Autoenrolment.co.uk Master Trust (Smart Pension) and the Lewis Workplace Pension Trust are the latest two master trusts to achieve authorisation, the Pensions Regulator has confirmed.
This brings the total number of master trusts to achieve authorisation to 22, with a further 18 awaiting determination.
Smart Pension head of regulator affairs Ian Digby, who is the former master trust liaison manager at TPR, said: “The new standards set by TPR are tough, detailed and exacting, but that’s absolutely right and proper and we support the regulator’s direction wholeheartedly.
“As part of the new regime, the regulator will also provide stronger ongoing supervision and enforcement to ensure authorised master trusts continue to work harder on behalf of employers and members.”
Smart Pension co-founder and CEO Andrew Evans says: “Reaching this important milestone has involved an enormous amount of effort, but if the industry is to continue to satisfy the highest standards, it’s all been worth it – and will continue to be. Authorisation is just the first step in raising the industry bar to ensure savers get the outcomes they deserve from fully-accredited providers they can trust.”
Lewis Investment MD Tim Lewis says: “We completely recognise that pensions are central to an employee’s long-term financial future. We are very proud to play a part in helping our corporate clients meet their auto enrolment obligations. I would like to thank everyone involved for making this possible”.
The following pension schemes have been granted master trust authorisation:
- The Aon MasterTrust
- Atlas Master Trust
- Autoenrolment.co.uk Master Trust (Smart Pension)
- Aviva Master Trust
- The BlueSky Pension Scheme
- The Cheviot Pension
- The Crystal Trust
- Fidelity
- Industry-Wide Defined Contribution Section (Railways Pension Scheme)
- Legal & General WorkSave Mastertrust
- Legal & General WorkSave Mastertrust (RAS)
- The Lewis Workplace Pension Trust
- LifeSight
- 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
- Stanplan A
- Universities Superannuation Scheme
- Workers Pension Trust