The Pensions Regulator (TPR) has granted authorisation to Legal & General’s (L&G) two master trusts, making them the second and third schemes to gain authorisation.

The L&G WorkSave Mastertrust had two separate authorisations for its net-pay and relief-at-source versions granted to them last Friday (29 March).

Launched in 2011, the master trusts have more than £5.7bn in assets under management for around 830,000 members.

Commenting on the announcement, L&G Mastertrust chair, Dermot Courtier said: “As one of the first master trusts to be authorised, we are proud to be recognised as part of the industry-wide move towards higher governance, security and better protection for pension scheme members.”

A further 22 master trusts have applied for authorisation from TPR and are awaiting responses, while 11 have been granted application extensions of up to six weeks.

LGIM head of DC, Emma Douglas added: “With increases in minimum contribution levels under auto enrolment due imminently, savers need to feel confident that master trust providers are adhering to high standards of governance, to deliver the best possible retirement outcomes.

“One of the PLSA’s key policy priorities is ‘well governed schemes’ and the rigorous standards applied to master trust authorisation will help the industry achieve this.”

The Willis Towers Watson master trust, LifeSight, was the first master trust to be granted authorisation in February, with more expected in the coming months.

The deadline for applications (31 March) has now passed.

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