Salvus Master Trust’s funds under management have surpassed the £200m as it continues to wait for authorisation from The Pensions Regulator (TPR).
The 68,000 member master trust - which applied for authorisation in May after being given an extension of up to six weeks - said hitting the milestone was down to its focus on technology, governance and administration.
Head of sales Bill Finch said: "It is great that we are established as a major player in the master trust arena and to see our investment into providing a modernised service, backed up by our fantastic administration team and robust investment processes, paying off. We remain committed to this market and look forward to our continued involvement."
The news comes as Salvus launched an online app earlier this year, allowing members to log into a live portal that provides a range of services including savings modellers, tax tables, and regular news feeds.
Meanwhile, Atlas Master Trust and Hargreaves Lansdown have teamed up to provide wider workplace savings solutions to employers and their staff in a bid to help boost savings.
The pair will introduce clients to wider savings solutions including a Workplace ISA, general investment account, self-invested personal pensions, and specialist retirement income solutions.
Atlas Master Trust chief executive Gary Smith said: "Modern pension solutions need to deliver a wider range of savings solutions to meet the diverse needs of employers and employees.
"Our exclusive partnership with Hargreaves Lansdown sets us up to deliver innovative, diverse and tailored solutions to our clients. When combined with the financial wellness and retirement education modules already available within Atlas, we believe our proposition is now the most comprehensive in the marketplace."
Atlas Master Trust - which received authorisation last month from TPR - has £1.1bn assets under management and over 100,000 members. Meanwhile Hargreaves Lansdown has 12% of workplace pension members saving with the firm in addition to their pension.
Hargreaves Lansdown head of workplace solutions Stephen Lefley commented: "Gone are the days when a pension was the only answer necessary in the workplace.
"Given the restrictions to pension saving such as the tapered annual allowance and the lifetime allowance, people need a more comprehensive blend of savings solutions. An ideal workplace financial wellbeing strategy has to include ISAs and wider savings solutions to help employees benefit from the recent pension freedoms, as well as more obvious short and medium term savings goals.
"Looking ahead, the priority is much more about savings diversification within the workplace, for which there is growing demand."
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