Date of Screening: 09/09/2022
Screening Outcome - Full EQIA recommended: No
The Rule amends existing legislation on employer-related investments for authorised Master Trusts (a type of multi-employer pension scheme) with 500 or more participating employers. The requirements would bring into force a narrower definition of ‘employer-related investments’ removing the restrictions currently placed on investments relating to participating employers. In summary the rule makes amendments so that:
The restrictions on employer-related investments by large Master Trusts only apply to investments relating to the scheme funder, the scheme strategist and persons connected to or associated with the scheme funder or the scheme strategist;
The accounting requirements for large Master Trust schemes reflect the updated provisions on employer-related investments that apply in respect of those schemes; and
The Statutory Rule makes, in relation to Northern Ireland provisions, corresponding to provisions contained in Regulations which will be made by the Secretary of State for Work and Pensions in relation to GB and which will come into force on 1 October 2022.