Standard Life confirms authorisation applications

The trustee for Standard Life Master Trust Co. Ltd submitted master trust authorisation applications for its two master trusts, The Standard Life DC Master Trust and Stanplan A schemes, to The Pensions Regulator (TPR) on 31 January.

Standard Life’s applications were the only two TPR received in January, bringing the total number of master trusts to apply up to eight.

Commenting on its application, Standard Life head of strategy, Neil Hugh said: “We previously confirmed that we would be applying for both our schemes to be authorised and we have now submitted our applications.

“Both our schemes have robust systems and processes in place, and Standard Life Assurance is well capitalised.

“Standard Life and the scheme trustees will work closely with TPR as they review and progress the applications over the next six months.”

In its monthly bulletin, The current master trust market, TPR said that is expected to receive “many more” applications in the coming months before the deadline on 31 March 2019.

The bulletin also revealed that seven schemes have now confirmed their exit from the market, while 31 have triggered their exit, up from the 29 reported in December 2018.

TPR also expected the remaining 44 master trusts to apply, consolidate or exit the market before the deadline, with 90 master trusts identified to be operating in the market.

Although the latest statistics suggest that take up is slow, TPR believe that this is an indication of how seriously master trusts are taking the authorisation process.

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