Master trust authorisation is overseen by The Pensions Regulator (TPR). It will help ensure that master trust pension schemes (like The People’s Pension) continue to run in the best interests of their members. We lobbied and supported the government’s decision to introduce an authorisation process for all master trusts operating in the UK pensions market.
We firmly believe this is an effective way to help ensure that all master trusts are properly run and governed. We’re happy to announce that we’ve applied for authorisation.
The Pensions Regulator’s criteria that master trusts can’t operate without:
- All schemes must be run by individuals assessed as fit and proper for their role.
- Schemes must be financially sustainable.
- Any scheme funder must meet specific requirements.
- Systems and processes must be sufficient to ensure the scheme is run effectively.
- Schemes will need an adequate continuity strategy.