Nest has submitted its master trust application to The Pensions Regulator (TPR), meaning the number of master trusts to apply has reached 23, it has revealed.

The master trust confirmed that it has submitted its application today, 27 March, as it seeks to meet the standards of governance and administration set out by TPR.

Last week, TPR confirmed that it has granted 11 extensions to providers applying for authorisation, leaving 16 master trusts who have yet to declare whether they will exit the market or apply.

Nest general counsel and corporate secretary, Neville Howe said: “With millions of workers saving for the first time through auto-enrolment, it’s right to build confidence among pension savers.

“We’re supportive of the new master trust authorisation process and the strengthened governance and oversight this will bring across the industry.

“I can confirm Nest has submitted its application.”

Nest added that it hopes it has met the standards set out by the regulator regarding the fit and proper running of a master trust.

Last week, Aegon and Ensign both confirmed that they had applied for authorisation.

Willis Tower Watson’s LifeSight Master Trust is the only provider to have been granted authorisation.

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