Master trust authorisation is ensuring high standards in this growing market to better protect the nearly 14 million people saving into these schemes.
As we approach the 31 March deadline for master trust authorisation applications, we are encouraged that many more providers have applied.
A few years ago we started to stamp our feet about master trusts. As automatic enrolment successfully swept through businesses and more and more people were being put into workplace pensions, master trust schemes grew in popularity.
In arguably the biggest change to pensions regulation since automatic enrolment was introduced six years ago, from October 2018 master trusts will have to apply to The Pensions Regulator (TPR) for authorisation to operate in the market.
Master trust authorisation is essential for the development of a safe and sustainable market of defined contribution (DC) schemes, and we’ve been pushing for it for some time.