On the go: Two more master trusts have gained authorisation from the Pensions Regulator, bringing the total approved schemes in the sector to five.
The BlueSky Pension Scheme and the Crystal Trust, both run by Evolve, join Legal & General WorkSave Mastertrust, Legal & General WorkSave Mastertrust (RAS) and LifeSight, and appear on the regulator’s list of authorised master trusts, which was updated on 16 April.
Thirty master trusts applied for authorisation to TPR by the closing date for applications of March 31. A further 10 schemes have been granted an extension and are expected to file an application in the coming weeks.
Authorisation creates safeguards around master trusts – which have a total of 14m members – by ensuring they are run by fit and proper people and have the right systems, processes, plans and finances in place.
Nine schemes have exited the master trust market so far, and a further 34 have notified TPR of a triggering event to exit the market, and will transfer their members to an alternative master trust scheme or other appropriate vehicle.
One scheme intends to exit the market, but is yet to submit a triggering event notification to the watchdog.
All existing master trusts had until March 31 2019 to apply for authorisation, trigger an exit from the market, or request an extension to the application period.
