Section 12A — Investment capability
This version in force from 2026-04-29
Snapshot: 2026-08-24
Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .
(1) [F1 This section applies for the purposes of enabling the Pensions Regulator to decide whether it is satisfied that a Master Trust scheme (that has its main administration in the United Kingdom) has sufficient investment capability (see section 5(3)(f)).]
(2) [F1 In order to be satisfied that the Master Trust scheme has sufficient investment capability the Pensions Regulator must be satisfied—]
(a) [F1 that appropriate systems are in place for managing the investment strategy and monitoring outcomes,]
(b) [F1 that the scheme has appropriate systems for delivering effective governance, and]
(c) [F1 that there are appropriate strategies for recruiting and retaining expert staff.]
(3) [F1 In deciding whether it is satisfied about the matters mentioned in subsection (1), the Pensions Regulator must take account of any factors specified in subsection (2).]
(4) [F1 The Secretary of State may by regulations—]
(a) [F1 make provision about the meaning of terms used in subsection (2);]
(b) [F1 specify further factors that the Pensions Regulator must take into account in deciding whether it is satisfied about the matters mentioned in subsection (1).]
(5) [F1 The first regulations that are made under this section are subject to affirmative resolution procedure.]
(6) [F1 Any other regulations under this section are subject to negative resolution procedure.]
Amendment notes
- F1 Ss. 12A, 12B inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 41(8), 133(1)(4)(c)(ii)