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Authorisation of new master trusts

From 1 October 2018, all new master trusts must apply for and obtain authorisation before they can operate.

If a master trust starts operating before authorisation is granted, it will be required to exit the market and wind up.

Preparing your application

You can apply for authorisation of a new master trust from 1 October 2018.

You should submit your application via the master trust portal. To gain access to the portal, email MasterTrustAuthorisation@tpr.gov.uk. You should confirm the proposed scheme name and email address for the primary scheme contact.

Before submitting your application, we’ll invite you to attend a pre-application meeting. During this meeting, you can discuss your proposal and how you will meet the authorisation criteria.

Our code of practice and accompanying guidance provide practical guidelines on demonstrating how your scheme meets the authorisation criteria.

Fees

You must pay the fee of £23,000 before you apply for authorisation of a new master trust.

You need to make the payment by BACS. You can ask for our bank account details by emailing MasterTrustAuthorisation@tpr.gov.uk.

When you pay you should use the reference ‘MTA’ followed by the Pension Scheme Registration (PSR) number for your master trust. If you haven’t got a PSR number yet, you should use the reference number from your initial contact with us.

Register with HMRC

If your scheme is not already registered with HMRC, you will also need to apply to HMRC for registration.

Decision-making procedure

We’ll make a decision on your application within six months of receiving it. For further information, read the master trust decision-making procedure (PDF, 59kb, 7 pages).

Supervision and enforcement

As a new master trust, you can expect to receive a high level of supervision as you will not have an operational track record. Through our supervisory approach, you will be required to demonstrate that you continue to meet the authorisation criteria. For further information, you can refer to our Master Trust Supervision and Enforcement Policy.