Legal & General’s (L&G) two master trusts have been authorised, four months after they submitted their applications.
The separate net-pay and relief-at-source versions of the L&G WorkSave Mastertrust become the second and third master trusts to be granted approval to continue operating last Friday (29 March).
The announcement today (2 April) comes as 22 further master trusts await responses to their authorisation applications, according to analysis from RP’s sister magazine Professional Pensions.
Speaking to PP, L&G Investment Management head of defined contribution Emma Douglas said the process had been “rigorous” but she was “extremely pleased” with the outcome.
In total, the master trusts manage around £5.7bn of assets for 830,000 members and over 90 participating employers.
The official deadline for submitting applications was 31 March, although at least 11 schemes were granted extensions of up to six weeks, including Now Pensions. The market will shrink by nearly half as some 40 schemes have confirmed they will exit or trigger their exit.
Willis Towers Watson’s master trust, LifeSight, was both the first to apply and the first to be authorised, receiving its stamp of approval in February.