The Pensions Regulator (TPR) has authorised a further four DC master trusts, bringing the total number up to 10.

The Pensions Trust (TPT) and Fidelity have had applications approved, while Standard Life had two master trusts authorised – the Standard Life DC master trust and Stanplan A.

Commenting on the announcement, Standard Life head of customer and workplace proposition and strategy, Neil Hugh, said: “We’re very proud to be among the first to be granted authorisation.

"Master trusts are already a popular auto-enrolment vehicle and we’re seeing a significant increase in membership."

Standard Life's master trusts have over 240,000 members and £5.1bn assets under management.

TPT Retirement Solutions, who received approval on 18 June 2019 after applying in February, said that it was “delighted” to have been granted authorisation. It's master trust has over £1.4bn in assets under management.

TPT CEO, Mike Ramsey, commented: “As a provider of DC schemes to over 2,600 employers and 222,000 members, this acknowledges TPT’s ability to meet the ever increasing regulation required to improve governance and protect member benefits, something that is very much at the heart of our DC offering.”

The authorisations mean that there are 29 master trusts waiting for approval, according to TPR’s most recent monthly figures.

Commenting on it's authorisation, Fidelity International head of pension products, James Carter, added: “Fidelity International fully supports the authorisation regime which requires master trusts to evidence the highest levels of governance.

"The success of auto-enrolment, in bringing people into pension saving, needed to be protected by ensuring schemes being used are suitably governed and financially supported."

Ten schemes have exited the market so far and a further 35 have notified the regulator of a triggering event to exit the market.

Despite applications closing for existing master trusts, new master trusts can apply to enter the market at any time.

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