Commentary on Sections Ongoing supervision of Master Trust schemes Section 16: Duty to notify Regulator of significant events
This section creates a requirement for specified persons to notify the Pensions Regulator of significant events as soon as is reasonably practicable. Subsection (3) sets out that the Department must make regulations setting out the significant events that are required to be reported.
Subsection (2) sets out the persons who are required to notify the Pensions Regulator of significant events and includes the majority of those who must be assessed under the fit and proper test (see section 7) as well as those who provide legal, financial or actuarial advice to the scheme and the manager of the scheme’s administration services.
Subsections (7) and (8) provide that the first regulations made under subsection (3) are subject to the confirmatory procedure and that any subsequent regulations under subsection (3) and any regulations under subsection (2) are subject to negative resolution.