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Section 1 Master Trust schemes: definitionC2C3C4C5I1C1I2I3

Northern Ireland

(1)

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

(a)

provides money purchase benefits (whether alone or in conjunction with other benefits),

(b)

is used, or intended to be used, by two or more employers,

(c)

is not used, or intended to be used, only by employers which are connected with each other, F1...

(d)

is not a relevant public service pension scheme F2, and

F3(e)

is not a collective money purchase scheme.

F4(1A)

Where a Master Trust scheme has a section which is a collective money purchase scheme by virtue of section 52(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).

C6(2)

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).

(3)

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

(a)

where A is, or has been a group undertaking in relation to B within the meaning of section 1161(5) of the Companies Act 2006, or

(b)

in circumstances specified in regulations made by the Department.

(4)

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 (Northern Ireland) Act 1993 (in this Act referred to as “the Pension Schemes Act”) (see section 176 of that Act);

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

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

(5)

Regulations under this section are subject to the confirmatory procedure.

Annotations

Textual amendments

F1

Word in s. 1(1)(c) omitted (31.7.2026) by virtue of The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 (S.R. 2026/151), regs. 1(1), 62(2)(a)

F2

Word in s. 1(1)(d) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 (S.R. 2026/151), regs. 1(1), 62(2)(b)

F3

S. 1(1)(e) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 (S.R. 2026/151), regs. 1(1), 62(2)(c)

F4

S. 1(1A) inserted (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations (Northern Ireland) 2026 (S.R. 2026/151), regs. 1(1), 62(2)(d)

Modifications

C1

S. 1 transitional provision for commencement by 2021 c. 6 (N.I.), s. 44(1)(a)(b) (11.8.2021) by The Pension Schemes (2021 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2021 (S.R. 2021/234), art. 3

C2

Pt. 1 modified (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 28(2)

C3

Pt. 1 excluded (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 27(1)

C4

Pt. 1 modified (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 28(4)(a)

C5

Pt. 1 excluded (6.4.2022) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2022 (S.R. 2022/121), regs. 1, 26(1)

C6

S. 1(2) excluded (18.3.2026) by 2004 c. 12, s. 274ZZA(3) (as inserted by Finance Act 2026 (c. 11), s. 60(5))

Commencement

I1

S. 1 in operation at 10.8.2021 for specified purposes, see s. 44(1)(a)(i)

I2

S. 1 in operation at 16.3.2022 for specified purposes by S.R. 2022/110, art. 2(a)

I3

S. 1 in operation at 6.4.2022 in so far as not already in operation by S.R. 2022/110, art. 2(b)

Notes on Part 1

Modifications

C5

Pt. 1 applied (with modifications) (N.I.) (3.10.2022) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2022 (revoked) 2022 (S.R. 2022/234), regs. 1, 28, 29

C6

Pt. 1 excluded (N.I.) (3.10.2022) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2022 (revoked) 2022 (S.R. 2022/234), regs. 1, 26, 27

C7

Pt. 1 modified (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 28(4)(a)

C8

Pt. 1 modified (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 28(2)

C9

Pt. 1 excluded (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 27(1)

C10

Pt. 1 excluded (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 26(1)

C11

Pt. 1 excluded (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 26

C12

Pt. 1 applied (with modifications) (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 28(4)(a)

C13

Pt. 1 excluded (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 27

C14

Pt. 1 applied (with modifications) (29.9.2023) by The Occupational Pension Schemes (Master Trusts) (No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/148), regs. 1, 28(2)

C15

Pt. 1 excluded (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 26

C16

Pt. 1 applied (with modifications) (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 28(4)(a)

C17

Pt. 1 excluded (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 27

C18

Pt. 1 applied (with modifications) (27.3.2024) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024 (S.R. 2024/78), regs. 1, 28(2)