SEI becomes latest master trust to apply for authorisation

The SEI master trust has announced that it is the latest scheme to apply for master trust authorisation from The Pensions Regulator (TPR).

It was one of the first master trusts to be launched in the UK, more than 11 years ago, and has confirmed that it applied for authorisation on 28 February 2019.

The SEI scheme becomes the ninth master trust to apply for TPR’s authorisation, after two submitted their application during January.

Commenting on the announcement, Capital Cranfield Pension Trustees Limited and chair of the trustees of the SEI master trust, Allan Course said: “Having taken plenty of time to check - and then double check - that all of our 'Ts' were crossed and our 'Is' were dotted, we were very pleased to make our submission for authorisation well ahead of the deadline.

“The SEI master trust is one of the most established in the industry, benefiting as it does from years of experience in providing high-quality, outsourced pension scheme management whilst utilising SEI’s manager-of-managers investment proposition. I am proud to be its chair.”

TPR’s latest master trust report, published on 31 January 2019, revealed that eight (now nine) master trusts had applied for authorisation, while 44 (now 43) schemes were expected to either apply or trigger their exit from the market.

Seven schemes have already exited the market and 31 had triggered their exit.

SEI UK Institutional Group managing director of defined contribution, Steve Charlton added: “The defined contribution landscape and pensions saving environment have changed significantly in recent years, calling for a completely different approach to pension scheme management.

“Employers looking to outsource the management of their pension schemes are now able to focus on selecting a provider that can bring communication and investment innovation, and deliver better outcomes for their employees.”

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