Section 3 Prohibition on operating a scheme unless authorisedC1C2C3C4I1I2
A person may not operate a Master Trust scheme unless the scheme is authorised.
Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who breaches subsection (1).
If the Pensions Regulator becomes aware that a Master Trust scheme is operating without authorisation, it must notify the trustees of the scheme that the scheme is not authorised.
The notification must include an explanation that it is a triggering event for the purposes of sections 20 to 33 and of the trustees' duties under those sections.
For the purposes of this Part, a person “operates” a Master Trust scheme if the person—
accepts money from members or employers (or prospective members or employers), in respect of fees, charges, contributions or otherwise, in relation to the scheme, or
enters into an agreement with an employer that relates to the provision of pension savings for employees or other workers,
and references to a scheme that is “operating” or “in operation” are to be construed accordingly.
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. 3 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)
- I2
S. 3 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)