Supertrust UK, the master trust which has enjoyed the highest returns in the master trust sector over the last five years, has withdrawn from the master trust authorisation process.
The scheme’s trustees are now winding up the scheme and are in talks to find a suitable receiving scheme for member’s accrued rights and benefits.
It is one of two master trusts, the other being Salvus Master Trust, to have been named by The Pensions Regulator as having not yet made it through the authorisation process.
Supertrust UK has delivered an annualised return of 13.3 per cent in the five years to 30.6.19. It had £37m in assets as at 31.3.19, with 4,900 active members in its default fund, spread across 110 employers. BBS Consultants and Actuaries provides administration services for the trustees.
A statement from Supertrust UK says: “After careful consideration and discussions with the Pensions Regulator, the trustees of the Supertrust UK Master Trust, in conjunction with Supertrust Ltd, have taken a commercial decision to withdraw from the process of obtaining master trust authorisation with effect from 21 October 2019.
“As a result, the trustees have decided that the scheme should be wound-up and are in the process of identifying a suitable receiving scheme to transfer members’ accrued rights and benefits. The priority for the trustees is to ensure that they continue to act in members’ best financial interests by selecting a receiving scheme (or schemes) that provides members with value for money; ensures the security of their benefits; and ensures that they experience as little disruption as possible.
“The trustees are in ongoing discussions with the Pensions Regulator, the employers and members of the scheme in relation to the transfer, in accordance with their statutory and regulatory obligations.”
