TPT sends off master trust authorisation application to the regulator

Kim Kaveh reports...

TPT Retirement Solutions has submitted its master trust authorisation application to The Pensions Regulator (TPR), joining 11 other master trusts who are awaiting a response.

The scheme told RP’s sister publication Professional Pensions it submitted its application on 14 February, at which point there were around six weeks to go until the authorisation deadline at the end of March.

TPT chief executive Mike Ramsey said: “As a provider of work place pensions providing defined contribution schemes to some 2,600 employers and around 222,000 members, TPT is supportive of initiatives which improve members’ security, engagement and outcomes.

“We welcome the authorisation of master trusts. We have found it to be a thorough and comprehensive process which we would expect to improve the governance and oversight of schemes across the industry which can only be a good thing.”

This comes as the watchdog’s monthly update, published on 6 March, revealed four more master trusts had applied for authorisation by 28 February compared to the end of January. However, some 38 of the 90 schemes, including NEST, are yet to declare their intentions, although one has been granted an extension of up to six weeks.

By the end of February, just one master trust – Willis Towers Watson’s LifeSight – had been authorised by TPR.

So far, the names of 10 master trusts that have applied or been authorised are publicly known. The most recent applications were sent by SEI on 28 February, and The People’s Pension the day before that. Mercer sent its application on 20 February.

Standard Life submitted applications for two of its master trusts last 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 Professional Pensions that their applications will be submitted to TPR in the very near future.