TPR authorises five master trusts; brings total to 27

The Pensions Regulator (TPR) has authorised a further five DC master trusts, bringing the total number of approved schemes up to 27.

Nest, Aegon Master Trust, Creative Pension Trust, Ensign Retirement Plan and The Baptist Pension Scheme are the latest schemes to be authorised by TPR.

Nest submitted its application for authorisation to the regulator in March of this year, with Nest chair, Otto Thoresen, saying that the achievement was a significant milestone for the scheme.

“The master trust authorisation regime is key to ensuring high standards of governance and control across this part of the pensions landscape,” he said.

“With many workers saving for the first time through auto-enrolment it’s right to build confidence among pension savers. We’ll continue to work hard at achieving good outcomes for our members.”

According to its latest annual accounts, Nest manages £5.7bn on behalf of 7.9 million members and 720,000 employers.

Aegon’s master trust, which the insurer acquired as part of its purchase of BlackRock’s defined contribution and administration business, formally became Aegon Master Trust in July 2018. It has £1.5bn in assets under management, more than 100,000 members and over 85 participating employers.

“It’s been exciting to see how the new and improved master trusts market has been shaping up over the last few months,” said Aegon UK head of master trust, Kate Smith.

“Raised standards among master trusts means greater protection for members of all master trusts, something I have been calling for over many years. As supervision starts to kick in master trust standards will have to continue to be maintained to retain authorisation.”

She added that the improved regulation and governance within the master trust market means that employers and members using master trusts can feel reassured that they will be supported to achieve good member outcomes to help people save for the future.

“As confidence in the master trusts market continues to grow, we look forward to working with more employers in the future and supporting members on their journey to retirement and beyond,” she said.

Following the five authorisations, there are now around 12 master trusts that are awaiting approval from TPR.

Nest, Aegon Master Trust, Creative Pension Trust, Ensign Retirement Plan and The Baptist Pension Scheme join Atlas Master Trust, Aon, 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 as authorised master trusts.

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