New pension protections introduced
Implementation date: 27 April 2017
The Pension Schemes Act 2017 introduces pension proposals to strengthen consumer protection in master trust schemes, which are multi-employer occupational pension schemes. The legislation sets out several requirements in relation to a master trust scheme, including that: persons involved in the scheme are fit and proper; the scheme is financially sustainable; scheme funders meet certain requirements about their financial situation; and the scheme has an adequate continuity strategy. It also contains provisions relating to early-exit charges.