BCF and Carey master trusts granted authorisation as regime hits one-year mark

Kim Kaveh reports...

The Carey Workplace Pension Trust and BCF Pension Trust have been granted authorisation, leaving just six master trusts waiting for approval from The Pensions Regulator (TPR).

Carey’s master trust applied in March, after consolidating the members and assets of Amber Financial Investments’ £53m scheme, the Amber Pension Trust; and AGL Wealth’s master trust, the £1.7m AGL Corporate Pension Trust.

Meanwhile BCF’s authorisation follows its application submission in May, after being given an extension of up to six weeks after the original March-end deadline alongside 10 other schemes.

Master trusts which are still awaiting approval include Salvus Master Trust, SuperTrust UK, and two others which have not yet been publically confirmed. A further new entrant to the market, which is currently unknown, is also seeking approval.

Other recent approvals include Now Pensions, Scottish Widows, NEST, Aegon Master Trust, and Ensign Retirement Plan- whose authorisations were all announced throughout last month.

Over half of master trusts have decided to cease operating and transfer their members into an authorised vehicle.