The Pensions Regulator has confirmed that The People’s Pension, Atlas Master Trust and The Cheviot Pension have now been authorised.
The People’s Pension is one of the largest master trusts in the UK, providing pension for almost 90,000 employers – and with more than 4.5m individual savers.
This brings to total number of authorised master trusts to 18, with decisions on a further 20-plus trusts still pending. Around 40 master trusts applied for authorisation either before, or just after the April 2019 deadline.
In order to secure authorisation, master trusts have to demonstrate the scheme meets a number key criteria: this includes ensuring the scheme is financially sustainable, evidencing that those running the scheme are fit and proper, and ensuring that a continuity strategy has been prepared in the event of financial difficulties.
Patrick Heath-Lay, chief executive of B&CE, the provider of The People’s Pension says: “For our members and employers, authorisation offers peace of mind. But at The People’s Pension we know that this is just the beginning – rightly – of much closer ongoing regulation of master trust provision.
“We anticipate further change as the authorisation process beds in, as auto-enrolment continues to grow in importance, and discussions about the regulation of the master trust ‘at retirement’ market develop.
The following pension schemes have now been granted master trust authorisation:
The Aon MasterTrust
Atlas Master Trust
The BlueSky Pension Scheme
The Cheviot Pension
The Crystal Trust
Industry-Wide Defined Contribution Section (Railways Pension Scheme)
Legal & General WorkSave Mastertrust
Legal & General WorkSave Mastertrust (RAS)
Mercer Master Trust
National Pension Trust
The Pensions Trust (TPT Retirement Solutions)
The People’s Pension
The SEI Master Trust
Standard Life DC Master Trust
Universities Superannuation Scheme