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Section 19 Withdrawal of authorisationC1C2C3C4I1I2

(1)

If the Pensions Regulator stops being satisfied that an authorised Master Trust scheme meets the authorisation criteria, it may decide to withdraw the scheme's authorisation.

(2)

A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—

(a)

explain that the issue of the notice is a triggering event for the purposes of sections 20 to 33, and

(b)

include an explanation of the trustees' duties under those sections.

(3)

On withdrawal of a scheme's authorisation, the Pensions Regulator must—

(a)

notify the trustees that the scheme is no longer authorised, and

(b)

remove the scheme from the list of authorised Master Trust schemes.

(4)

In this section—

  • “determination notice” has the meaning given by section 98(2)(a) of the Pensions Act 2004;

  • “special procedure” has the meaning given by section 98 of that Act;

  • “standard procedure” has the meaning given by section 96 of that Act;

  • “warning notice” has the meaning given by section 96(2)(a) of that Act.

Annotations

Modifications

C1

Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27

C2

Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26

C3

Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)

C4

Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(3)(4)(a)(b)

Commencement

I1

S. 19 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)

I2

S. 19 in force at 1.10.2018 in so far as not already in force by S.I. 2018/965, reg. 2(b)

Notes on Part 1

Modifications

C5

Pt. 1: power to disapply conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 47(3)(b), 131(1)(3)(a); S.I. 2022/721, reg. 3(a)