Part 1: Master Trusts Chapter 3: Authorisation criteria Section 10: Scheme funder requirements
Section 10 makes provision about a Master Trust’s scheme funder and the requirements that it must meet for authorisation.
	Subsection (2) requires the scheme funder to be a body corporate or a partnership which is a legal person under the law by which it is governed for example under Scottish Law.
	Subsection (3) requires the scheme funder only to carry out activities that relate directly to the Master Trust (or Trusts) for which it is a scheme funder or prospective scheme funder.
	Subsections (4) and (5) provide a regulation making power for the Secretary of State to make exceptions to the requirement in subsection (3) if the scheme funder meets additional prescribed requirements. These regulations may, for example, provide an exception where the scheme funder meets additional requirements in relation to its financial position or business activities, or provides specified information to satisfy the Pensions Regulator of the Master Trust’s financial sustainability.
	Subsection (6) provides a power for the Secretary of State to make regulations that set out requirements in relation to the scheme funder’s accounts.
	The first regulations made under powers in subsection (4) are subject to the affirmative resolution procedure, while any subsequent regulations and regulations made under subsection (6) are subject to the negative resolution procedure.