Section 28G — Pensions Act 2008: Suspension of asset allocation requirement: savers’ interest test

Suspension of asset allocation requirement: savers’ interest test 28G 1 Regulations must make provision for authorising the Regulatory Authority (“ the Authority ”), on an application by a relevant Master Trust or group personal pension scheme, to determine that the scheme in question is to be treated, for a period specified by the Authority, as if that scheme were exempted from the requirement for approval under section 28C.

2 The Secretary of State must make regulations under subsection (1) so that they have effect whenever regulations under section 28C(1) or (2) have effect.

3 Regulations under subsection (1)—

a may make provision about the form and content of an application, including about the evidence to be provided as part of an application;

b must make provision requiring an application to include a statement—

i that the applicant concludes that meeting the asset allocation requirement is likely not to be in the best interests of members of the scheme, and ii setting out the basis on which the applicant reached the conclusion;

c must make provision requiring the Authority to determine that the applicant is to be treated as mentioned in subsection (1) in cases where—

i the application complies with the requirements of regulations made under subsection (1),

and ii the Authority is of the view that it is reasonable for the applicant to have reached the conclusion that meeting the asset allocation requirement is likely not to be in the best interests of members of the scheme;

d may make provision about the basis on which the Authority may or must form such a view, including about the evidence which the Authority may or must take into account;

e may make provision as to the process for making a determination, including as to—

i the level of detail of enquiry required in different cases;

ii a time limit within which the Authority must decide an application; iii procedures in connection with applications;

f must require the Authority to provide reasons for any determination not to approve an application;

g must provide for the Authority’s determination on an application to be referred to the Upper Tribunal.