{
  "url": "https://openlegislation.uk/pension-schemes-act-2017/section-5",
  "json_url": "https://openlegislation.uk/pension-schemes-act-2017/section-5.json",
  "legislation": "ukpga/2017/17",
  "legislation_title": "Pension Schemes Act 2017",
  "legislation_url": "https://openlegislation.uk/pension-schemes-act-2017",
  "path": "section/5",
  "kind": "section",
  "number": "5",
  "heading": "Decision on application",
  "text": "(1) Where an application is made for authorisation of a Master Trust scheme under section 4, the Pensions Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.\n(2) The Pensions Regulator must make that decision within the period of six months beginning with the day on which it received the application.\n(3) The authorisation criteria are—\n(a) that the persons involved in the scheme are fit and proper persons (see section 7),\n(b) that the scheme is financially sustainable (see section 8),\n(c) that each scheme funder meets the requirements set out in section 10,\n(d) that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 11), ...\n(e) that the scheme has an adequate continuity strategy (see section 12).\n(f) that it has sufficient investment capability (see section 12A), and\n(g) (in the case of an applicant that has its main administration in the United Kingdom) that the scheme meets Condition 1 of section 20(1A) (scale requirement) of the Pensions Act 2008.\n(4) If the Pensions Regulator is satisfied that the Master Trust scheme meets the authorisation criteria, it must—\n(a) grant the authorisation,\n(b) notify the applicant of its decision, and\n(c) add the scheme to its list of authorised Master Trust schemes (see section 13).\n(5) If the Pensions Regulator is not satisfied that the Master Trust scheme meets the authorisation criteria, it must—\n(a) refuse to grant the authorisation, and\n(b) notify the applicant of its decision.\n(6) A notification under subsection (5) must also include—\n(a) the reasons for the decision, and\n(b) details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 6).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 5(3) omitted (29.4.2026 for specified purposes) by virtue of Pension Schemes Act 2026 (c. 22), ss. 41(7)(a), 133(1)(4)(c)(ii)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 5(3)(f)(g) inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 41(7)(b), 133(1)(4)(c)(ii)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "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)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 5 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "S. 5 in force at 1.10.2018 in so far as not already in force by S.I. 2018/965, reg. 2(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2017/17/section/5",
    "retrieved_at": "2026-10-29T09:05:32.973256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}