UK Statutory Instrument SI 2018 United Kingdom

Occupational Pension Schemes (Master Trusts) Regulations 2018

Read it on legislation.gov.uk (opens in a new tab)
Enforced by
TPR
Status
In Force
Penalty ceiling
Regulated 1 of 13 obligations carry a criminal penalty. 12 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Trustee4 Employer2 Any Person2

Plus 5 duties 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
Charities Act 2011 27 duties
Employer — also bound by 682 other Acts
TULRCA 1992 72 duties
Any Person — also bound by 2340 other Acts

What it requires

Regulations 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.

32 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation and notices
s.003 Connected employers
s.004 Application for authorisation
s.005 Fit and proper persons requirement
s.006 Financial sustainability requirement
s.007 Financial sustainability requirement: business plan
s.008 Scheme funder requirements: activities
s.009 Scheme funder requirements: accounts
s.010 Systems and processes requirements
s.011 Continuity strategy: administration charges
s.012 Continuity strategy: information
s.013 Supervisory return: contents
s.014 Significant events: notifying the Regulator
s.015 Fixed and escalating penalties
s.016 Triggering events: notification requirements
s.017 Implementation strategy: approval
s.018 Implementation strategy: administration charges
s.019 Implementation strategy: content
s.020 Continuity option 1: transfer out and winding up
s.021 Continuity option 2: resolving triggering event
s.022 Periodic reporting requirement
s.023 Fraud compensation
s.024 Pause orders
s.025 Administration charges
s.026 Application of Part 1 of the Pension Schemes Act 2017
s.027 (1) Part 1 of the Act does not apply to...
s.028 (1) This paragraph applies to a Master Trust scheme which—...
s.029 (1) Two or more pension schemes are treated as a...
s.030 Amendment of the Companies Act 2006
s.031 Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
s.032 Amendment of the Overseas Companies Regulations 2009
Schedules

Schedules

13 of 66 shown
s.sch001 For the purposes of section 7(4)(a) of the Act, the... Regulated
Other duties (1) — Crown / regulator
  • TPR must consider specified matters in fit and proper assessmentsStatutory regulator
s.sch001 For the purposes of section 7(4)(a) of the Act, the... Regulated
Other duties (1) — Crown / regulator
  • The Pensions Regulator must assess fitness and propriety of trustees and scheme strategistsStatutory regulator
s.sch002 The Regulator must take account of the following matters in... Regulated
Other duties (1) — Crown / regulator
  • TPR must consider financial factors when assessing Master Trust scheme resourcesStatutory regulator
s.sch002 The Regulator must take account of the following matters in... Regulated
Other duties (1) — Crown / regulator
  • Regulator must consider financial resources criteria for Master Trust authorisationStatutory regulator
s.sch002 The Regulator must take account of the following information in... Regulated
Other duties (1) — Crown / regulator
  • TPR must consider master trust's business plan, accounts, and investment principles when deciding authorisationStatutory regulator
s.sch002 A Master Trust scheme and each scheme funder must meet... Regulated
  • Manage Master Trust scheme financing and assetsEmployer
s.sch002 (1) This paragraph applies in respect of a Master Trust... Regulated
  • Guarantee your Master Trust's funding shortfall with assets and employer guaranteesAny Person
s.sch005 (1) Where the trustees cannot identify a scheme which they... Regulated
  • Notify members before transferring their pension rights to an alternative vehicleTrustee
s.sch005 (1) For the purposes of section 24(5)(i) of the Act... Regulated
  • Provide administration charges document to TPR within 28 days of receiving transfer noticeTrustee
s.sch005 The trustees of a Master Trust scheme must comply with... Regulated
  • Trustees must comply with TPR directions under Schedule 5Trustee
s.sch005 Section 10 of the 1995 Act (civil penalties) applies to... Regulated
  • Fail to comply with Schedule 5 requirementsAny Person
s.sch005 (1) Each employer which receives a notice under paragraph 4... Regulated
  • Respond to notice about pension scheme transfer by choosing or nominating a default schemeEmployer
s.sch005 Not less than one month before the expected transfer date,... Regulated
  • Notify employers of transfer date at least one month in advanceTrustee
53 other schedules
s.sch001 For the purposes of section 7(3)(b) of the Act, the...
s.sch001 (1) In this Schedule— “arrangement” means a voluntary agreement entered...
s.sch002 The Regulator must take account of the following matters in...
s.sch003 The effective date of the business plan.
s.sch003 The name of— (a) each scheme trustee,
s.sch003 The name and address of any scheme administrator.
s.sch003 The number of participating employers.
s.sch003 The number of members, broken down into active members, deferred...
s.sch003 The numbers of members joining, transferring from and leaving the...
s.sch003 The scheme’s pension registry number.
s.sch003 The scheme’s HM Revenue & Customs reference number.
s.sch003 If a scheme funder has a single shareholder or is,...
s.sch003 Where section 10(3) of the Act (scheme funder requirements) applies...
s.sch003 Whether a scheme funder is regulated by a financial regulator...
s.sch003 The period to which the business plan relates, to be...
s.sch003 A declaration as to the overall competence of the scheme...
s.sch003 Where a triggering event has reduced the value of the...
s.sch003 Information to be provided by schemes which provide non-money purchase...
s.sch003 The scheme’s objectives and its strategy for meeting them.
s.sch003 Costs in relation to money purchase benefits.
s.sch003 Assets and liquidity in relation to costs.
s.sch003 Income in relation to money purchase benefits.
s.sch003 Profit and loss in relation to money purchase benefits.
s.sch003 In each case where this Schedule or a Code requires...
s.sch003 The name of the person who prepared the business plan....
s.sch003 A statement, signed by the trustees, each scheme funder and,...
s.sch003 The registered name of the scheme.
s.sch003 If different, any trading or brand name under which the...
s.sch003 The date when the scheme was established.
s.sch003 The address of the scheme’s registered office.
s.sch004 Whether the IT systems have the capacity and capability—
s.sch004 Whether there are systems and processes— (a) for investing contributions...
s.sch004 Whether there are systems and processes— (a) for facilitating members’...
s.sch004 Whether the IT systems— (a) are of sufficient standard to...
s.sch004 Whether the IT systems— (a) are maintained at regular intervals,...
s.sch004 Whether the scheme’s systems and processes ensure that—
s.sch004 Whether there are systems and processes— (a) for the fair...
s.sch004 Whether there are systems and processes— (a) for ensuring that...
s.sch004 Whether there are systems and processes— (a) for identifying, managing...
s.sch004 Whether there are systems and processes— (a) for preventing unauthorised...
s.sch004 Whether there are systems and processes for ensuring that there...
s.sch005 (1) In this Schedule— “applicable scheme” means whichever of the...
s.sch005 (1) The trustees of the applicable scheme must, as soon...
s.sch005 The trustee default scheme and any employer default scheme must...
s.sch005 The trustees of a scheme that is pursuing continuity option...
s.sch005 (1) On the transfer date, the trustees of the transferring...
s.sch005 The Regulator may direct the trustees of the transferring scheme...
s.sch005 (1) In this Schedule, a “cash equivalent” of any rights...
s.sch005 (1) The trustees of a scheme that is pursuing continuity...
s.sch005 (1) When the trustees have identified the trustee default scheme,...
s.sch005 (1) After the period allowed for employers to send notice...
s.sch005 (1) A member who has received notice from the trustees...
s.sch005 (1) If the trustees receive notice from a member in...

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