Schedule 2 | Master Trusts Operating Before Commencement: Transitional Provision | Pension Schemes Act 2017 C17

SCHEDULE 2 Master Trusts Operating before Commencement: Transitional Provision

Pension Schemes Act 2017 (2017 c 17) | Legislation

SCHEDULE 2 Master Trusts Operating before Commencement: Transitional Provision

Section 37

Overview of Schedule

(1) This Schedule modifies the application of Part 1 as it applies in relation to existing Master Trust schemes.

(2) The modifications in paragraphs 2 to 7 have effect from the date on which this Act is passed.

(3) The modifications in paragraphs 8 to 15 have effect from the commencement date.

(4) In this Schedule—

the “commencement date” means the date on which section 3 (prohibition on operating scheme unless authorised) comes into force;

“existing Master Trust scheme” means a Master Trust scheme in operation before the commencement date.

Modifications having effect from the date on which this Act is passed

Section 20 (triggering event: duties of trustees) has effect as if—

(a) the existing text were numbered subsection (1);

(b) before that subsection there were inserted—

“(A1) If a triggering event occurs in relation to an existing Master Trust scheme on or after 20 October 2016 but before the commencement date, the trustees must comply with the notification requirements applicable to them (see sections 22 and 25).”;