The Pensions Regulator (TPR) has revealed it expected an “early peak” in master trust authorisation applications.

Speaking at the Pensions Administration Standards Association (PASA)’s annual conference, its head of master trust authorisation and supervision Kim Brown stated that there are still 44 master trusts scheme left to either apply for authorisation or exit before the end of March.

She said that although they expected an “early peak” in applications, the regulator has contingency plans in store for the upcoming late spike in applications.

For the master trusts that have exited the market, there is a “healthy consolidation market”, Brown added, as TPR has seen “no evidence of a master trust choosing to exit but not finding a scheme to take on their members”.

The regulator has no specific target as to the number of master trusts to be left in the market after the authorisation process, Brown clarified.

Furthermore, she said that while the pensions dashboard is not a specific part of a master trust’s authorisation, being able to deliver what is required for the pensions dashboard relates to the scheme’s systems and processes.

“Master trusts are expected to be early adopters of the pensions dashboard, so we encourage you to engage with that and ensure that you have the data that will be required,” she explained.

In February, TPR confirmed that LifeSight has become the first master trust to be granted authorisation.

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