On the go: The Pensions Regulator has authorised a further two master trusts to continue operating in the UK.
The watchdog granted authorisation to the AutoEnrolment.co.uk Master Trust, run by Smart Pension, and the Lewis Workplace Pension Trust, owned by Dorset-based financial advice company Lewis Investment.
The new approvals bring the total universe of authorised trusts to 22. In total, 39 schemes applied for authorisation.
Ian Digby, Smart Pension’s head of regulatory affairs and former master trust liaison manager at the watchdog, said: “The new standards set by TPR are tough, detailed and exacting, but that’s absolutely right and proper and we support the regulator’s direction wholeheartedly.
“As part of the new regime, the regulator will also provide stronger ongoing supervision and enforcement to ensure authorised master trusts continue to work harder on behalf of employers and members.”
Speculation has been rife in the pensions industry over how many master trusts in total will receive authorisation. Many expect further consolidation to occur after the process ends, with sub-scale providers concluding that their business will be more saleable as an authorised entity despite the costs involved.
The full list of authorised master trusts can be found here.
