Master trust schemes to meet higher operating standards

The Department for Work and Pensions suggested there could be master trust members whose savings are at risk from schemes that meet minimum governance standards. The Bill therefore aimed to strengthen schemes by requiring them to meet higher operating standards. To gain authorisation, a master trust will need to demonstrate it meets five criteria: Persons involved in the scheme are fit and proper; The scheme is financially sustainable; The scheme funder meets certain requirements to provide assurance about their financial situation; Systems and processes requirements relating t...