From October 1, 2018, existing master trusts had until March 31, 2019 to apply to the TPR for authorisation to demonstrate that they have met required standards. Assisting master trust clients on dealing with other aspects of TPR action; Assisting master trusts that did not wish to seek authorisation on exiting the market both under the new master trust supervisory regime and the regime which existed before it came into force Interest around DB consolidators is high but there remains regulatory uncertainty around their future. Figures correct as at 5 November 2019. The UK’s Pensions Regulator (TPR) has received 38 authorisation applications from defined contribution (DC) master trusts as the extension period for authorisation ends. Publishing its final monthly master trust figures, the regulator said that since last month one new applicant has applied for authorisation. The Pensions Regulator (TPR) has granted authorisation to Legal & General’s (L&G) two master trusts, making them the second and third schemes to gain authorisation. Defined Contribution; 17 December 2019 Where now for the DB superfunds? The Pensions Regulator (TPR) has received all expected applications from existing master trusts. The announcement has fuelled rumours that HSBC is set to enter the master trust sector. TPR: Tough master trust supervisory regime will follow authorisation. TPR says authorisation puts safeguards around master trusts by ensuring they are run by fit and proper people and have the right systems, processes, plans and finances in place. Corporate and Workplace. In February Corporate Adviser reported that the global bank was recruiting trustees for a . Master trust authorisation count hits 39, TPR reveals By Natalie Tuck 05/06/19. And in August 2019, The People’s Pension was granted master trust authorisation from The Pensions Regulator. She wrote: “The ability to apply for an extension is an essential part of authorisation, particularly in the context of a changing market. The University of Oxford Pension Scheme is the latest master trust to gain authorisation from The Pensions Regulator. Aegon Master Trust receives authorisation from TPR By Michael Klimes 10 th September 2019 12:03 pm. Figures about the market are published every month. Retirement Planner - May 14, 2019. The Trustees of the National Pension Trust (part of XPS Pensions Group) have received confirmation from the Determinations Panel on behalf of The Pensions Regulator (TPR) that the National Pension Trust has been granted authorisation under the Pension Schemes Act 2017 with effect from 2 nd August 2019. Demonstrating knowledge, skills and experience (competence) Applicable to: Trustees and scheme strategists . According to an update published by The Pensions Regulator (TPR) this week, 44 more master trust schemes are expected to either apply for authorisation or trigger their exit from the market in … Nicola Parish, executive director of frontline regulation at TPR, said the number of schemes leaving the market “shows that these laws are demanding – and rightly so. Master trusts had until March 31 to apply to the TPR for authorisation under rules brought in last October. In this response General comments Supervision Enforcement General comments We welcome the opportunity to comment on TPR’s supervision and enforcement policy for master trusts. The number of master trusts to apply for authorisation has reached 39, The Pensions Regulator has revealed. This means that it meets a set of regulatory criteria set by The Pensions Regulator (TPR). Myself and my fellow trustees have always been confident of the quality of the master trust, but authorisation from TPR is vital. Ten schemes have exited the market so far, and a further 35 have notified the regulator of a triggering event to exit the market. Authorisation. The master trust market now represents 16 million memberships and holds more than £36bn in assets, The Pensions Regulator’s (TPR) final master trust market update … The £2.2 billion Mercer Master Trust has successfully met the requirements* through its application, supported by its strong governance capability, scale and investment expertise. The window for master trust pension schemes to submit an authorisation application has officially closed. Background TPR is consulting on its draft master trust supervision and enforcement policy, which sets out its approach to regulating master trust pension schemes. Master trust authorisation will see a significant number of schemes exit the market. The law relating to master trust authorisation comes into full effect from 1 October 2018. If more than one Master has jurisdiction over the trust assets, the Master in whose office the trust was first registered will continue to have jurisdiction. Authorisation has led to a consolidation in the master trust market, something which the regulator said it sees “evidence of this continuing”. By. Salvus Master Trust receives authorisation from TPR Salvus Master Trust has today announced it has been granted authorised status by The Pensions Regulator. Nicola Parish explains how TPR is overseeing this process. In order to be authorised by the Pensions Regulator (TPR), master trusts must demonstrate that they meet extensive criteria in … Mercer Master Trust has been granted authorisation following a successful application to the Pensions Regulator (TPR). The NPT achieves master trust authorisation. LifeSight, the master trust offered by Willis Towers Watson, has confirmed it is the provider that has filed the sole application for authorisation that TPR had received by the end of October 2018. Master trust application and authorisation figures. TPR market update: 16 million members saving into a master trust as authorisation concludes. The final existing master trust schemes have been authorised by The Pensions Regulator. Source: TPR. For those looking for further explanation, TPR head of master trust authorisation and supervision Kim Brown had even blogged about extensions a few weeks earlier – though she did also warn that trustees would be challenged on the reasons. Salvus Master Trust and SuperTrust UK remain the two publicly-known master trust applicants yet to make it through the authorisation process. Salvus Master Trust and the Financial Conduct Authority Pension Plan have been approved by The Pensions Regulator (TPR), concluding the master trust authorisation regime for existing schemes. This now brings the total number of master trusts authorised to 34.

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