Section 28E — Pensions Act 2008: Transition pathway relief

Transition pathway relief 28E 1 The Regulatory Authority (“ the Authority ”) may approve a relevant Master Trust as qualifying for transition pathway relief if the Authority determines that—

a the condition in subsection (2) is met, and b any other prescribed conditions are met.

2 The condition mentioned in subsection (1)(a) is that the Authority determines that the relevant Master Trust—

a would qualify for approval under section 28A (MSDA approval: relevant Master Trusts) if the amount specified in section 28A(3) were £10 billion, and b has a credible plan in place for meeting the scale requirement within the meaning of section 28A(2).

3 The Authority may approve a group personal pension scheme as qualifying for transition pathway relief if the Authority determines that—

a the condition in subsection (4) is met, and b any other prescribed conditions are met.

4 The condition mentioned in subsection (3)(a) is that the Authority determines that the group personal pension scheme—

a would qualify for approval under section 28B (MSDA approval: group personal pension schemes) if the amount specified in section 28B(3) were £10 billion, and b has a credible plan in place for meeting the scale requirement within the meaning of section 28B(2).

5 Regulations may require trustees or managers of schemes that are authorised under this section to take prescribed steps, for example—

a to produce plans for increasing the scale of their schemes’ holdings or to take other actions that may facilitate progress towards approval under section 28A or 28B, or b in connection with governance and investment capability.

6 Regulations must make provision about the criteria for making any determinations under subsection (1) or (3).

7 Regulations may make provision of a kind mentioned in section 28A(10) or (11); and for this purpose a reference in those provisions—

a to an approval under section 28A is to be read as a reference to an approval under this section;

b to a relevant Master Trust is to be read as a reference to a relevant Master Trust or a group personal pension scheme;

c to the trustees or managers of a relevant Master Trust is to be read as a reference to the trustees or managers of a relevant Master Trust or the provider of a group personal pension scheme.

8 Before making regulations under this section the Secretary of State must consult such persons as the Secretary of State considers appropriate.

9 In this section “ relevant Master Trust ” has the same meaning as in section 20.