The People's Pension has become the first mastertrust to publicise the acquisition of another mastertrust, as a new regime – under which mastertrusts must be authorised by the Pensions Regulator – is set to lead to further market consolidation this year.
The People's Pension said the merger means almost £20m in funds under management has been transferred from Your Workplace Pension. It said it now helps an extra 70 employers with their auto-enrolment duties for more than 8,700 members.
With the mandatory rise in pension contributions this week, the merger is set to bring about £10m in annual contributions to the People's Pension.
JLT Employee Benefits project-managed the merger.
