| Guvnor

Enforced by: TPR
Status: Amended (in force with amendments)
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trustee12 Any Person4 Director or Officer1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trustee — also bound by 104 other Acts

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 79 duties

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 40 duties

Charities Act 2011 27 duties

Charities Act (Northern Ireland) 2008 22 duties

Insolvency (England and Wales) Rules 2016 21 duties

Any Person — also bound by 2340 other Acts

Human Medicines Regulations 2012 184 duties

Merchant Shipping Act 1995 144 duties

Insolvency (England and Wales) Rules 2016 104 duties

Communications Act 2003 92 duties

Road Traffic Act 1988 92 duties

Director or Officer — also bound by 429 other Acts

Insolvency (England and Wales) Rules 2016 162 duties

Companies Act 2006 126 duties

Insolvency Act 1986 77 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 68 duties

Building Societies Act 1986 32 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.009 Financial sustainability requirement: business plan Regulated

Prepare and maintain a business plan for your Master Trust schemeDirector or Officer

s.012 Continuity strategy requirement Regulated

Prepare, maintain, and provide a continuity strategy for your Master Trust schemeAny Person

s.022 Notification requirements Regulated

Notify The Pensions Regulator of certain Master Trust eventsAny Person

s.023 Continuity options Regulated

Choose and pursue a continuity option when a triggering event occursTrustee

s.024 Continuity option 1: transfer out and winding up Regulated

Notify employers and members of proposed transfer under continuity option 1Trustee

s.025 Continuity option 2: resolving triggering event Regulated

Resolve triggering event and notify the Pensions RegulatorTrustee

s.028 Duty to pursue continuity option Regulated

Pursue continuity option and implement approved strategy for Master Trust schemeTrustee

s.030 Periodic reporting requirement Regulated

Submit periodic reports to the Pensions Regulator during a triggering eventTrustee

s.033 Prohibition on increasing charges etc during triggering event period Regulated

Do not raise or add administration charges during a triggering eventTrustee

38 other provisions — procedural and definitional

s.001 Master Trust schemes: definition

s.002 Relevant public service pension schemes

s.003 Prohibition on operating a scheme unless authorised

s.004 Application for authorisation

s.005 Decision on application

s.006 Referral to Tribunal of refusal to grant authorisation

s.007 Fit and proper persons requirement

s.008 Financial sustainability requirement

s.010 Scheme funder requirements

s.011 Systems and processes requirements

s.012 Investment capability

s.012 Scale requirement

s.013 List of authorised schemes

s.014 Requirement to submit annual accounts

s.015 Requirement to submit supervisory return

s.016 Duty to notify Regulator of significant events

s.017 Fixed penalty notice for failure to comply with request for information etc

s.018 Escalating penalty notice for failure to comply with request for information etc

s.019 Withdrawal of authorisation

s.020 Triggering event: duties of trustees

s.021 Triggering events

s.026 Approval of implementation strategy

s.027 Content of implementation strategy

s.029 Prohibition on winding up except in accordance with continuity option 1

s.031 Pause orders

s.032 Prohibition on new employers during triggering event period

s.034 When it becomes clear that authorisation not to be withdrawn

s.035 When a decision to withdraw authorisation becomes final

s.036 Fraud compensation

s.037 Master trusts in operation on commencement: transitional provision

s.038 Minor and consequential amendments

s.039 Interpretation of Part 1

s.040 Regulations modifying application of Part 1

s.041 Power to override contract terms

s.042 Regulations: general provisions

s.043 Extent

s.044 Commencement

s.045 Short title

Schedules

9 of 34 shown

s.sch001 (1) A pause order must specify the period for which... Regulated

Other duties (1) — Crown / regulator

Pensions Regulator must specify valid period for pause ordersStatutory regulator

s.sch001 (1) This paragraph applies where— (a) a pause order is... Regulated

Notify scheme members and employers when directed by TPR after a pause orderTrustee

s.sch002 Section 28 (duty to pursue continuity option) has effect as... Regulated

Consider new continuity option 2A when pursuing a continuity optionTrustee

s.sch002 Section 20 (triggering event: duties of trustees) has effect as... Regulated

Notify TPR of triggering event in Master Trust schemeTrustee

s.sch002 Section 22 (notification requirements) has effect as if— Regulated

Notify the Pensions Regulator of a triggering event within time limitsTrustee

s.sch002 Section 25 (continuity option 2: resolving triggering event) has effect... Regulated

Notify Pensions Regulator when a triggering event is resolvedTrustee

s.sch002 Section 33 (prohibition on increasing charges etc during triggering event... Regulated

Notify TPR of triggering event and freeze administration chargesTrustee

s.sch002 Section 3 (prohibition on operating a Master Trust scheme unless... Regulated

Do not operate an existing Master Trust scheme without authorisationAny Person

s.sch003 In section 70 (duty to report breaches of the law),... Regulated

Report breaches of pension law to the Pensions RegulatorAny Person

25 other schedules

s.sch001 (1) If a pause order is made in relation to...

s.sch001 (1) A pause order, or an order made under any...

s.sch002 (1) This Schedule modifies the application of Part 1 as...

s.sch002 Section 21 (triggering events) has effect as if—

s.sch002 Section 23 (continuity options) has effect as if—

s.sch002 Section 26 (approval of implementation strategy) has effect as if—...

s.sch002 Section 34 (when it becomes clear that authorisation is not...

s.sch002 Section 35 (when decision to withdraw authorisation becomes final) has...

s.sch002 Section 21 (triggering events) has effect as if, in subsection...

s.sch002 Part 1 applies in relation to an existing Master Trust...

s.sch002 Section 5 (decision on application) has effect as if at...

s.sch003 The Pension Schemes Act 1993 is amended as follows.

s.sch003 In section 93(2) (“regulatory functions” of the Regulator subject to...

s.sch003 In section 97(5) (special procedure: applicable cases), after paragraph (ta)...

s.sch003 In section 318(3) (interpretation: scheme rules)— (a) in paragraph (a),...

s.sch003 In Schedule 2 (functions exercisable by the Determinations Panel), after...

s.sch003 In section 31 of the Pensions Act 2008 (effect of...

s.sch003 In section 100B(2) (meaning of “scheme rules”: occupational pension schemes)—...

s.sch003 In section 101AI(8) (rights under section 101AB: further provision)—

s.sch003 In section 67A(9) of the Pensions Act 1995 (subsisting rights...

s.sch003 The Pensions Act 2004 is amended as follows.

s.sch003 In section 13 (improvement notices), in subsection (7) (meaning of...

s.sch003 In section 72 (provision of information), in subsection (1A), after...

s.sch003 (1) Section 90 (codes of practice) is amended as follows....

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.

Pension Schemes Act 2017

Does it bind you?

Other Acts binding the same actors

What it requires

Schedules