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Pensions Schemes Act 2017

The Pension Schemes Act 2017 received Royal Assent on 27 April 2017, giving the Pensions Regulator new powers to authorise and supervise master trusts. On this page we highlight some of the commentary and guidance on the new act.

The Act

The Pension Schemes Bill received Royal Assent on 27 April 2017 and became the Pensions Schemes Act 2017.

Explanatory notes are also available for the act.

Related regulations and code of practice

The new Occupational Pension Schemes (Master Trusts) Regulations 2018 mostly came into force on 1 October 2018. The regulations set out the new regime for authorising and supervising master trust pension schemes.

The Government response to its consultation on the draft regulations was previously published on 19 March 2018.  ICAEW submitted a response to the consultation: ICAEW Rep 07/18.

A Master trusts code of practice has also been published for consultation by the Pensions Regulator (TPR). From 1 October 2018, master trust pension schemes will have six months to apply to TPR for authorisation in order to continue operating. The code sets out how master trusts should apply for authorisation and the criteria TPR will take into account when deciding whether a master trust should be authorised. 

Guides and publications

Duties for master trusts (TPR)
Information from the Pensions Regulator on the new duties the Pension Schemes Act 2017 places on those involved with running master trust pension schemes. The Act also introduced measures for authorising and supervising master trusts, which will begin after regulations have been developed.

Eversheds Sutherland A-Z pensions law handbook 2018/19
An A-Z of UK pensions legal terminology and abbreviations. 

Pensions Bulletin 2016/43: Government sets out new statutory regime for master trusts (LCP)
An update from consultants Lane, Clark and Peacock explaining the key provisions of the Bill when it was first introduced in the House of Lords. Published in October 2016.

Pension Schemes Act 2017 (Sackers)
An overview of the Pension Schemes Act from Sackers, published on 3 May 2017. The summary explains the rationale for master trust scheme authorisation, the authorisation criteria and the expected timescale for the coming regulations which will set out the details of the new authorisation regime.

Articles and books

The ICAEW Library & Information Service holds a collection of articles and books on pensions law, management and taxation. 

The collection includes a set of the five volume Pensions Legislation Service which provides a comprehensive collection of the materials needed to advise on or manage a pension scheme. The volumes offer amended texts of Pensions statutes and statutory instruments, HMRC guidance and non–statutory materials relating to pensions issued by a variety of bodies. 

Although the Pensions Legislation Service is not available for loan, the enquiry team can search it on behalf of members and supply relevant extracts (subject to licences and copyright restrictions). Please contact our enquiry team for further information. 

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