TPR receives two master trust applications over January

The Pensions Regulator has received two more master trust authorisation applications over January, bringing the total number of trusts to apply to eight.

It is understood that four of the eight applicants are LifeSight, BlueSky, Legal and General and Crystal Trust, while the identity of the others are still uncertain.

TPR said it expects to receive many more in the coming months.

According to its monthly bulletin, The current master trust market, seven schemes have now confirmed their exit from the market, while 31 have triggered their exit, up from the 29 reported in December.

It expects the remaining 44 master trusts to apply, consolidate or exit the market over the next few months.

In total, TPR has identified 90 master trust schemes operating in the market.

Master trusts now have less than two months to apply for authorisation, and while the latest figures suggest take up is slow, the regulator believes it to be an indication of how seriously master trusts are taking the authorisation process.

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