Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...
All existing master trusts have now been authorised, as well as one new scheme, taking the total number to 38.
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 17 December 2019, is as follows - please send additions or amendments to [email protected]
DC master trusts:
Master trusts that have been authorised...
- The Aegon Master Trust (formerly the BlackRock Master Trust)
- The Aon MasterTrust
- Aspire Savings Trust
- Atlas Master Trust (Capita Employee Benefits)
- The Aviva Master Trust (formerly the Friends Life Master Trust)
- The Baptist Pension Scheme
- BCF Pension Scheme
- Bluesky Pension Scheme (Evolve Pensions) (has now wound up)
- The Cheviot Trust
- The Combined Nuclear Pension Plan
- Creative Pension Trust
- The Crystal Trust (Evolve Pensions)
- The FCA Pension Plan
- Fidelity Master Trust
- The HSBC Master Trust
- Industry-Wide Defined Contribution Section (Railways Pension Scheme)
- The ITB Pension Funds
- The Legal & General WorkSave Mastertrust (net pay)
- The Legal & General WorkSave Mastertrust (relief at source)
- The Lewis Workplace Pension Trust
- LifeSight (Willis Towers Watson)
- The Mercer Master Trust
- National Employment Savings Trust (NEST)
- National Pension Trust (XPS Pensions Group)
- Now Pensions
- Options Workplace Pension Trust
- The People's Pension (B&CE)
- Salvus Master Trust (Goddard Perry Consulting)
- Scottish Widows Master Trust (formerly the Zurich Master Trust)
- SEI Master Trust
- Standard Life Defined Contribution Master Trust (Standard Life)
- Stanplan A (Standard Life)
- Smart Pension
- TPT Retirement Solutions
- The University of Oxford Staff Pension Scheme
- USS Investment Builder (USS Superannuation Scheme)
- Workers Pension Trust
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)
- BlueSky Pension Scheme (Evole Pensions) (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)
- SuperTrust UK (see details here)
- TRUST|Pensions (see 'Mergers so far' below)
- Welplan Pensions (see details here)
And at least 30 others not publically confirmed
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)
- BlueSky Pension Scheme (merged into The Crystal Trust in October 2019)
- Complete Master Trust (Merged into the Salvus Master Trust in April 2018)
- Corporate Pensions Trust (merged into Smart Pension)
- 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 (merged into Smart Pension)
- The Lighthouse Pensions Trust (merged into Smart Pension)
- 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.
The Aegon Master Trust will move from an affiliate board structure to fully independent, recruiting a further trustee as part of the process.
Aviva Investors’ fully ESG-integrated ‘My Future Focus’ investment strategy has been adopted by the Aviva Master Trust as its standard default.
Phoenix Group will launch an ESG defined contribution (DC) default solution for pension fund clients of its Standard Life Assurance business and their scheme members.
Newton’s Curt Custard considers the investment outlook for 2021 and the implications for DC schemes
Master trusts’ investment strategies have grown and become more sophisticated over the last three years, but “growing pains” are hindering progress, according to the Defined Contribution Investment Forum (DCIF).