Once your master trust has been authorised we will supervise it on an ongoing basis.
How your scheme will be supervised
Supervision aims to ensure:
- we remain satisfied that your master trust continues to meet the authorisation criteria
- your master trust meets other obligations, including relevant legislation and codes of practice
- we meet our objective to improve the way that workplace pension schemes are run
- we identify and manage material risks and issues early, and intervene where necessary
You will receive an introductory letter shortly after your scheme has been authorised. We’ll then write to you again after we have assessed all applications. Once we have this overview of the whole master trust market we’ll provide more detail about:
- the supervisory cycle for your scheme and other practical information, eg whether your master trust will be assigned a dedicated supervisor
- the specific information you will be required to send us
- how often we’ll meet or have a call
- what sort of management information you should expect to send us on a regular basis
You can find more information in the master trust supervision and enforcement policy:
What we expect from supervised schemes
We expect you to be open, honest and transparent. We will expect you to engage with us proactively and volunteer information about material developments, risks and issues.
Once your scheme is authorised, you will need to submit the following items to us:
- supervisory return – you are likely to need to submit this within three months of your scheme year end (we will add more information about this in due course)
- chair’s statement – you need to prepare this within seven months of your scheme year end
- scheme annual report and accounts – you must submit this no later than two months after you receive it
- scheme funder accounts – you must submit this no later than nine months after the financial year end to which they relate (unless exempt)
Additionally, we may request other information related to investment design and performance. We will discuss this with you on an individual basis once your scheme is authorised.
If you hold a position within a scheme which is subject to the ‘fit and proper’ requirement, you – or the trustees of your scheme – must inform us if any change takes place which could affect whether you meet the requirement.
You may also be subject to re-vetting by TPR as part of the master trust supervision regime. You’ll be given notice if you’re required to submit information or documentation for re-vetting at any stage.