Pensions - Articles - LifeSight is the first master trust granted authorisation


The Pensions Regulator (TPR) has authorised the first master trust as part of new laws to implement tough standards in the market.

 Master trust authorisation was set up to strengthen protections for almost 14 million members in a growing market, which has more than £29 billion in assets according to latest figures.

 The TPR confirmed LifeSight is the first master trust to gain authorisation.

 Nicola Parish, Executive Director of Frontline Regulation at The Pensions Regulator, said: "The first authorisation of a master trust is a landmark moment and a step towards a market of schemes with better safeguards around them.

 "By the end of the year every master trust which continues to operate will have proven that the scheme and its trustees meet the standards laid out in the legislation and code of practice, and which will better protect the millions of members and billions of pounds in those schemes.

 "Generally, we believe authorised master trusts are a good option both for employers looking to fulfil their automatic enrolment duties and for trustees of schemes who are looking to consolidate."

 Minister for Pensions Guy Opperman said: "This is an important moment for the pensions industry. Authorisation will ensure master trusts – managing billions of pounds on behalf of millions of members – are strong, safe and deliver for workers.

 "With record numbers saving for retirement, including millions through automatic enrolment, it’s vital to have the right protections in place across the board."

 Master trusts have to file applications to TPR outlining how a scheme meets the required standards. Under the legislation, master trusts must have fit and proper people, sufficient financial reserves, robust systems and adequate plans in place to get authorisation and operate in the market.

 Master trusts which receive authorisation will be published on a list of authorised schemes.

 Master trust scheme trustees have until 31 March 2019 to apply to TPR for authorisation or begin a process of exiting the market which includes moving members to an alternative scheme. Figures about the market are published every month.

Back to Index


Similar News to this Story

Saga comment on the Royal Mail CDC pension scheme
Following Work and Pensions Secretary, Amber Rudd, welcoming plans for the Collective Defined Contribution (CDC) pension scheme to be introduced in th
CPI 12 month rate increases but still lower than BOE target
Following the publication of the Consumer Prices Index (CPI) 12-month rate for February, please see the below comment from Kate Smith, Head of Pension
The pensions quiz reveals if you are prepared for retirement
Back in 2016, pensions advice specialist, Portafina, set out to find what the nation knew about their pensions. Now, three years on, Portafina asked a

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.