Section 28F New entrant pathway relief

(1)

F1A relevant Master Trust or group personal pension scheme qualifies for new entrant pathway relief for the purposes of Condition 1(e) of section 20(1A) or section 26(7C)(c) if the relevant Master Trust or group personal pension scheme is approved by the Regulatory Authority (“the Authority”) under this section.

(2)

The Authority may approve a relevant Master Trust or a group personal pension scheme under this section only if the Authority determines that—

(a)

the scheme in question does not yet have any members,

(b)

the scheme in question has strong potential to grow so as to meet the scale requirement under section 28A or 28B,

(c)

the scheme in question has an innovative product design, and

(d)

any other prescribed conditions are met.

(3)

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.

(4)

Regulations may make provision about the meaning of “strong potential to grow” and “innovative product design” (including how it can be demonstrated that a scheme has strong potential to grow or an innovative product design).

(5)

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

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)