Master Trust Authorisation
New regulations came into force on 1 October 2018 to raise standards in Master Trust pension schemes.
Every Master Trust will now have to apply to the Pensions Regulator for authorisation to show they meet the new standards designed to increase safeguards for members.
Master Trusts must have fit and proper people, sufficient financial reserves and robust systems in place to achieve authorisation and continue operating in the market. Master Trusts have until 31 March 2019 to apply for authorisation and will require significant time and resources.
Why consolidate with Workers Pension Trust?
- Workers Pension Trust currently
- has over 88,000 members
- has funds under management of over £130 million
- is the 8th largest Master Trust in the UK
- We are open to all businesses in the UK, regardless of size.
- Workers Pension Trust has experience in consolidation having successfully merged with Enhance CPSNI in September 2018. This resulted in £75 million in funds under management and approximately 16,800 members transferred to Workers Pension Trust.
- Workers Pension Trust is one of the first Master Trusts in the UK to attain Master Trust Assurance accreditation. This is a quality standard for operation of Master Trusts developed by the Pensions Regulator and the Institute of Chartered Accountants in England & Wales. Achievement of the assurance demonstrates that high standards of governance and administration are maintained.
- Workers Pension Trust has had steady investment performance with the default Growth Fund having the highest fund performance, with the greatest return over a three-year period to 31 March 2018, compared to 10 default growth funds.
- We have been operating multi-employer pension schemes and delivering pensions for over 35 years, since 1982.
- We offer a competitive AMC of 0.496%.
If you are an adviser to a Master Trust scheme which is concerned about achieving authorisation, it may make sense to contact us.
If you advise employers who might be affected by a scheme who is not applying for authorisation, you could help them decide if moving to another provider is suited to them.
For more information please email: HannahS@workerspensiontrust.co.uk, call us on 028 9087 7142 or write to us at 143 Malone Road, Belfast, BT9 6SX.