Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...
34 master trusts have now been authorised, while another five 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 8 October, 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)
- Aspire Savings Trust
- Atlas Master Trust (Capita Employee Benefits)
- The Aon MasterTrust
- 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 Carey Workplace Pension Trust
- The Cheviot Trust
- Creative Pension Trust (Creative Auto Enrolment)
- The Crystal Trust (Evolve Pensions)
- Fidelity Master Trust
- Industry-Wide Defined Contribution Section
- 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
- The People's Pension (B&CE)
- Scottish Widows Master Trust (formerly the Zurich Master Trust)
- SEI Master Trust
- Smart Pension
- Standard Life Defined Contribution Master Trust (Standard Life)
- Stanplan A (Standard Life)
- TPT Retirement Solutions
- The University of Oxford Staff Pension Scheme
- USS Investment Builder (USS Superannuation Scheme)
- Workers Pension Trust
Master trusts that have applied for authorisation...
- Salvus Master Trust (Goddard Perry Consulting)
- SuperTrust UK
- + three 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)
- BlueSky Pension Scheme (Evolve 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)
- 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)
- 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 (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.
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Global institutional investors plan to divest 15.6% of their portfolios from fossil fuels over the next ten years, almost tripling outflows of 5.7% planned for next year, as high-profile activism on climate change gathers pace.
Defined contribution (DC) schemes’ visions are generally aligned, but there are mixed views on the power of the default versus member engagement, according to the Thinking Ahead Institute.
AE has successfully brought millions of people into pension savings. But, as Kim Kaveh writes, it is far from perfect.