Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...
20 master trusts have now been authorised, while another 19 are awaiting responses to their applications.
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.
By the start of May, 44 schemes had said they would exit the market, or already had exited the market, according to The Pensions Regulator (TPR).
We have compiled a list charting the progress of master trust authorisation, listing the master trusts currently in the market and flagging up those who have applied for authorisation or exited the market.
Can you help us keep this list up to date?
The list we have, as of 27 August, is as follows - please send additions or amendments to [email protected]
DC master trusts:
Master trusts that have been authorised...
- Atlas Master Trust (Capita Employee Benefits)
- The Aon MasterTrust
- The Aviva Master Trust (formerly the Friends Life Master Trust)
- Bluesky Pension Scheme (Evolve Pensions)
- The Cheviot Trust
- The Crystal Trust (Evolve Pensions)
- Fidelity Master Trust
- Industry-Wide Defined Contribution Section
- The Legal & General WorkSave Mastertrust (net pay)
- The Legal & General WorkSave Mastertrust (relief at source)
- LifeSight (Willis Towers Watson)
- The Mercer Master Trust
- National Pension Trust (XPS Pensions Group)
- The People's Pension (B&CE)
- SEI Master Trust
- Standard Life Defined Contribution Master Trust (Standard Life)
- Stanplan A (Standard Life)
- TPT Retirement Solutions
- USS Investment Builder (USS Superannuation Scheme)
- Workers Pension Trust
Master trusts that have applied for authorisation...
- The Aegon Master Trust (formerly the BlackRock Master Trust)
- Aspire Savings Trust
- BCF Pension Scheme
- The Carey Workplace Pension Trust
- Creative Pension Trust (Creative Auto Enrolment)
- The Lewis Workplace Pension Trust
- National Employment Savings Trust (NEST)
- Now Pensions
- Salvus Master Trust (Goddard Perry Consulting)
- Scottish Widows Master Trust (formerly the Zurich Master Trust)
- Smart Pension
- SuperTrust UK
- + seven others not yet publically confirmed
Master trusts exiting the market…
- Ascot Lloyd Pension Trust (formerly the PFP Group Master Trust)
- AGL Corporate Pension Trust (see 'Mergers so far' below)
- The Amber Pension Trust (see 'Mergers so far' below)
- Corporate Pensions Trust (see 'Mergers so far' below)
- Islamic Pension Trust (see 'Mergers so far' below)
- Strawberry Workplace Pension (see 'Mergers so far' below)
- The Lighthouse Pensions Trust (see 'Mergers so far' below)
- The McDonald's Franchisee Pension Scheme (see details here)
- Moore Stephens Pensions Master Trust (see 'Mergers so far' below)
- The Open Pensions Trust (see 'Mergers so far' below)
- TRUST|Pensions (see 'Mergers so far' below)
- Welplan Pensions (see details here)
- + at least 33 others not publically confirmed
Master trusts yet to confirm submission status to PP…
Mergers so far…
- AGL Corporate Pension Trust (merged into the Carey Workplace Pension Trust in December 2018)
- Amber Pension Trust (merged into the Carey Workplace Savings Trust in October 2018)
- Complete Master Trust (Merged into the Salvus Master Trust in April 2018)
- Corporate Pensions Trust (will merge into Smart Pension in May if it receives authorisation)
- Islamic Pension Trust (in the process of transferring members into the Carey Workplace Saving Trust)
- GenLife (rebranded from Friendly Pensions Mastertrust and then merged with Smart Pension in 2015)
- Strawberry Workplace Pension (will merge into Smart Pension in May if it receives authorisation)
- The Lighthouse Pensions Trust (will merge into Smart Pension in May if it receives authorisation)
- Moore Stephens Pensions Master Trust (merged into The Crystal Trust in March 2019)
- The Open Pensions Trust (Merged into The Crystal Trust in 2018)
- TRUST|Pensions (will merge into Smart Pension in May if it receives authorisation)
- YourWorkplacePension (formerly the Close Brothers Asset Management Master Trust. This was merged into The People's Pension in April 2017)
DB master trusts:
Professional Pensions is also looking to compile a list of DB master trusts... So far, we have the below - please let us know if you have any amends.
Salvus Master Trust’s funds under management have surpassed the £200m as it continues to wait for authorisation from The Pensions Regulator (TPR).
PPI Future Book: Consolidation, contribution hikes and investment strategy key to boosting DC pension pots
The consolidation of smaller, higher-charging schemes, increased contribution rates and a move away from investment lifestyling towards DGFs and real assets could significantly boost the size of DC pots, latest analysis by the Pensions Policy Institute...
Over three quarters (78%) of defined contribution (DC) members feel their pension scheme is not aligned with their values, latest research by Franklin Templeton shows.
Costs and fees are just a small part of the overall value for money definition, argues Con Keating
Low member engagement, poor scheme governance, and multiple pots can be equally as detrimental to defined contribution (DC) funds as opaque charges and high costs, research finds.