Evolve Pensions’ two master trusts authorised by regulator

Kim Kaveh reports...

Evolve Pensions’ Crystal Trust and BlueSky have been granted master trust authorisation from The Pensions Regulator (TPR), RP’s sister title Professional Pensions can reveal.

The pair were granted authorisation on 11 April, ahead of the watchdog’s update – which includes the names of all of authorised master trusts – expected today.

The schemes become the fourth and fifth to receive authorisation under the regime, which launched last October.

Chief executive Paul Bannister said: “This achievement is the culmination of not just the one- year long project, but years of dedicated work by the various teams at Evolve Pensions which have transformed the business from a small, single multi-employer trust eight years ago to the structure it is today.

“As we move into the supervisory regime, the strategic team at Evolve Pensions will continue to develop the future of the master trusts’ provision from governance through to the daily administration function with member outcomes continuing to be the main priority.”

The authorisation project was led by director of strategy Jessica Rigby, and supported by a team of six at Evolve Pensions, together with both trustee boards and their chairman, Tony Filbin.

Evolve Pensions was one of five master trusts which applied to the regulator in December, including Legal and General’s two master trusts which were authorised last month.

The Universities Superannuation Scheme’s defined contribution section, USS Investment Builder, also applied in December, which suggests its authorisation status could be confirmed soon.

The only other master trust to have been authorised so far is Willis Towers Watson’s LifeSight.

Meanwhile 10 master trusts are yet to confirm whether they have applied, after being given an extension of up to six weeks starting from the initial 31 March deadline.

Last week, Evolve Pensions announced that it had absorbed the 2,500-member Moore Stephens Pensions Master Trust. It also consolidated The Open Pension Trust in December last year.