Evolve Pensions’ Crystal Trust has absorbed the 2,500-member Moore Stephens Pensions Master Trust following the merger between Moore Stephens and accountancy business BDO in February.
The Moore Stephens Pensions Master Trust transferred to the £60m Crystal Trust in March – taking its total membership to 35,000, RP’s sister title Professional Pensions can reveal.
As well as the transition of pension scheme assets, BDO and Evolve Pensions “will continue to work closely together bringing their overall experience of master trust provision to the ever-increasing market”, Evolve Pensions said.
This comes as Evolve Pensions awaits authorisation approval from The Pensions Regulator for both the Crystal Trust and its sister scheme, The BlueSky Pension Scheme. It applied in December last year, and further announced that Crystal had consolidated The Open Pension Trust.
Chief executive Paul Bannister said: “With regulation increasing and the expectation of members and their employers rising, member engagement will be the top priority.
“Crystal Trust has a range of new member tools, monitored investment options and governance that is at the forefront of pension provision.”
Consolidation among master trusts continues to grow. Strawberry Workplace Pensions and Trust Pensions will both join Smart Pension, while the Carey Workplace Pension Trust announced last month that it consolidated two schemes – the Amber Pension Trust, and Corporate Pension Trust.