Now Pensions has submitted its application for master trust authorisation to The Pensions Regulator six weeks after the initial deadline closed, it has revealed.

The group was one of 11 schemes granted a six week extension by the regulator, which according to its figures published on 1 May, was still waiting for five applications.

Last week, Salvus master trust applied for authorisation, meaning that there are potentially three master trusts who have either applied, missed the deadline or “no longer meet the definition of a master trust”.

Commenting on its application, Now Pensions interim chair of the trustee, Joanna Segars, said: “With over 10 million people now having been automatically enrolled into workplace pensions and the majority of those in master trusts, it’s absolutely right that we have the higher standards of protection for savers that master trust authorisation will bring.

“The new regime is something we have consistently campaigned for and whole-heartedly welcome.”

The application means that there are now potentially 31 applications awaiting authorisation.
As of 30 April, five DC master trusts had been granted authorisation, 29 had submitted their applications and were awaiting response.

Evolve Pensions’ schemes, The BlueSky Pension Scheme and The Crystal Trust, became the latest two schemes to be granted authorisation on 11 April, joining Willis Towers Watson's LifeSight and Legal & General's two schemes to become the fourth and fifth schemes authorised by TPR.

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