The Pension Schemes Act 2017 also provides a definition for master trusts.
What you need to do now
If you are involved with a master trust you have duties to report certain ‘triggering events’ to us. These events may indicate that the scheme cannot continue to operate. You also cannot increase charges to members during a triggering event period. Read more about these triggering event duties.
You should continue to comply with the standards set out in our DC code.
We also expect you to obtain master trust assurance to help you show that you have governance and administration standards that meet the DC code.
The 2017 Act also introduces measures for authorising and supervising master trusts. These will start after regulations have been developed. This information will be updated once further details are available.