Salvus and Aspire Savings Trust apply for master trust authorisation

Kim Kaveh reports...

Salvus Master Trust and the Aspire Savings Trust have submitted their master trust authorisation applications to The Pensions Regulator, after being granted extensions of up to six weeks.

Salvus submitted its application today (3 May), over a month after the initial March deadline, while Punter Southall Aspire’s master trust submitted at the start of April.

Salvus founder Steve Goddard – also managing director at the master trust’s owner, Goddard Perry Consulting – said: “We are delighted that The Pensions Regulator (TPR) agreed to an extension for Salvus due to the appointment of a new trustee, Barry Parr, to our trustee board.

“The application procedure has been a demanding and a worthwhile process which will lead to improved governance and increased protection for members.”

He added that the 62,000-member master trust is “firmly committed to the master trust market” and “looks forward to continuing strong relationships with TPR and its introducers and supporters”.

“While there have been some casualties with a number of master trust providers, those left will continue to build on the success of auto-enrolment and innovate more to help the overall member engagement experience.”

Just four master trusts which were granted an extension are yet to submit their application, with just over a week to go until the six-week extension window closes.

Some 35 master trusts are publically known to have submitted their applications to TPR, while just five of these had been granted authorisation by 30 April, including Evolve Pensions’ two master trusts which were the latest to be given the stamp of approval. Another 44 schemes have exited or triggered their exit from the market.