On the go: The Railways Pension Scheme’s Industry-Wide Defined Contribution Section master trust has been authorised by the Pensions Regulator.
With assets of £118m, the IWDC Section has approximately 8,800 members across 27 employers.
In a statement, Chris Hannon, chair of the Railways Pension Trustee Company Limited, said: “Gaining authorisation is a testament to the hard work and expertise of the master trust team and to the quality of service we offer our members and clients, giving them the assurance that they are with the right provider.”
He added: “We will continue to develop the IWDC Section offering within this new framework, improving our credentials to existing and prospective clients.”
Master trusts were given a six-month window from October 1 2018 to apply for authorisation. The full list of authorised master trust schemes can be found here.
Aon MasterTrust also announced on Tuesday that it has gained authorisation from the regulator. This brings the total number of authorised master trusts so far to thirteen, though at the time of writing the master trust had not yet been added to the regulator's online list.
Tony Pugh, EMEA DC solutions leader at Aon, said: “We believe the authorisation process has brought real and positive rigour to the defined contribution market. In applying for authorisation, Aon has been focused on exceeding all its requirements."
