For the purposes of section 7(4)(a) of the Act, the...
Other duties (1) — Crown / regulator
- TPR must consider specified matters in fit and proper assessments Statutory regulator
UK Statutory Instrument
2018
United Kingdom
Occupational Pension Schemes (Master Trusts) Regulations 2018
At a glance
Enforced by
What's here
12 compliance obligations
Penalty landscape
1 of 12 obligations carry a criminal penalty. 11 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trustee 4
- Employer 2
- Any Person 1
Plus 5 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Trustees also bound by 100 other Acts (top 5 shown)
- The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 2022 37 duties
- Charities Act 2011 2011 26 duties
- The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 2013 26 duties
- Insolvency (England and Wales) Rules 2016 2016 21 duties
- The Pensions (Northern Ireland) Order 2005 2005 20 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
For the purposes of section 7(4)(a) of the Act, the...
Other duties (1) — Crown / regulator
- The Pensions Regulator must assess fitness and propriety of trustees and scheme strategists Statutory regulator
The Regulator must take account of the following matters in...
Other duties (1) — Crown / regulator
- TPR must consider financial factors when assessing Master Trust scheme resources Statutory regulator
The Regulator must take account of the following matters in...
Other duties (1) — Crown / regulator
- Regulator must consider financial resources criteria for Master Trust authorisation Statutory regulator
The Regulator must take account of the following information in...
Other duties (1) — Crown / regulator
- TPR must consider master trust's business plan, accounts, and investment principles when deciding authorisation Statutory regulator
A Master Trust scheme and each scheme funder must meet...
- Manage Master Trust scheme financing and assets Employer
(1) Where the trustees cannot identify a scheme which they...
- Notify members before transferring their pension rights to an alternative vehicle Trustee
(1) For the purposes of section 24(5)(i) of the Act...
- Provide administration charges document to TPR within 28 days of receiving transfer notice Trustee
The trustees of a Master Trust scheme must comply with...
- Trustees must comply with TPR directions under Schedule 5 Trustee
Section 10 of the 1995 Act (civil penalties) applies to...
- Fail to comply with Schedule 5 requirements Any Person
(1) Each employer which receives a notice under paragraph 4...
- Respond to notice about pension scheme transfer by choosing or nominating a default scheme Employer
Not less than one month before the expected transfer date,...
- Notify employers of transfer date at least one month in advance Trustee
Browse 54 other Schedules — structural / supplementary
For the purposes of section 7(3)(b) of the Act, the...
(1) In this Schedule— “arrangement” means a voluntary agreement entered...
The Regulator must take account of the following matters in...
(1) This paragraph applies in respect of a Master Trust...
The effective date of the business plan.
The name of— (a) each scheme trustee,
The name and address of any scheme administrator.
The number of participating employers.
The number of members, broken down into active members, deferred...
The numbers of members joining, transferring from and leaving the...
The scheme’s pension registry number.
The scheme’s HM Revenue & Customs reference number.
If a scheme funder has a single shareholder or is,...
Where section 10(3) of the Act (scheme funder requirements) applies...
Whether a scheme funder is regulated by a financial regulator...
The period to which the business plan relates, to be...
A declaration as to the overall competence of the scheme...
Where a triggering event has reduced the value of the...
Information to be provided by schemes which provide non-money purchase...
The scheme’s objectives and its strategy for meeting them.
Costs in relation to money purchase benefits.
Assets and liquidity in relation to costs.
Income in relation to money purchase benefits.
Profit and loss in relation to money purchase benefits.
In each case where this Schedule or a Code requires...
The name of the person who prepared the business plan....
A statement, signed by the trustees, each scheme funder and,...
The registered name of the scheme.
If different, any trading or brand name under which the...
The date when the scheme was established.
The address of the scheme’s registered office.
Whether the IT systems have the capacity and capability—
Whether there are systems and processes— (a) for investing contributions...
Whether there are systems and processes— (a) for facilitating members’...
Whether the IT systems— (a) are of sufficient standard to...
Whether the IT systems— (a) are maintained at regular intervals,...
Whether the scheme’s systems and processes ensure that—
Whether there are systems and processes— (a) for the fair...
Whether there are systems and processes— (a) for ensuring that...
Whether there are systems and processes— (a) for identifying, managing...
Whether there are systems and processes— (a) for preventing unauthorised...
Whether there are systems and processes for ensuring that there...
(1) In this Schedule— “applicable scheme” means whichever of the...
(1) The trustees of the applicable scheme must, as soon...
The trustee default scheme and any employer default scheme must...
The trustees of a scheme that is pursuing continuity option...
(1) On the transfer date, the trustees of the transferring...
The Regulator may direct the trustees of the transferring scheme...
(1) In this Schedule, a “cash equivalent” of any rights...
(1) The trustees of a scheme that is pursuing continuity...
(1) When the trustees have identified the trustee default scheme,...
(1) After the period allowed for employers to send notice...
(1) A member who has received notice from the trustees...
(1) If the trustees receive notice from a member in...
Browse 32 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation and notices
Connected employers
Application for authorisation
Fit and proper persons requirement
Financial sustainability requirement
Financial sustainability requirement: business plan
Scheme funder requirements: activities
Scheme funder requirements: accounts
Systems and processes requirements
Continuity strategy: administration charges
Continuity strategy: information
Supervisory return: contents
Significant events: notifying the Regulator
Fixed and escalating penalties
Triggering events: notification requirements
Implementation strategy: approval
Implementation strategy: administration charges
Implementation strategy: content
Continuity option 1: transfer out and winding up
Continuity option 2: resolving triggering event
Periodic reporting requirement
Fraud compensation
Pause orders
Administration charges
Application of Part 1 of the Pension Schemes Act 2017
(1) Part 1 of the Act does not apply to...
(1) This paragraph applies to a Master Trust scheme which—...
(1) Two or more pension schemes are treated as a...
Amendment of the Companies Act 2006
Amendment of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
Amendment of the Overseas Companies Regulations 2009
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- NOW: Pensions Trust: Determination notice (opens in a new tab) from TPR Detailed Guidance
- Authorisation and supervision of master trusts (opens in a new tab) from TPR Code of Practice
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
The Pensions Regulator
Regulates workplace pensions, defined benefit schemes, and master trusts. All employers must auto-enrol eligible workers into a workplace pension. Enforces employer duties …
Explore more
Browse legislation
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.