The Pensions Regulator (TPR) should reveal the names of master trusts that will not apply for authorisation and take a measured approach, industry experts have said.
The Pensions Regulator (TPR) has confirmed that 30 master trusts have or will exit the market, leaving 58 which will either need to apply for authorisation or exit in the coming months.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Kim Kaveh asks how much clarity the master trust code of practice gives to schemes applying for authorisation in October.
Master trust consolidation may not happen quickly, and trustee standard compliance is crucial to protect member benefits. Kim Kaveh reports from PP's DC Conference.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
The Pensions Regulator (TPR) has said it "strongly encourages" providers to apply for the master trust assurance framework in the run-up to the introduction of its authorisation powers.