Master trust readiness review
From early May you can submit a draft authorisation application to us. We will then provide feedback about the quality of your application. This process is known as a readiness review.
Submitting a draft application is voluntary. Whether or not you decide to complete a draft application will not impact the decision-making on your formal application.
Scope of the readiness review
The draft application will not cover all the requirements of formal authorisation. The information for certain tests, including ‘systems and processes’ and ‘financial sustainability’, will be similar to what is required for authorisation. However, for tests such as ‘fit and proper’, the information will not be as detailed. You will need to provide supporting information and evidence in relation to these requirements.
You can only submit one draft application per master trust so you should provide as much of the information and evidence required as possible.
Submitting your application
You can submit your draft application using our online portal. This will be available in early May until 15 June for a minimum of four weeks.
We have published the forms and guidance that you’ll need for the readiness review.
The draft code of practice also provides practical guidelines on how to meet the legal requirements of the Pension Schemes Act 2017. You should use these to help you complete your draft application.
You should start looking at our checklist (PDF, 39kb, 6 pages) now, so you have all the information and evidence ready in order to complete your draft application from May 2018.
Feedback on your draft application
We will provide feedback on your draft application by the end of August 2018. 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 only be on the quality of the evidence in the draft application and not the quality of the master trust. Therefore it’s not an indication that the master trust will, or will not be, authorised. The decision on whether to formally authorise an existing master trust will be made by the Determinations Panel, an independent panel of The Pensions Regulator.
Consultation on draft code of practice for master trusts
Consultation on a new code of practice that sets out standards for authorisation and supervision of master trust schemes.
Draft master trust regulations on GOV.UK
Draft regulations that will implement the authorisation and supervision regime for master trust schemes.
Pension Schemes Act 2017 on Legislation.gov.uk
Full text of the Pension Schemes Act 2017.