Authorisation and supervision of master trusts: code of practice

This code sets out how an application for the authorisation of master trusts is made and what the regulator takes into account when considering applications.


Authorisation and supervision of master trusts: draft code of practice no. 15

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The code helps those involved in master trusts to understand how to satisfy us that the authorisation criteria are met at application and continue to be met throughout supervision.

A master trust scheme is an occupational pension scheme which:

  • provides money purchase benefits (whether alone or in conjunction with other benefits)
  • is used, or is intended to be used, by 2 or more unconnected employers
  • is not a relevant public service pension scheme

This code applies to those involved in the operation of a master trust, for example trustees, scheme strategists, scheme funders and their advisers.

Published 3 July 2018