Section 32 Prohibition on new employers during triggering event periodC1 C2 C3 C4 I1 I2

(1)

During a triggering event period for a Master Trust scheme, neither the trustees nor a scheme funder nor a scheme strategist may—

(a)

permit a new person to become an employer in relation to the scheme, or

(b)

enter into an agreement under which a new person will become an employer in relation to the scheme after the end of the triggering event period.

(2)

A “new person” is a person who was not an employer in relation to the scheme on the date on which the triggering event occurred.

(3)

Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).

Annotations

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)

I1: S. 32 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)
I2: S. 32 in force at 1.10.2018 in so far as not already in force by S.I. 2018/965, reg. 2(b)

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)