The People’s Pension sends authorisation application to TPR

Kim Kaveh reports...

The people’s Pension has submitted its authorisation application to The Pensions Regulator (TPR), with four weeks to go until the deadline.

The master trust confirmed to RP’s sister publication Professional Pensions that it sent the application yesterday (27 February).

Just nine of around 90 master trusts are now known to have applied for authorisation. Willis Towers Watson’s master trust LifeSight was the first to apply in November 2018, and was also the first to be authorised by TPR earlier this month.

While the authorisation window is open until the end of March, many master trusts are yet to declare their intentions. Of the 90 master trusts identified by TPR, by 31 January, 44 had not declared whether they would apply or quit the market, while 38 had exited or triggered their exit.

Standard Life submitted applications for two of its master trusts earlier this month. In January, Legal & General confirmed it was among the master trusts that had applied, while Crystal Trust and BlueSky – both operated by Evolve Pensions – applied in December.

Smart Pension and the Atlas Master Trust have both told PP that their applications will be submitted to TPR in the very near future.

The names of two of the nine master trusts that have sent off applications are not yet publicly known.