Salvus submits master trust authorisation application

Salvus has become the latest DC master trust to submit its authorisation application to The Pensions Regulator (TPR).

It was one of the schemes to be granted an extension by TPR, for which the deadline now stands at 12 May 2019, six weeks after the initial deadline.

TPR is now waiting for the four other schemes that were granted an extension to either apply for authorisation or exit the market.

Salvus founder, Steve Goddard, noted that TPR agreed to grant them an extension “due to the appointment of a new trustee” to its board.

The application from Salvus, which was submitted yesterday (2 May), brings the total number of applicants awaiting authorisation confirmation up to 30.

It’s The current master trust market report also showed that five master trusts have been granted authorisation so far.

Commenting, Goddard said: “The application procedure has been a demanding and worthwhile process which will lead to improved governance and increased protection for members.

“Salvus is firmly committed to the master trust market and looks forward to continuing strong relationships with TPR and our introducers and supporters.

“Whilst there have been some casualties with a number of master trust providers, those left will continue to build on the success of auto-enrolment and innovate more to help the overall member engagement experience.”

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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