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Pension Schemes Warned To Stay Ahead Of Master Trust Law

Law360, London (December 13, 2018, 5:53 PM GMT) -- The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.

Multiemployer pension schemes, known as master trusts, have until March 31 to either apply to The Pensions Regulator for approval — demonstrating they meet the tough new criteria designed to offer enhanced protection — or else exit the market altogether.

After the deadline, master trusts — which function like a workplace plan but are provided by a third party, such as an insurance company, rather...

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