The Pension Schemes Act 2017 introduces a definition of 'master trust'. You should assess whether your pension scheme meets this definition.
From 1 October 2018, master trust pension schemes will have six months to apply for authorisation from us in order to continue operating.
The Pension Schemes Act 2017 places duties on those involved with running master trust pension schemes. This includes a duty to report certain events to us which may indicate that the scheme cannot continue to operate.
From 1 October 2018, all new master trusts must apply for and obtain authorisation before they can operate.