Master trust meaning

Public disclosures to compare pension schemes The government said that opening up disclosures will enable employers and workers to compare pension schemes more easily. But the Society of Pension Professionals warned the policy could also weaken pension funds’ decision-making authority. Chancellor of the Exchequer Jeremy Hunt outlined the disclosure programme in March 2024, alongside a push for UK pension funds to invest at least 5% of assets in unlisted British companies. In a paper dated 1 May 2024, the SPP noted that the main pension providers—covering more than 15 million UK pension savers—already publish their UK investments via Corporate Adviser magazine’s annual Master Trust & GPP report. The SPP pointed out that such disclosures are already available through that report. According to the paper, the results indicate that funds with higher UK equity weightings have typically underperformed those with minimal or no exposure to the UK market...

On 25 February 2025, The People’s Pension, operated by People’s Partnership, stated in its response to Discussion Paper DP24/3 ‘Pensions: Adapting our requirements for a changing market’—issued by the FCA in December 2024—that the regulator should bring in an outright prohibition on financial incentives to transfer pensions. The master trust argued that savers can lose as much as 20% of their pension pots because of ill‑informed transfer decisions, which could translate into around £1.2bn forfeited across the UK in a single year. It also said its research indicates that incentives, including free cash offers, can prompt savers to move their pension without fully considering the long‑term...

In this issue: Education Social care Public procurement Planning Governance Children's social care Pensions Social housing Healthcare Licensing Daily and weekly news alerts New and updated content Education Supreme Court holds that statutory religious education and collective worship in Northern Ireland school breached human rights (JR87 and another for Judicial Review (Appellant)) In In the matter of an application by JR87 and another for Judicial Review (Appellant), the Supreme Court unanimously upheld the appeal advanced by a schoolgirl, JR87, together with her father, against the Department of Education (Northern Ireland). The court determined that delivering religious education and conducting collective worship in Northern Ireland’s controlled schools, as required by the current statutory scheme, violated their rights under Article 2 of Protocol 1 (A2P1) to the European Convention on Human Rights, when read in conjunction with Article 9 ECHR. Victoria Dennis, Educational Law Solicitor at Doyle Clayton, has offered observations on the...

This Practice Note sets out the principal steps for properly bringing to an end a defined contribution (DC) occupational pension scheme—also described as a money purchase occupational pension arrangement or a trust-based defined contribution plan. Throughout this Practice Note, this type of arrangement is termed a ‘DC scheme’. The guidance applies across a range of DC schemes, including trusts that sit outside the authorised master trust framework and small self-administered pension schemes (SSASs), although the latter may, in certain cases, be excluded from particular statutory obligations or requirements. This Practice Note does not cover the winding-up of any: an ‘authorised master trust’ under the Pension Schemes Act 2017 (PSA 2017)—for further detailed information, please see Practice Note: The authorisation and supervisory regime for master trusts, contract-based DC arrangements (eg group personal pension arrangements)—for further details and guidance, see Practice Note: Winding up of personal pension schemes Statute makes distinct and specific provision for hybrid schemes (combining defined benefit (DB) and DC...

The legislative framework The Pension Schemes Act 2017 The Pension Schemes Act 2017 (PSA 2017) is designed to strengthen safeguards for members of master trusts by tightening oversight of master trusts and addressing risk areas inherent in the master trust model when set beside other occupational pension schemes (such as profit-driven objectives, large cohorts of disengaged savers, and the potential jeopardy to pension pots if a master trust collapses). In summary, from 1 October 2018: master trusts must secure authorisation from the Pensions Regulator to operate as a master trust (with existing master trusts given until 31 March 2019 to submit an authorisation application, subject to any extension of the deadline granted by the Pensions Regulator). Five conditions must be met before the Pensions Regulator will grant authorisation—see: Authorisation criteria, below the Pensions Regulator has responsibility for the ongoing supervision of master trusts—see: Ongoing supervision and The Pensions Regulator’s proposed approach to supervision and enforcement, below master trusts must identify and manage ‘triggering...

Ways of providing death-in-service benefits Employers commonly provide their staff with death-in-service benefits (often referred to as 'life assurance' or 'life cover' benefits). This protection is ordinarily limited to employees (hence the term 'death in service', reflecting the label itself), although in certain situations an employer may decide to extend the benefit beyond retirement. Employers can deliver these benefits in three ways: via a dedicated trust-based arrangement that, while registered as a pension scheme for the purposes of Part 4 of the Finance Act 2004 (FA 2004), provides only death-in-service benefits—such arrangements are frequently known as 'life cover only schemes', 'death-in-service schemes' or 'standalone life assurance schemes', and no other benefits through a registered pension scheme (usually an occupational pension scheme) in which the death-in-service benefits form part of the broader benefit structure of the scheme as a whole. In this type of arrangement or model, a scheme member may receive: both death benefits (including death-in-service benefits) together with...

AT THE [ HIGH COURT OF JUSTICE ] [ CHANCERY DIVISION ] Claim Number [ xxx ] [ BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES ] [ PROPERTY, TRUSTS AND PROBATE LISTt ] Before [ name ] Dated [ date ] [ Claimant’s name ] Claimant and [ Trustee ] [ Trustee ] [ Adult beneficiary ] [ name of beneficiary ] (a child by [ name ] his/her litigation friend) [ name of beneficiary ] (a child by [ name ] his/her litigation friend) Defendants _____________________________________ DRAFT/SCHEME OF ARRANGEMENT _____________________________________ For this Arrangement, the expressions set out below shall, insofar as the context allows, carry the following definitions: 1.1 ‘The Trust’ refers to the trust deed dated [ x ] and described as [ y ]; 1.2 ‘The Operative Date’ signifies the date of the Order of [ Master...