Section 1 Master Trust schemes: definitionC1C2C3C4I1I2I3

In this Act, “Master Trust scheme” means an occupational pension scheme which—

Where a Master Trust scheme has a section which is a collective money purchase scheme by virtue of section 1(2)(b) of the Pension Schemes Act 2021, references in the following provisions of this Act to a Master Trust scheme do not include any such section, except as provided in section 39(4A) to (4C).

Where a Master Trust scheme provides money purchase benefits in conjunction with other benefits, references in the following provisions of this Act to a Master Trust scheme are to a Master Trust scheme only to the extent that it provides money purchase benefits, except as provided in section 39(2) to (4).

For the purposes of this section, an employer (“A”) is connected with another employer (“B”)—

In this section—

• “employer”, in relation to an occupational pension scheme, means a person who employs or engages persons who are, or are entitled to become, members of the scheme;

• “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);

• “occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);

• “relevant public service pension scheme” has the meaning given in section 2.

Regulations under this section are subject to affirmative resolution procedure.