Aviva Master Trust and The Workers Pension Trust have both received authorisation from The Pensions Regulator.
This announcement brings the total number of authorised trusts up to 20. It is understood that the regulator still has to make a decision on applications from a further 20 trusts.
Lifesight – offered through Willis Towers Watson was the first trust to gain authorisation, back in February 2019.There has been a recent spate of authorisations, with TPR granting authorisation to at least two trusts each of the the last few weeks.
In order to secure authorisation, master trusts have to demonstrate the scheme meets a number key criteria: this includes ensuring the scheme is financially sustainable, evidencing that those running the scheme are fit and proper, and ensuring that a continuity strategy has been prepared in the event of financial difficulties.
The following pension schemes have now been granted master trust authorisation:
The Aon MasterTrust
Atlas Master Trust
Aviva Master Trust
The BlueSky Pension Scheme
The Cheviot Pension
The Crystal Trust
Industry-Wide Defined Contribution Section (Railways Pension Scheme)
Legal & General WorkSave Mastertrust
Legal & General WorkSave Mastertrust (RAS)
Mercer Master Trust
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