Workers Pension Trust applies for authorisation as five confirm application status

Workers Pension Trust applies for authorisation as five confirm application status
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Workers Pension Trust was one of the 30 master trusts to apply for authorisation ahead of the 31 March deadline, PP can reveal.

The master trust sent its submission on 22 March, ahead of the watchdog's latest monthly update published last week.

Trustee director John Armstrong said: "We found the process to be a thorough and particular exercise and welcome the new standards required of master trusts."

The regulator's update also revealed that 10 others are expected to apply, after being granted extensions of up to six weeks.

Master trusts which have told PP they have been granted an extension so far are Now Pensions; Aspire Savings Trust; SuperTrust; BCF Pension Scheme, and Corpad Mastertrust. Salvus Master Trust has also been granted an extension after it appointed a new trustee in February, although it told PP it does not intend to use the full six weeks it was given.

Just three master trusts have been authorised by TPR, including Legal & General's two schemes, which received approval on 29 March. Willis Towers Watson's Lifesight was the first to be authorised in February.

The latest to announce they had applied for authorisation before the window closed were Cheviot Trust, Lewis Workplace Pension Trust and Scottish Widows.

Meanwhile consolidation continues to grow. Evolve Pensions' Crystal Trust absorbed the 2,500-member Moore Stephens Pensions Master Trust last month.

Strawberry Workplace Pensions and Trust Pensions will both join Smart Pension, while the Carey Workplace Pension Trust announced last week that it consolidated two schemes - the Amber Pension Trust, and Corporate Pension Trust.

View PP's list of master trusts that have been authorised, have applied for authorisation or have exited the market, here. 

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