Master trust readiness review
Our readiness review period is now over, and we will be providing feedback to schemes who submitted a draft application to us by the end of August.
Feedback on your draft application
Any view or opinion from us is non-binding, based upon our understanding of the information provided and provided for guidance only.
Our feedback will be on the quality of the evidence in the draft application and is not an assessment of whether the master trust meets the standards required for authorisation. Therefore it is not an indication that the master trust will, or will not be, authorised. The decision on whether to authorise an existing master trust will be made on formal applications by the Determinations Panel, a committee of The Pensions Regulator that operates separately from other parts of the organisation.
We have now removed the forms and guides you used to complete your draft application from our website. They will be updated following the responses to our code consultation and we expect to publish the new versions by 1 October.
You’ll need to use the new forms and guides to complete your formal application from 1 October 2018.
We will continue to update this page as we publish new information ahead of formal authorisation opening.
We expect to lay the final code of practice before Parliament in July 2018.
Multiple schemes and cluster schemes
The requirement to be authorised is at scheme level rather than provider level. Therefore, each scheme needs to be authorised to operate in the market.
Cluster schemes are an exception to the principle of one application per scheme. When you come to apply for formal authorisation, you should treat these schemes as one master trust and make one application for the group. You can read more about cluster schemes in paragraphs 27 to 32 of the draft code.
Consultation on draft code of practice for master trusts
Consultation on a new code of practice that sets out standards for authorisation and supervision of master trust schemes.
Pension Schemes Act 2017 on Legislation.gov.uk
Full text of the Pension Schemes Act 2017.
Draft master trust regulations on GOV.UK
Draft regulations that set out further legal requirements for the authorisation and supervision regime for master trust schemes.