Now Pensions and SuperTrust UK Master Trust have submitted their authorisation applications to The Pensions Regulator (TPR) as the six-week extension period expires.
Now Pensions submitted its application on 26 April, while SuperTrust submitted on 10 May, just two days ahead of the final extension deadline.
Now Pensions interim trustee chairwoman Joanne Segars said: “With over 10 million people now having been automatically enrolled into workplace pensions and the majority of those in master trusts, it’s absolutely right that we have the higher standards of protection for savers that master trust authorisation will bring.
“The new regime is something we have consistently campaigned for and whole-heartedly welcome.”
SuperTrust UK director Malcolm Delahaye noted that the master trust application process consumed enormous resources, but “that’s a reflection of the scope of the evidence required which I don’t think anyone can criticise for not being thorough enough”.
He added: “It doesn’t leave any hiding places for poorly governed master trusts. My only comment would be that there now needs to be alignment between the master trust assurance framework and the post authorisation supervision, and I am sure that must be on the agenda.”
Some 36 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.
Some 11 schemes were granted an extension of up to six weeks after the initial end of March deadline, and just three are yet to declare whether they now have submitted their applications. Aspire Savings Trust submitted in April, and Salvus submitted at the start of this month – both had been given extensions.
Some 44 schemes have exited or triggered their exit from the market, including the McDonald’s Franchisee Pension Scheme, which was recently found to have fallen under the definition of a ‘master trust’ and fined £104,000 for a number of breaches of law.