The Pension Schemes Act 2017 introduces a definition of 'master trust'. You should assess whether your pension scheme meets this definition.
Schemes defined as a master trust
A master trust is defined as an occupational pension scheme that:
- provides money purchase benefits
- is used, or intended to be used, by two or more employers
- is not used, or intended to be used, only by employers which are connected with each other
- is not a public service pension scheme
If your scheme also offers other benefits, the duties will generally only apply to the money purchase benefits provision. If you are unsure how this applies to your scheme, you should seek advice.