Legislation – Finance Act 2026
Part 1Income tax, capital gains tax and corporate taxes
Miscellaneous
60Collective money purchase schemes and Master Trust schemes
(1)
(2)
In section 153 (registration of pension schemes), in subsection (5)—
(a)
omit the “or” at the end each of paragraphs (f), (g) and (h);
(b)
“, or
(j)
the pension scheme is an unauthorised collective money purchase scheme.”
(3)
In section 158 (grounds for de-registration), in subsection (1)—
(a)
omit the “or” at the end of each of paragraphs (ea), (f) and (g);
(b)
in paragraph (h), after “that the” insert “pension”
;
(c)
“, or
(i)
that the pension scheme is an unauthorised collective money purchase scheme.”
(4)
For the italic heading before section 274ZA substitute “Master Trust schemes, collective money purchase schemes etc”
.
(5)
“274ZZAMaster Trust schemes
(1)
In this Part “Master Trust scheme” means (subject to subsections (2) to (4)) a Master Trust scheme within the meaning of PSA 2017 or PSA(NI) 2021.
(2)
Any provision of PSA 2017 or PSA(NI) 2021 under which a reference to a Master Trust scheme does not include a section of it that is a collective money purchase scheme (within the meaning of that Act) does not apply for the purposes of subsection (1).
(3)
Section 1(2) of PSA 2017 and section 1(2) of PSA(NI) 2021 (which restrict the meaning of “Master Trust scheme” in the case of schemes that provide benefits other than money purchase benefits) do not apply for the purposes of subsection (1).
(4)
Where, by virtue of section 40(2) of PSA 2017 or section 40(2) of PSA(NI) 2021, more than one pension scheme is treated as a single Master Trust scheme for the purposes of that Act, each of those pension schemes is a Master Trust scheme for the purposes of this Part.
(5)
For the purposes of this Part a pension scheme is an “unauthorised Master Trust scheme” if—
(a)
it is a Master Trust scheme the lawful operation of which, or of any section or part of which, requires authorisation under PSA 2017 or PSA(NI) 2021, or
(b)
it is not a Master Trust scheme but, by virtue of section 40(1)(a) of PSA 2017 or section 40(1)(a) of PSA(NI) 2021, the lawful operation of the pension scheme, or of any section or part of it, requires authorisation under that Act,
and such authorisation has not been granted, or has been granted but has been withdrawn.
(6)
In this section—
“PSA 2017” means the Pension Schemes Act 2017;
“PSA(NI) 2021” means the Pension Schemes Act (Northern Ireland) 2021.
274ZZBCollective money purchase schemes
(1)
In this Part “collective money purchase scheme” means (subject to subsection (2)) a collective money purchase scheme within the meaning of Part 1 or 2 of the Pension Schemes Act 2021.
(2)
A reference in this Part to a collective money purchase scheme is, in relation to a relevant divided pension scheme, a reference to the pension scheme as a whole (and is not a reference to any of its sections considered separately).
(3)
In this section “relevant divided pension scheme” means a pension scheme which is divided into sections at least one of which is a collective money purchase scheme under subsection (1).
(4)
For the purposes of this Part a pension scheme is an “unauthorised collective money purchase scheme” if—
(a)
the lawful operation of the pension scheme, or (in the case of a relevant divided pension scheme) of any section of it, requires authorisation under Part 1 or 2 of the Pension Schemes Act 2021, and
(b)
such authorisation has not been granted, or has been granted but has been withdrawn.
274ZZCPower to make provision about collective money purchase schemes
(1)
The Commissioners for His Majesty’s Revenue and Customs may by regulations amend or otherwise modify any provision of this Part in its application in relation to—
(a)
a collective money purchase scheme, or
(b)
any benefits payable, or arrangements, under such a pension scheme.
(2)
Regulations under this section—
(a)
may make different provision for different cases;
(b)
may include transitional or saving provision.”
(6)
Section 274ZA (National Employment Savings Trust and Master Trust schemes) is amended as follows—
(a)
for the heading substitute “Schemes treated as occupational pension schemes”
;
(b)
“(3)
This Part applies in relation to a pension scheme that—
(a)
is a collective money purchase scheme, and
(b)
is not an occupational pension scheme,
as it applies in relation to an occupational pension scheme.”
(7)
In section 279 (other definitions), omit subsections (1B) to (1D).
(8)
In section 280(2) (general index), in the table—
(a)
in the definition of “Master Trust scheme”, for the entry in the second column substitute “section 274ZZA”
;
(b)
omit the definition of “unauthorised (in relation to a Master Trust scheme)”;
(c)
“collective money purchase scheme
unauthorised collective money purchase scheme
unauthorised Master Trust scheme
(9)
“(1B)
No regulations may be made under section 274ZZC (power to make provision about collective money purchase schemes) that increase any person’s liability to tax unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons.”
(10)
In FA 2018, in Schedule 3 (pension schemes), in paragraph 4 (Master Trust schemes registered before passing of FA 2018), in sub-paragraph (2), for “Section 274B(2) of FA 2004 (as inserted by paragraph 1(5))” substitute “Section 274ZA(2) of FA 2004”
.