DC hot topic: Exiting the DC master trust market


The arrival of the master trust authorisation regime has focused trustees’ and employers’ minds on the future of any DC non-associated multi-employer schemes that they run.

Where these schemes meet the definition of a master trust in the Pension Schemes Act 2017 – and the definition is drawn widely – trustees and employers are faced with a stark decision on whether to:

  • make an application to TPR for the scheme to become authorised under the new regime (see our Hot Topic) or
  • take steps to exit the master trust market and make arrangements for securing the benefits already built up in the master trust.

This is because, from 1 October 2018, existing master trust schemes will not be able to operate in the
market without authorisation from TPR.

DC hot topic: Exiting the DC master trust market

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