Pension Schemes Act 2017

2017 c. 17 · Enacted 27 April 2017 · Extends to England, Wales and Scotland

Contents

1. Part 1: Master Trusts
2. Definition of a Master Trust scheme
3. 1Master Trust schemes: definition
4. 2Relevant public service pension schemes
5. Authorisation: applications etc
6. 3Prohibition on operating a scheme unless authorised
7. 4Application for authorisation
8. 5Decision on application
9. 6Referral to Tribunal of refusal to grant authorisation
10. Authorisation criteria
11. 7Fit and proper persons requirement
12. 8Financial sustainability requirement
13. 9Financial sustainability requirement: business plan
14. 10Scheme funder requirements
15. 11Systems and processes requirements
16. 12Continuity strategy requirement
17. 12AInvestment capability
18. 12BScale requirement
19. Ongoing supervision of Master Trust schemes
20. 13List of authorised schemes
21. 14Requirement to submit annual accounts
22. 15Requirement to submit supervisory return
23. 16Duty to notify Regulator of significant events
24. 17Fixed penalty notice for failure to comply with request for information etc
25. 18Escalating penalty notice for failure to comply with request for information etc
26. 19Withdrawal of authorisation
27. Triggering events: continuity
28. 20Triggering event: duties of trustees
29. 21Triggering events
30. 22Notification requirements
31. 23Continuity options
32. 24Continuity option 1: transfer out and winding up
33. 25Continuity option 2: resolving triggering event
34. 26Approval of implementation strategy
35. 27Content of implementation strategy
36. 28Duty to pursue continuity option
37. 29Prohibition on winding up except in accordance with continuity option 1
38. 30Periodic reporting requirement
39. 31Pause orders
40. 32Prohibition on new employers during triggering event period
41. 33Prohibition on increasing charges etc during triggering event period
42. Decisions on withdrawal of authorisation: timing
43. 34When it becomes clear that authorisation not to be withdrawn
44. 35When a decision to withdraw authorisation becomes final
45. Supplementary
46. 36Fraud compensation
47. 37Master trusts in operation on commencement: transitional provision
48. 38Minor and consequential amendments
49. 39Interpretation of Part 1
50. 40Regulations modifying application of Part 1
51. Part 2: Administration charges
52. 41Power to override contract terms
53. Part 3: General
54. 42Regulations: general provisions
55. 43Extent
56. 44Commencement
57. 45Short title
58. Schedule 1: Pause orders
59. Consequences of a pause order
60. 1Paragraph 1
61. Period of effect etc of pause order
62. 2Paragraph 2
63. Validation of action in contravention of pause order
64. 3Paragraph 3
65. Notification of trustees, scheme funders, scheme strategists, employers and members
66. 4Paragraph 4
67. Supplementary provision
68. 5Paragraph 5
69. Schedule 2: Master Trusts operating before commencement: transitional provision
70. Overview of Schedule
71. 1Paragraph 1
72. Modifications having effect from the date on which this Act is passed
73. 2Paragraph 2
74. 3Paragraph 3
75. 4Paragraph 4
76. 5Paragraph 5
77. 6Paragraph 6
78. 7Paragraph 7
79. Modifications having effect from the commencement date
80. 8Paragraph 8
81. 9Paragraph 9
82. 10Paragraph 10
83. 11Paragraph 11
84. 12Paragraph 12
85. 13Paragraph 13
86. 14Paragraph 14
87. 15Paragraph 15
88. Schedule 3: Minor and consequential amendments
89. Pension Schemes Act 1993 (c. 48)
90. 1Paragraph 1
91. 2Paragraph 2
92. 3Paragraph 3
93. Pensions Act 1995 (c. 26)
94. 4Paragraph 4
95. Pensions Act 2004 (c. 35)
96. 5Paragraph 5
97. 6Paragraph 6
98. 7Paragraph 7
99. 8Paragraph 8
100. 9Paragraph 9
101. 10Paragraph 10
102. 11Paragraph 11
103. 12Paragraph 12
104. 13Paragraph 13
105. Pensions Act 2008 (c. 30)
106. 14Paragraph 14