The Railways Pension Scheme's Industry Wide Defined Contribution (IWDC) Section and the Aon Master Trust have become the 12th and 13th master trusts to be authorised by The Pensions Regulator (TPR).
The £118m IWDC Section - which is run by the Railways Pension Trustee Company through its subsidiaries RPMI and RPMI Railpen - announced the approval today, meaning it will continue to serve its almost 8,800 members.
Trustee chairman Chris Hannon said: "Gaining authorisation is testament to the hard work and expertise of the master trust team and to the quality of service we offer our members and clients, giving them the assurance that they are with the right provider.
"We will continue to develop the IWDC Section offering within this new framework, improving our credentials to existing and prospective clients.
"High governance and oversight standards are the way we deliver a great experience and outcomes to IWDC Section members."
Aon also announced its approval from the regulator today.
Europe, Middle-East, and Africa DC solutions leader Tony Pugh said: "We believe the authorisation process has brought real and positive rigour to the DC market. In applying for authorisation, Aon has been focused on exceeding all of its requirements."
He also noted that authorisation enables the master trust to move ahead and to continue to bring innovation to its DC solutions, enabling its members to better plan for retirement.
The news follows a month of silence from the regulator, with the last approval having been given to Mercer's master trust. The previous week, the watchdog announced that the DC master trusts of TPT Retirement Solutions, Standard Life, and Fidelity had all been given the stamp of approval.
Schemes had until the end of March to apply, or they would have been forced to wind up and transfer members to an authorised scheme, unless they had agreed an extension with the regulator.
Other master trusts so far authorised include the Universities Superannuation Scheme, BlueSky Pension Scheme, The Crystal Trust, and Willis Towers Watson's LifeSight, which was the first to receive authorisation from the regulator in February.
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