TPR authorises Combined Nuclear Pension Plan master trust

The Pensions Regulator (TPR) has granted defined contribution master trust authorisation to the Combined Nuclear Pension Plan (CNPP).

This latest approval brings the total number of schemes authorised by TPR up to 35, following the approval of the University of Oxford Staff Pension Scheme earlier this month (8 October).

CNPP is an industry-wide scheme, set up in 2006, for workers in the nuclear decommissioning industry.

It merged with the GPS and Nirex pension schemes in 2012 and now comprised of four main sections: a closed defined benefit section for former CPS members, defined contribution for new joiners, which has been authorised to operate as a master trust, GPS (DB) and Nirex (DB).

The CNPP board is made up of nine trustee directors, including three member nominated, three independent professionals and three nominated by the Nuclear Decommissioning Authority.

Following its authorisation, there are now around four master trusts that are awaiting approval from TPR, according to the regulator’s latest master trust statistics publication.

The number of master trusts to apply for authorisation currently stands at 39, meaning four are still waiting for approval.

Despite applications closing for existing master trusts, new master trusts can apply to enter the market at any time. They must provide evidence outlining how a scheme will meet the standards in five key areas.

However, new schemes will be more intensely supervised than existing schemes because they will not have an operational track record.

Aegon Master Trust, Aspire Savings Trust, Atlas Master Trust, Aon, Master Trust, Aviva Master Trust, The Baptist Pension Scheme, BCF Pension Trust, the BlueSky Pension Scheme, The Carey Workplace Pension Trust, The Cheviot Pension, Creative Pension Trust, The Crystal Trust, Ensign Retirement Plan, Fidelity, Legal & General WorkSave Mastertrust, Legal & General WorkSave Mastertrust (RAS), The Lewis Workplace Pension Trust, LifeSight, Mercer Master Trust, National Pension Trust, Now Pensions Trust, The ITB Pension Funds Nest, The Pensions Trust (TPT Retirement Solutions), The People’s Pension, the Railways Pension Scheme's DC, Scottish Widows Master Trust, The SEI Master Trust, Standard Life DC Master Trust, Stanplan A, University of Oxford Staff Pension Scheme, the Universities Superannuation Scheme and Workers Pension Trust are the master trusts that had already gained regulatory approval.

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