The number of master trusts that have applied for authorisation remains at one, with no new applications recorded over November, it has been revealed.
According to The Pension Regulator’s lastest master trust market figures, just one application has been received since the new legislation around the fit and proper running of schemes came into force on 1 October.
Current market figures show that 32 schemes have now triggered their exit from the market, down on the 33 from last month, while the number of schemes which have exited remain at three.
TPR said that one of the schemes who triggered their exit from the market restructured its scheme so that it “no longer met the definition of a master trust”.
Furthermore, the number of schemes who are expected to apply for authorisation has increased from 53 to 54, due to the changing definition of what a master trust is.
TPR said the number of master trusts has fluctuated as “trustees have refined their understanding of whether schemes meet the statutory definition of a master trust as provided for in legislation".
Last month, it was revealed that Willis Towers Watson’s UK DC master trust, Lifesight, is the first master trust to apply for authorisation.
TPR has six months from the application entry to assess Lifesight’s credentials for becoming an authorised master trust.
Master trusts now have just under four months to apply for authorisation, and while the latest figures suggest take up is slow, TPR believes it to be an indication of how seriously master trusts are taking the authorisation process.