SEI submits authorisation application to TPR

Kim Kaveh reports...

SEI has submitted its master trust authorisation application to The Pensions Regulator (TPR) with just a few weeks left until the deadline.

The master trust sent the application on 28 February, bringing the total number of known applications to 10.

SEI trustee chairman Allan Course said: “Having taken plenty of time to check – and then double check – that all of our T’s were crossed and our I’s were dotted, we were very pleased to make our submission for authorisation well ahead of the deadline.”

Managing director of defined contribution (DC) for Europe, the Middle East, and Africa, Steve Charlton, added that the DC landscape and pensions saving environment have changed significantly in recent years, calling for a completely different approach to pension scheme management.

He said: “Employers looking to outsource the management of their pension schemes are now able to focus on selecting a provider that can bring communication and investment innovation, and deliver better outcomes for their employees.”

Just 10 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 last 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 in February. 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 RP’s sister magazine Professional Pensions that their applications will be submitted to TPR in the very near future.

The names of two of the 10 master trusts that have sent off applications are not yet publicly known.