Evolve Pensions' schemes granted master trust authorisation

The BlueSky Pension Scheme and The Crystal Trust have become the two latest schemes to be granted authorisation to operate as master trusts by The Pensions Regulator (TPR).

Both master trusts are provided by Evolve Pensions and were granted authorisation on 11 April 2019.

The schemes follow Willis Towers Watson's LifeSight and Legal & General's two schemes to become the fourth and fifth schemes authorised by TPR.

TPR executive director, Nicola Parish, said: "By the end of the year every master trust which continues to operate will have proven that the scheme and its trustees meet the standards laid out in the legislation and code of practice, and which will better protect the millions of members and billions of pounds in those schemes.

"Generally, we believe authorised master trusts are a good option both for employers looking to fulfil their automatic enrolment duties and for trustees of schemes who are looking to consolidate."

TPR's latest master trust report revealed that a further 25 authorisation applications have been submitted and are awaiting authorisation, while 10 schemes have been granted an application extension.

Evolve Pensions applied to TPR for both schemes in December 2018.

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