The Occupational Pension Schemes (Master Trusts) Regulations 2018
S.I. 2018/1030 · Made 25 September 2018 · Extends to England, Wales and Scotland
This Statutory Instrument has been made in substitution of S.I. 2018/983 which did not reflect the correct version of that SI as laid in draft and approved by Parliament and has since been removed from legislation.gov.uk. It is being issued free of charge to all known recipients of that Statutory Instrument.
Pensions
Made 25th September 2018
Coming into force in accordance with regulation 1
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 1(3)(b), 4(5), 7(3)(b) and (4)(a), 8(4), 9(2), 10(4), (6) and (7)(b), 11(2), 12(5) and (6), 15(2), 16(3), 17(3)(a), 18(5)(a), 22(6)(b) and (7), 24(1)(b), (3), (4)(a) and (c) and (5), 25(4), 26(5), 27(4) and (6), 28(2), 30(2) and (4)(b) and (c), 33(4), 36(1), 38(2) and (3), 39(5), 40(1) and (2) and 42(2) of, and paragraphs 1(6) of Schedule 1 and 5(c) of Schedule 2 to, the Pension Schemes Act 2017f1.
A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 42(4) of the Pension Schemes Act 2017f2.
The Secretary of State has exercised her discretion under section 42(5) of the Pension Schemes Act 2017 to make regulations subject to affirmative resolution procedure which would otherwise be subject to negative resolution procedure.
Annotations to the whole text
Footnotes
- f1
- f2
-
Regulations made under sections 1(3), 7(4), 8(4), 9(2), 10(4), 11(2), 12(5) and (6), 16(3), 24(2)(b) and (4), 38(2) (to the extent that they contain provision mentioned in subsection (3)(a)), 39(5) and 40(1) and (2) of the Act are stated to be subject to affirmative resolution procedure.
Contents
- 1Citation and commencement
- 2Interpretation and notices
- 3Connected employers
- 4Application for authorisation
- 5Fit and proper persons requirement
- 6Financial sustainability requirement
- 7Financial sustainability requirement: business plan
- 8Scheme funder requirements: activities
- 9Scheme funder requirements: accounts
- 10Systems and processes requirements
- 11Continuity strategy: administration charges
- 12Continuity strategy: information
- 13Supervisory return: contents
- 14Significant events: notifying the Regulator
- 15Fixed and escalating penalties
- 16Triggering events: notification requirements
- 17Implementation strategy: approval
- 18Implementation strategy: administration charges
- 19Implementation strategy: content
- 20Continuity option 1: transfer out and winding up
- 21Continuity option 2: resolving triggering event
- 22Periodic reporting requirement
- 23Fraud compensation
- 24Pause orders
- 25Administration charges
- 26Application of Part 1 of the Pension Schemes Act 2017
- 27Application of Part 1 of the Pension Schemes Act 2017
- 28Application of Part 1 of the Pension Schemes Act 2017
- 29Application of Part 1 of the Pension Schemes Act 2017
- 30Amendment of the Companies Act 2006
- 31Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
- 32Amendment of the Overseas Companies Regulations 2009
- Signature
- Schedule 1: FIT AND PROPER PERSONS REQUIREMENT
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Schedule 2: FINANCIAL SUSTAINABILITY REQUIREMENT
- Part 1: Matters which the Regulator must take into account
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Part 2: Requirements to be met by Master Trust schemes and scheme funders
- 5Paragraph 5
- 6Paragraph 6
- Schedule 3: THE BUSINESS PLAN
- Part 1: Information to be included in the business plan
- General
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Information about the Master Trust scheme
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- Information about scheme funders
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Information about the scheme strategist
- 20Paragraph 20
- Information following a triggering event
- 21Paragraph 21
- Part 2: Requirements relating to the business plan to be set out in a Code
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- Schedule 4: SYSTEMS AND PROCESSES REQUIREMENTS
- Features and functionality of IT systems
- 1Paragraph 1
- Standards required of IT systems
- 2Paragraph 2
- Maintenance of IT systems
- 3Paragraph 3
- Member records
- 4Paragraph 4
- Trustees and others
- 5Paragraph 5
- Contracts and service providers
- 6Paragraph 6
- Risk management
- 7Paragraph 7
- Security
- 8Paragraph 8
- Resource planning
- 9Paragraph 9
- Investments
- 10Paragraph 10
- Member communication
- 11Paragraph 11
- Schedule 5: CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP
- Interpretation
- 1Paragraph 1
- Calculation of cash equivalent
- 2Paragraph 2
- Trustees’ powers
- 3Paragraph 3
- Trustees’ first notice to employers and members
- 4Paragraph 4
- Employer’s response to trustees
- 5Paragraph 5
- Trustees’ second notice to members
- 6Paragraph 6
- Member’s response to trustees
- 7Paragraph 7
- Trustees’ duty to transfer
- 8Paragraph 8
- Notice of expected transfer date
- 9Paragraph 9
- Transfer requirements: choice of arrangements
- 10Paragraph 10
- Requirements to be met by default schemes
- 11Paragraph 11
- Trustees’ power to transfer otherwise than to a scheme
- 12Paragraph 12
- Administration charges
- 13Paragraph 13
- Future contributions
- 14Paragraph 14
- Cessation of accruals
- 15Paragraph 15
- Winding up
- 16Paragraph 16
- Regulator’s power to direct
- 17Paragraph 17
- Civil penalties
- 18Paragraph 18
- Explanatory note