Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Authorisation definition

What does Authorisation mean? In practice, authorisation is formal permission from a competent authority to carry out a regulated activity or to handle specified assets or substances. It is usually evidenced by a licence, permit, consent or approval issued under primary or secondary legislation, typically subject to conditions, time limits and the possibility of variation or revocation. The term is descriptive and used across multiple legal contexts, with sector‑specific legislation defining when and how authorisation is required (for example, financial services authorisation, marketing authorisation for medicines, and chemicals authorisation under REACH). Radioactive substances/waste: Historically, the Radioactive Substances Act 1993 required an “authorisation”...

Master trusts: authorisation, supervision, continuity and enforcement—PSA 2017, 2018 Regulations and TPR Code

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Practice notes

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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 events’, either by moving accrued benefits to another scheme and winding up (termed ‘continuity option 1’) or by remedying the triggering event (termed ‘continuity option 2’)—see: Triggering events and continuity options, below...

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Web page updated on 21/05/2026

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