The Pensions Management Institute's (PMI) Master Trust Working Group is inviting pension experts to participate in four workstreams to tackle barriers to good service delivery and positive member outcomes.
Announced today (11 September), the four workstreams include: governance, training and education, technology and engagement, and innovation.
It comes amid The Pensions Regulator's (TPR) master trust authorisation regime, which kicked off last October to offer better member protection, and improve standards across the board.
The new workstreams - which will include representatives from companies including HSBC, NEST, Atlas, Smart Pension and TPR - will aim to develop educational materials and produce thought leadership to support the master trust industry.
Workstream membership will be limited to two representatives per organisation, but companies may have delegates across all four workstreams.
PMI president Lesley Carline said: "As the burgeoning master trust sector continues to take shape, many problems and obstacles are coming out of the woodwork. At the PMI, we are passionate about the future of master trusts and think that they can have a positive effect on the pensions industry as a whole.
"That is why we formed the Master Trust Working Group, to provide education, represent the views of those at the heart of the industry, support the improvements that must be made and tackle these issues head on.
"By joining one of our four workstreams, industry professionals can put their skills to use to help the master trust sector improve its governance, navigate the regulatory landscape and ensure that the best possible member outcomes are delivered."
So far 27 master trusts have been authorised by TPR, including NEST, LifeSight, Aegon, and Smart Pension, while 12 are still awaiting their fate.
The governance workstream comprises of trustees and scheme strategists to encourage best practice across the trusteeship sector, to promote the importance of having a diverse range of skills on trustee boards.
The technology and engagement workstream will cover operational and member-facing technology, with a focus on pension dashboards, big data, artificial intelligence, the regulatory framework and the reliance on the quality of data.
The training and engagement workstream is aimed at those who run and work for master trusts, as well as advisers. This group will look at training and education guides and tools to help employers to manage their schemes, and also promote improvements to the master trust qualifications currently available.
The innovation group will focus on innovation across the pensions sector, particularly in relation to decumilation and investment.
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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