Master trust applications reach 34 as another four submit

Kim Kaveh reports...

Four more master trusts applied for authorisation to The Pensions Regulator (TPR) after the end of March deadline, according to its latest monthly update.

The report revealed a total of 34 master trusts had applied for authorisation by the end of last month. Just five of these were granted authorisation by 30 April, including Evolve Pensions’ two master trusts which were the latest to be given the stamp of approval.

Six out of 11 schemes which were granted an extension of up to six weeks starting 31 March submitted an application by the end of last month, including Punter Southall Aspire’s Aspire Savings Trust. One of the master trusts which was grantekid an extension submitted ahead of the March deadline.

Furthermore, the update showed there were 83 master trusts in the market in total at the end of April, which includes those who have exited or triggered their exit. Given the number was previously 84, this means one provider was found not to be a master trust.

The report noted the number of master trusts has “fluctuated over the past few months” for various reasons, including trustees reporting to them whether their schemes meet the definition of a master trust as set out in its legislation.

Nine schemes have exited the market so far, and a further 35 have notified the watchdog of a triggering event, and will transfer members to an alternative scheme.

The regulator will continue to publish the monthly updates until June.