Pension Schemes Act 2026
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Change 1
41 Amendments related to section 40
(1) The Financial Services and Markets Act 2000 is amended as follows. (2) In section 1A (the Financial Conduct Authority), in subsection (6), after paragraph (a) insert— (aa) the Pensions Act 2008, . (3) Section 204A (meaning of “relevant requirement” and “appropriate regulator”) is amended as follows. (4) In subsection (2), after paragraph (aa) insert— (aza) by or under Part 1 of the Pensions Act 2008 in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C, . (5) In subsection (6), after paragraph (a) insert— (aza) by or under Part 1 of the Pensions Act 2008 in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C, . (6) Part 1 (Master Trusts) of the Pension Schemes Act 2017 is amended as follows. (7) In section 5 (decision on application), in subsection (3)— (a) omit the “and” before paragraph (e); (b) after paragraph (e) insert— (f) that it has sufficient investment capability (see section 12A), and (g) (in the case of an applicant that has its main administration in the United Kingdom) that the scheme meets Condition 1 of section 20(1A) (scale requirement) of the Pensions Act 2008. (8) After section 12 insert— Investment capability 12A (1) This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a Master Trust scheme (that has its main administration in the United Kingdom) has sufficient investment capability (see section 5(3)(f)). (2) In order to be satisfied that the Master Trust scheme has sufficient investment capability the Pensions Regulator must be satisfied— (a) that appropriate systems are in place for managing the investment strategy and monitoring outcomes, (b) that the scheme has appropriate systems for delivering effective governance, and (c) that there are appropriate strategies for recruiting and retaining expert staff. (3) In deciding whether it is satisfied about the matters mentioned in subsection (1), the Pensions Regulator must take account of any factors specified in subsection (2). (4) The Secretary of State may by regulations— (a) make provision about the meaning of terms used in subsection (2); (b) specify further factors that the Pensions Regulator must take into account in deciding whether it is satisfied about the matters mentioned in subsection (1). (5) The first regulations that are made under this section are subject to affirmative resolution procedure. (6) Any other regulations under this section are subject to negative resolution procedure. Scale requirement 12B (1) The Secretary of State may by regulations make provision about how the Pensions Regulator is to decide whether it is satisfied that a Master Trust scheme that has its main administration in the United Kingdom meets Condition 1 in section 20(1A) (scale requirement) of the Pensions Act 2008. (2) The regulations may, among other things, specify matters which the Pensions Regulator must take into account in making its assessment. (3) The first regulations under this section are subject to affirmative resolution procedure. (4) Any subsequent regulations under this section are subject to negative resolution procedure.
41 Amendments related to section 40
(1) The Financial Services and Markets Act 2000 is amended as follows. (2) In section 1A (the Financial Conduct Authority), in subsection (6), after paragraph (a) insert— (aa) the Pensions Act 2008, . (3) Section 204A (meaning of “relevant requirement” and “appropriate regulator”) is amended as follows. (4) In subsection (2), after paragraph (aa) insert— (aza) by or under Part 1 of the Pensions Act 2008 in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C, . (5) In subsection (6), after paragraph (a) insert— (aza) by or under Part 1 of the Pensions Act 2008 in relation to the scale requirement in section 28B or the asset allocation requirement in section 28C, . (6) Part 1 (Master Trusts) of the Pension Schemes Act 2017 is amended as follows. (7) In section 5 (decision on application), in subsection (3)— (a) omit the “and” before paragraph (e); (b) after paragraph (e) insert— (f) that it has sufficient investment capability (see section 12A), and (g) (in the case of an applicant that has its main administration in the United Kingdom) that the scheme meets Condition 1 of section 20(1A) (scale requirement) of the Pensions Act 2008. (8) After section 12 insert— Investment capability 12A (1) This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a Master Trust scheme (that has its main administration in the United Kingdom) has sufficient investment capability (see section 5(3)(f)). (2) In order to be satisfied that the Master Trust scheme has sufficient investment capability the Pensions Regulator must be satisfied— (a) that appropriate systems are in place for managing the investment strategy and monitoring outcomes, (b) that the scheme has appropriate systems for delivering effective governance, and (c) that there are appropriate strategies for recruiting and retaining expert staff. (3) In deciding whether it is satisfied about the matters mentioned in subsection (1), the Pensions Regulator must take account of any factors specified in subsection (2). (4) The Secretary of State may by regulations— (a) make provision about the meaning of terms used in subsection (2); (b) specify further factors that the Pensions Regulator must take into account in deciding whether it is satisfied about the matters mentioned in subsection (1). (5) The first regulations that are made under this section are subject to affirmative resolution procedure. (6) Any other regulations under this section are subject to negative resolution procedure. Scale requirement 12B (1) The Secretary of State may by regulations make provision about how the Pensions Regulator is to decide whether it is satisfied that a Master Trust scheme that has its main administration in the United Kingdom meets Condition 1 in section 20(1A) (scale requirement) of the Pensions Act 2008. (2) The regulations may, among other things, specify matters which the Pensions Regulator must take into account in making its assessment. (3) The first regulations under this section are subject to affirmative resolution procedure. (4) Any subsequent regulations under this section are subject to negative resolution procedure.
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