The UK’s Pension Schemes Act 2017 and Occupational Pension Schemes (Master Trusts) Regulations 2018 introduced the concept of a master trust.
Under the legislation, firms had to identify whether their pension scheme fell within the definition. Where this was the case, they then needed to seek authorisation from The Pension Regulator. The alternatives being to windup the scheme or face a penalty for operating illegally.
The obligation to be authorised also brought additional requirements. Authorised master trusts must have sufficient resources in place to safeguard and protect its members including the following:
- systems and processes
- continuity plans
- financial support
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