All new master trusts must apply for and obtain authorisation before they can operate.
Preparing your application
You can apply for authorisation of a new master trust by submitting an application via the master trust portal. To gain access to the portal, email mastertrustauthorisation@tpr.gov.uk. You should confirm the proposed scheme name and email address for the primary scheme contact.
Before submitting your application, we’ll invite you to a pre-application meeting. During this meeting, you can discuss your proposal and how you will meet the authorisation criteria.
Our code of practice and accompanying guidance provide practical guidelines on demonstrating how your scheme meets the authorisation criteria.
Fees
You must pay the fee of £23,000 before you apply for authorisation of a new master trust.
You need to make the payment by BACS. You can ask for our bank account details by emailing mastertrustauthorisation@tpr.gov.uk.
When you pay you should use the reference ‘MTA’ followed by the Pension Scheme Registration (PSR) number for your master trust. If you haven’t got a PSR number yet, you should use the reference number from your initial contact with us.
Register with HMRC
If your scheme is not already registered with HMRC, you will also need to apply to HMRC for registration.
Master trust decision-making procedure
Supervision and enforcement
As a newly authorised master trust, you should expect to receive a high level of supervision as you will not have an operational track record. Through our supervisory approach, you will be required to demonstrate that you continue to meet the authorisation criteria. Further information can be found on our supervision of master trust pages - you should also refer to: