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Master trusts deadline set.
Pension Schemes Newsletter 101 highlights the new authorisation regime for master trusts that applies from 1 October. Trusts operating at that date will have to apply for authorisation from The Pensions Regulator (TPR) within six months. If they fail to do so, they will be unable to operate and will have to wind up. Administrators must tell HMRC whether their scheme becomes or ceases to be a master trust within
30 days of either event.
HMRC can refuse to register a pension scheme that is a master trust and does not hold authorisation by TPR. It will also be able to de-register one that does not receive or later loses its TPR authorisation. More details are in HMRC’s Pensions Tax Manual at PTM161100.
Other articles in the newsletter cover taxation of flexi access payments, the annual allowance, qualifying recognised overseas pension schemes transfer statistics, and completing enrolment information.
