Master trust tax registration process to be aligned to regulator’s regime

Spring Budget 2017: The tax registration process for master trust pension schemes will be amended to align with the Pensions Regulator’s (TPR) authorisation and supervision regime.

The changes to the registration process were announced in the Spring Budget 2017 policy paper. The alignment aims to increase consumer protection and improve compliance.

Under the Pensions Scheme Bill 2016-17, TPR has new powers to authorise and de-authorise master trusts according to strict authorisation criteria.

Master trusts will have to be authorised by TPR before they can begin operating.