Atlas Master Trust applies for authorisation

Kim Kaveh reports...

The Atlas Master Trust has applied for authorisation to The Pensions Regulator (TPR), taking the total number of applications to 24 as the end of March deadline looms.

The master trust, owned by Capita Employee Benefits, told RP’s sister title Professional Pensions it submitted its application on 25 March, and joining 22 other master trusts awaiting response, including NEST, which applied yesterday (27 March).

Senior governance manager Neil Taylor said: “Atlas Master Trust has always had strong proactive governance at the heart of its proposition and we therefore fully support authorisation for master trusts to ensure high governance standards and drive better member outcomes.”

So far one master trust – Willis Towers Watson’s LifeSight – has been authorised by TPR, after also being the first to apply under the regime.

Apart from NEST, the most recent applications were sent by Aegon and Ensign last week. Also this month Smart Pension and Aon sent off their applications, alongside National Pension Trust, Aviva and Creative Pension Trust.

Some 11 master trusts have asked for an extension of up to six weeks, including Now Pensions. Some 16 master trusts are yet to declare their intentions, while the names of 20 master trusts that have applied and are awaiting response are publically known.

Meanwhile, some master trusts have triggered their exit including Welplan Pensions – who triggered its exit earlier this month, joining 31 other master trusts, and eight that have already exited.