TPR authorises 3 master trusts; brings total to 18

The Pensions Regulator (TPR) has authorised three more defined contribution master trusts, bringing the total number of approved schemes to 18.

The Cheviot Pension, The People’s Pension, and Atlas Master Trust are the latest master trusts to be authorised by the regulator.

The authorisations follow confirmation of The SEI Master Trust and the National Pension Trust approvals last week (13 June), and means that there are approximately 21 master trusts awaiting approval, according to TPR’s latest published figures.

B&CE, provider of The People’s Pension, CEO, Patrick Heath-Lay, said that the scheme was “delighted” to become authorised by TPR, and that it was “reward for all the hard work” that has gone into building the master trust.

He continued: “For our members and employers, authorisation offers peace of mind. But at The People’s Pension we know that this is just the beginning – rightly – of much closer ongoing regulation of master trust provision.

“We anticipate further change as the authorisation process beds in, as auto-enrolment continues to grow in importance, and discussions about the regulation of the master trust ‘at retirement’ market develop.”

Commenting on its authorisation, Atlas Master Trust CEO, Gary Smith, added: “We have always supported the authorisation programme and the benefits it provides to employers and members.

“Now, as an authorised master trust, we will continue to focus on our ambition to ensure that no member of Atlas retires on an income that is a surprise to them and we will continue to invest in, and develop, our proposition to ensure it remains the considered choice of master trust”.

The Cheviot Pension, The People’s Pension, and Atlas Master Trust join The SEI Master Trust, National Pension Trust, Aon, the Railways Pension Scheme's DC, the BlueSky Pension Scheme, The Crystal Trust, Fidelity, Legal & General WorkSave Mastertrust, Legal & General WorkSave Mastertrust (RAS), LifeSight, Mercer Master Trust, The Pensions Trust (TPT Retirement Solutions), Standard Life DC Master Trust, Stanplan A and the Universities Superannuation Scheme as authorised master trusts.

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