Pensions - Articles - tPR welcomes proposed new powers to regulate master trusts

 “We have voiced concerns for some time about the need for stronger legislative standards for master trusts and have worked with government and other regulators to improve levels of protection for members.

 “We have been calling for a significantly higher bar regarding authorisation and supervision, and we are pleased that today’s announcement proposes to give us the power to implement these safeguards.

 “We look forward to working with government over the coming months to develop the strategic application of these proposed new powers to ensure master trusts are strong, durable and well placed to deliver good member outcomes.

 “Currently, new master trusts are subject to far less regulatory scrutiny than new contract-based providers and so we have encouraged employers to only choose master trusts which have achieved master trust assurance, or group personal pension plans (GPPs).

 “We continue to believe that well run, scaleable and sustainable master trusts, along with GPPs, are a good choice for employers seeking to comply with their automatic enrolment duties.”