The Pensions Regulator (TPR) has confirmed that 30 master trusts have or will exit the market, leaving 58 which will either need to apply for authorisation or exit in the coming months.
The figure comes as the watchdog's master trust authorisation and supervision regime came into force, alongside its final supervision and enforcement policy for master trusts remaining in the market...
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Online provider Pension Bee has created a flexible pension for self-employed savers, allowing them to make contributions according to their income.
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.