The Pensions Regulator (TPR) has authorised a further four master trust pension schemes, bringing the total number authorised so far to 31.

Publishing its updated list of authorised schemes, TPR revealed that Aspire Savings Trust, Now Pensions Trust, Scottish Widows Master Trust and The ITB Pension Funds are now authorised.

Commenting, Now Pensions non-executive chairman, John Rowland, said: “I have been a strong supporter of the concept of authorising Master Trusts since it was proposed in the Pensions Act 2017.

“With over 10 million people now having been automatically enrolled into workplace pensions and the majority of those in Master Trusts, we believe that the authorisation regime provides valuable reassurance to all employees who have been auto enrolled into a Master Trust by their employer.”

Punter Southall Aspire CEO, Steve Butler, said the authorisation process has been "rigorous".

"It involved a complete examination of our scheme’s capabilities, including our systems, processes and technology, our governance and financial sustainability. We are delighted to have met the standards, which was an important last step for us being ready to welcome new members.”

“The authorisation of our master trust is a major milestone in our business development, which we have been working towards since we established the company. The Aspire Savings Trust offers the highest standards of governance, cutting-edge technology and what we call ‘Next Generation Savings’. Our members can also manage all their pensions and savings online and through our acquisition of three financial planning firms in the past year, can access a range of affordable financial planning services to help them plan well for retirement and beyond.”

Following the four authorisations, there are now around eight master trusts that are awaiting approval from TPR.

Aspire Savings Trust, Now Pensions Trust, Scottish Widows Master Trust, The ITB Pension Funds Nest, Aegon Master Trust, Creative Pension Trust, Ensign Retirement Plan and The Baptist Pension Scheme join Atlas Master Trust, Aon, Autoenrolment.co.uk Master Trust, Aviva Master Trust, the BlueSky Pension Scheme, The Cheviot Pension, The Crystal Trust, Fidelity, Legal & General WorkSave Mastertrust, Legal & General WorkSave Mastertrust (RAS), The Lewis Workplace Pension Trust, LifeSight, Mercer Master Trust, National Pension Trust, The Pensions Trust (TPT Retirement Solutions), The People’s Pension, the Railways Pension Scheme's DC, The SEI Master Trust, Standard Life DC Master Trust, Stanplan A, the Universities Superannuation Scheme and Workers Pension Trust are the authorised master trusts.

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