Regulation 81 Amendment of the Pension Schemes Act 2017

(1)

The Pension Schemes Act 2017 is amended as follows.

(2)

In section 1 (master trust schemes: definition)—

(a)

at the end of subsection (1)(c) omit “and”;

(b)

at the end of subsection (1)(d) insert “, and”;

(c)

after subsection (1)(d) insert—

“(e)

is not a collective money purchase scheme.”;

(d)

after subsection (1) insert—

“(1A)

Where a Master Trust scheme has a section which is a collective money purchase scheme by virtue of section 1(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).”.

(3)

In section 39 (interpretation of Part 1)—

(a)

in subsection (1)—

(i)

in the definition of the “accounts” of a Master Trust scheme for “subsection (2)” substitute “subsections (2) and (4A)”;

(ii)

at the appropriate place insert—

““collective money purchase scheme” has the meaning given in section 1(2) of the Pension Schemes Act 2021;”;

(b)

after subsection (4) insert—

“(4A)

In relation to a Master Trust scheme, a section of which is a collective money purchase scheme, references in this Part to the scheme’s accounts are to be read as references to the accounts of the scheme as a whole.

(4B)

The reference in section 10(3) to activities that relate directly to Master Trust schemes is, in its application to a Master Trust scheme a section of which is a collective money purchase scheme, to be read as a reference to activities that relate directly to the scheme as a whole.

(4C)

This Part applies to a Master Trust scheme—

(a)

a section of which is a collective money purchase scheme, and

(b)

for which there is no power to wind up the scheme to the extent only that it is not a collective money purchase scheme,

as if references to winding up the scheme, or to the scheme being wound up, were to ceasing to operate the scheme, or the scheme ceasing to operate, to the extent that it is not a collective money purchase scheme.”.