5 I1

Northern Ireland

A Master Trust scheme and each scheme funder must meet the following requirements in relation to the scheme’s financing—

(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—

(i)

of the classes and in the proportions set out in a Code;

(ii)

valued in accordance with any discounted rates set out in a Code, and

(iii)

available to be used when the relevant cost falls due;

(b)

the scheme’s trustees must have first call on the assets referred to in sub-paragraph (a);

(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;

(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;

(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 Article 49(8A)^f1 of the 1995 Order (other responsibilities of trustees, employers, etc.).

Annotations

Commencement

I1: Sch. 2 para. 5 in operation at 27.3.2024, see reg. 1

Footnotes

f1: Paragraph (8A) was inserted by Article 154(5) of S.I. 2001/3649 and amended by regulation 3 of S.R. 2007 No. 457 and Article 4 of S.I. 2013/472