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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.

Important updates

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.

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