National Pension Trust applies for master trust authorisation

The National Pension Trust has become the latest scheme to apply for master trust authorisation from The Pension Regulator (TPR).

The scheme made its application yesterday (13 March) and brings the total number of known applications up to 14.

TPR is expecting an influx of authorisation applications before the fast approaching deadline on 31 March.

Commenting on the announcement, XPS Pensions Group head of DC and National Pension Trust head, Dave Hodges said: "The application process was detailed and thorough, testing systems and controls, financial strength, and capital adequacy. We are fully supportive of TPR in their raising of standards for master trusts available in the market.”

With just a matter of weeks until the final application deadline, the 37 schemes that are left, and expected to either apply for authorisation or trigger their exit from the market, have limited time left to make their decision and take action.

Alongside its master trust application, the National Pension Trust made two trustee appointments in Gurmukh Hayre, of Hayre Trustee Services Limited, and Gerald Wellesley, of Punter Southall Governance Services Limited.

The appointments increase the size of its board from three to five trustees.

Hodges commented: “The National Pension Trust is fully committed to providing the highest standards in DC workplace pension solutions.

“With Gurmukh and Gerald joining the trustee board at the same time as our application for master trust authorisation, we believe this clearly demonstrates our commitment and desire to be a leading master trust provider of choice post authorisation.”

National Pension Trust chair, Ian Davies added: “Their skills and knowledge enhances and broadens the expertise of the board, to deliver strong governance to protect and support members of the trust.

“We believe our authorisation application to be compelling.”

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