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Section 28E Transition pathway relief

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

F1The Regulatory Authority (“the Authority”) may approve a relevant Master Trust as qualifying for transition pathway relief if the Authority determines that—

(a)

the condition in subsection (2) is met, and

(b)

any other prescribed conditions are met.

(2)

The condition mentioned in subsection (1)(a) is that the Authority determines that the relevant Master Trust—

(a)

would qualify for approval under section 28A (MSDA approval: relevant Master Trusts) if the amount specified in section 28A(3) were £10 billion, and

(b)

has a credible plan in place for meeting the scale requirement within the meaning of section 28A(2).

(3)

The Authority may approve a group personal pension scheme as qualifying for transition pathway relief if the Authority determines that—

(a)

the condition in subsection (4) is met, and

(b)

any other prescribed conditions are met.

(4)

The condition mentioned in subsection (3)(a) is that the Authority determines that the group personal pension scheme—

(a)

would qualify for approval under section 28B (MSDA approval: group personal pension schemes) if the amount specified in section 28B(3) were £10 billion, and

(b)

has a credible plan in place for meeting the scale requirement within the meaning of section 28B(2).

(5)

Regulations may require trustees or managers of schemes that are authorised under this section to take prescribed steps, for example—

(a)

to produce plans for increasing the scale of their schemes’ holdings or to take other actions that may facilitate progress towards approval under section 28A or 28B, or

(b)

in connection with governance and investment capability.

(6)

Regulations must make provision about the criteria for making any determinations under subsection (1) or (3).

(7)

Regulations may make provision of a kind mentioned in section 28A(10) or (11); and for this purpose a reference in those provisions—

(a)

to an approval under section 28A is to be read as a reference to an approval under this section;

(b)

to a relevant Master Trust is to be read as a reference to a relevant Master Trust or a group personal pension scheme;

(c)

to the trustees or managers of a relevant Master Trust is to be read as a reference to the trustees or managers of a relevant Master Trust or the provider of a group personal pension scheme.

(8)

Before making regulations under this section the Secretary of State must consult such persons as the Secretary of State considers appropriate.

(9)

In this section “relevant Master Trust” has the same meaning as in section 20.

Annotations

Textual amendments

F1

Ss. 28A-28L inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 40(12), 133(1)(4)(c)