Smart Pension has submitted its master trust authorisation application to The Pensions Regulator (TPR), joining at least 14 other master trusts awaiting response.
The master trust submitted its application on 15 March, with just two weeks to go until the 31 March deadline.
Director of policy and communications Darren Philp said: "We welcome the new rules and regulations that will improve quality and security for scheme members.
"They are long overdue and this process marks the beginning of a new phase of ensuring quality pensions in the UK.
"Following recent announcements, we are in discussions with a number of other parties about further master trust consolidation."
In January, Smart Pension announced it will absorb the Corporate Pensions Trust and Lighthouse Pensions Trust if it receives authorisation,
By the end of February, just one master trust - Willis Towers Watson's LifeSight - had been authorised, after also being the first master trust to apply.
According to the watchdog's latest monthly update, published on 6 March, and PP analysis, 16 master trusts have applied for authorisation, including LifeSight, with some 35 of the 90 schemes, including NEST, yet to declare their intentions.
So far, the names of 14 master trusts that have applied or been authorised are publicly known. The most recent applications were sent by National Pension Trust on 13 March, Aon on 11 March, SEI on 28 February, and The People's Pension a day before that. TPT sent its application on 14 February.
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