Nest, the UK’s largest master trust, is one of five schemes to receive authorisation from The Pensions Regulator today.
The other four include Aegon Master Trust, Creative Pension Trust, Ensign Retirement Plan and The Baptist Pension Scheme.
This brings the total number of authorised master trusts to 27.
Commenting on this announcement, Nest’s chair Otto Thoresen says: “The master trust authorisation regime is key to ensuring high standards of governance and control across this part of the pensions landscape, so we’re glad to have achieved this milestone.
“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 eight million members.”
Aegon’s master trust was acquired as part of the acquisition of BlackRock’s defined contribution and administration business, and formally became Aegon Master Trust last year. It has £1.5bn of assets under management and more than 100,000 members.
Aegon’s head of master trust Kate Smith says: “We are delighted that the Aegon Master Trust has joined the line-up of those authorised. As supervision starts to kick in master trust standards will have to continue to be maintained to retain authorisation.
“This improved regulation and governance means employers and members, can feel reassured that they will be supported to achieve good member outcomes through engaging solutions to help people save for the future.”
The following pension schemes have been granted master trust authorisation:
Aegon Master Trust
The Aon MasterTrust
Atlas Master Trust
Autoenrolment.co.uk Master Trust (Smart Pension)
Aviva Master Trust
The Baptist Pension Scheme
The BlueSky Pension Scheme
The Cheviot Pension
Creative Pension Trust
The Crystal Trust
Ensign Retirement Plan
Industry-Wide Defined Contribution Section (Railways Pension Scheme)
Legal & General WorkSave Mastertrust
Legal & General WorkSave Mastertrust (RAS)
The Lewis Workplace Pension Trust
Mercer Master Trust
National Employment Savings Trust (NEST)
National Pension Trust
The Pensions Trust (TPT Retirement Solutions)
The People’s Pension
The SEI Master Trust
Standard Life DC Master Trust
Universities Superannuation Scheme
Workers Pension Trust