The decision-maker
The decision-maker responsible for deciding whether to authorise a master trust scheme is a TPR staff member or committee who has delegated authority to make that decision.
Before the decision-maker can decide whether to authorise a master trust, the scheme’s trustees must make an application. Please refer to Code of Practice No.15 and our website for guidance on making an application.
The applicant is responsible for demonstrating to the decision-maker that the scheme meets the authorisation criteria.
The applicant can withdraw their application at any time if they no longer wish to proceed. However, any requests for a refund will only be considered on an exceptional basis.
Our authorisation team may request further information if the submitted application is incomplete. Once it is complete, we will inform the applicant that the assessment period has begun. We must decide within six months of this date whether to authorise the scheme.
Authorisation team assessment
When an application is complete, our authorisation team will assess it and the information provided with it. They may also take into account information already in our possession, conduct site visits, meet relevant individuals, and obtain and analyse any further information they consider relevant to the assessment.
When the authorisation team has assessed an application, they will produce a report setting out their view on whether the decision-maker should authorise the master trust.
The decision-maker will then assess the application, based on the authorisation team’s report.
Decision on authorisation
The decision-maker may ask the applicant or the authorisation team for additional information at any point before it reaches its decision. The decision-maker will give a deadline for the provision of this information.
If the decision-maker is satisfied that the master trust meets the authorising criteria the applicant will be notified and their name will be added to the list on the TPR website.
If the decision-maker is not satisfied that the master trust meets the authorisation criteria, they must refuse to grant the authorisation. They will notify the applicant and the authorisation team and will give reasons in writing, along with information about the rights of referral to the Upper Tribunal.
The decision-making procedure is how we expect to make decisions on applications for authorisation. If it is appropriate to depart from this procedure, we will contact the applicant to explain the procedure to be followed.