master trust
Aviva sees record year for pensions net flows and bulk annuities
Aviva secured record net flows of £8.5bn into its saving and retirement products in 2020, while bundled workplace assets under management grew by 14% to £81bn, its annual results reveal.
The capacity crunch facing DC scheme transfers to master trusts
Stephen Richards says government regulation will herald an ‘avalanche’ of DC scheme transfers to master trusts. He sets out his predictions and a word of caution.
Aegon Master Trust takes on £120m Thermo Fisher Scientific scheme
Around 5,000 Thermo Fisher Scientific UK pension scheme members have joined Aegon Master Trust, with £120m of assets transferred.
SEI boosts master trust offering with Moneyhub partnership
SEI has partnered with Moneyhub in a bid to enhance its master trust offering and help members improve their financial wellbeing.
PPI report flags concerns over financial sustainability of master trusts
The master trust industry is unlikely to breakeven on costs until around 2025, with the big four providers having already spent £1bn on setting up their offerings, research by the Pensions Policy Institute (PPI) finds.
Phoenix introduces in-scheme drawdown for master trust clients
Members of Phoenix’s defined contribution (DC) master trust will be allowed to access their pension savings via in-scheme drawdown.
Floodgates open for DC scheme shift to master trusts as asset commitments top £4bn during lockdown
There will be a “surge” of employers moving defined contribution (DC) occupational trust pension schemes to master trusts as lockdown eases and employees return to work post-furlough, Hymans Robertson says.
Smart Pension to consolidate Welplan Pensions Master Trust
Smart Pension is set to take on all members and employers of the Welplan Pensions Master Trust, following its closure last year.
Fujitsu moves DC scheme members to LifeSight master trust
Fujitsu Pension Scheme has moved its defined contribution (DC) members into Willis Towers Watson’s LifeSight master trust, passing on full responsibility for the management of its members’ pension provisions.
USS gives DC master trust members access to private markets investments
The Universities Superannuation Scheme (USS) is now enabling members of its Defined Contribution Investment Builder master trust to access private markets investments.
HSBC launches master trust after TPR authorisation
The HSBC Master Trust has become the first new master trust to be authorised by The Pensions Regulator (TPR), after having applied after the regime kicked off.
Pension master trusts: The list of providers
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...
Metropolitan Thames Valley to open DC arrangement and appoint master trust
Metropolitan Thames Valley Housing (MTVH) is planning to set up a defined contribution (DC) pension arrangement to provide future benefits for current employees and new joiners through auto-enrolment (AE).
Master trusts liable for quarter of general levy costs despite holding only 2% of funds
Ten master trusts will pay at least 25% of the total general levy despite holding just 2% of assets, according to The People’s Pension (TPP).
PASA publishes master trust transition guidance
The Pensions Administration Standards Association (PASA) has published its first batch of guidance on defined contribution (DC) master trust transition, as further consolidation is expected.
Beyond authorisation: What lies ahead for master trusts?
Now authorisation has ended for existing schemes, Kim Kaveh reflects on the process and asks what the future holds for ongoing supervision.
TPR market update: 16 million members saving into a master trust as authorisation concludes
The master trust market now represents 16 million memberships and holds more than £36bn in assets, The Pensions Regulator’s (TPR) final master trust market update reveals.
All existing master trusts now authorised by TPR as Salvus and FCA receive approval
Salvus Master Trust and the Financial Conduct Authority Pension Plan have been approved by The Pensions Regulator (TPR), concluding the master trust authorisation regime for existing schemes.
Supertrust UK exits master trust market
The trustees and sponsor of Supertrust UK have decided to withdraw the master trust from The Pensions Regulator’s authorisation process and will now wind-up the scheme.
Combined Nuclear Pension Plan appoints Redington for DC investment advice
The Combined Nuclear Pension Plan (CNPP) has dropped Hymans Robertson as an investment adviser for its defined contribution (DC) master trust and appointed Redington as a replacement.
Manchester Airport Group members to be transferred to L&G master trust
Manchester Airport Group (MAG) has selected Legal and General (L&G) to run a master trust scheme for its employees after a review of its defined contribution arrangement, PP has learned.
Oxford Uni pension scheme receives master trust approval
The University of Oxford Staff Pension Scheme has received master trust authorisation from The Pensions Regulator (TPR), taking the total number of approved schemes to 34.
B&CE enters consultation over job cuts
B&CE has launched a redundancy consultation with staff as part of a plan to reduce costs and become more efficient.
Five stories you may have missed this week
The top stories this week were Gallagher’s acquisition of AHC, and the publication of the GMP Equalisation Working Group’s methodology guidance.
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