NEST, Aegon Master Trust, Ensign Retirement Plan, Creative Pension Trust and the Baptist Pension Scheme have been authorised by The Pensions Regulator (TPR).
The five master trusts' approvals were announced today (10 September), taking the total number of authorised schemes to 27.
Government-backed master trust NEST - which has over eight million members and around £7.5bn of assets under management (AuM) - said it was "glad" to be able to continue serving its members.
Chairman Otto Thoresen said: "The master trust authorisation regime is key to ensuring high standards of governance and control across this part of the pensions landscape, so we're glad to have achieved this milestone.
"With many workers saving for the first time through auto enrolment it's right to build confidence among pension savers. We'll continue to work hard at achieving good outcomes for our eight million members."
Meanwhile, Aegon's master trust - which was taken over as part of the firm's acquisition of BlackRock's defined contribution business - has £1.5bn total AuM and 100,000 members.
Chairman Ian Pittaway said: "The trustees of the Aegon master trust are absolutely delighted that Aegon's commitment to the master trust has been recognised through gaining authorisation.
"I look forward to the continued progress in this market, and the Aegon Master Trust playing its part. I am sure there are lots of exciting developments ahead which will improve the financial outcomes for members."
Maritime industry master trust Ensign has £100m AuM, and 4,450 members.
Chairman Rory Murphy said the authorisation "positions our offering for future growth by providing the maritime industry with a unique pension solution that stands up to rigorous assessment, ensuring the best for our members".
He further noted: "Ensign is a small scheme but its authorisation under the new master trust regulations demonstrates its ability to contend with bigger providers.
"This is a tremendous achievement and we are proud to be recognised as a well-run, quality, not for profit scheme that is able to compete against established commercial master trusts in the market."
There are now 12 master trusts left awaiting their fate, including Now Pensions, Salvus Master Trust, Carey Workplace Pension Trust, and Aspire Savings Trust.
Other recent approvals include the Aviva Master Trust and Workers Pension Trust, which were among nine others authorised in August.
Over half of master trusts have decided to cease operating and transfer their members into an authorised vehicle.
Salvus Master Trust’s funds under management have surpassed the £200m as it continues to wait for authorisation from The Pensions Regulator (TPR).
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