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18 master trusts now authorised

22 August 2019
18 master trusts now authorised
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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

Fidelity

Industry-Wide Defined Contribution Section (Railways Pension Scheme)

Legal & General WorkSave Mastertrust

Legal & General WorkSave Mastertrust (RAS)

LifeSight

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

Stanplan A

Universities Superannuation Scheme

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