On the go: Two more master trusts have been authorised by the Pensions Regulator, bringing the total number of regulated providers to 33.
The BCF Pension Trust and the Carey Workplace Pension Trust were both added to the regulator’s list of approved providers in an announcement on Tuesday.
Following a proliferation of sub-scale, sometimes poorly governed providers cashing in on the auto-enrolment boom, TPR stepped in to regulate the sector last year.
Master trusts were given six months from October 2018 to apply for authorisation. A total of 39 applied, more than halving the number of market participants from its peak.*
It is not yet known whether any providers have failed to gain authorisation, but some industry experts expect further consolidation to take place, even between authorised providers.
*An earlier version of this article incorrectly stated that 49 master trusts applied for authorisation - this should have read 39.
