Workers Pension Trust is the only authorised pension Master Trust in Northern Ireland and one of just 36 in the UK, all of which are regulated by the Pensions Regulator ("TPR"). Master Trusts have a Trustee Board to ensure that member interests are protected and  benefits are secured. They also have a ‘Scheme Funder’ in place that provides financial and other support to ensure adequate funds and services are available to support the scheme's growth and development. 

Recently in the pensions industry, due to the growth of the Master Trust market, TPR has encouraged Master Trusts to amalgamate and improve the service provided to their members.

The Trustees of the WPT have been approached by an organisation called Cushon with a proposal to acquire our Scheme Funder (Cushon is an innovative UK workplace savings and pensions provider and you can find out more about them HERE).  The Trustees have carried out a thorough assessment of this proposal and have taken legal and other professional advice; keeping TPR fully informed throughout the process. The aim of the assessment was to determine whether the Cushon proposal, if accepted, would benefit our members.

The Trustees have decided to support the Cushon proposal which would bring a number of benefits to members, including: 

• The potential for an improved return on pension savings 
• Greater financial security for the WPT
• An opportunity to take advantage of new leading-edge technology
• A focus on environmental, social and governance issues (ESG), for example an ability to invest in companies that generate less carbon without compromising your returns
• An appreciation of the Northern Ireland market, and the support of the local customer services team who will continue to assist both members and employer.

The provision of members’ pension and the payment of contributions will continue as normal, and no action is required from members or participating employers.

We will be in touch with members and employers in due course about further beneficial developments.