Evolve Pensions consolidates its two master trusts as BlueSky winds up

Kim Kaveh reports...

Evolve Pensions has wound up its BlueSky master trust and moved members to its other provider, Crystal, RP’s sister publication PP can reveal.

The news comes just five months after BlueSky and then Crystal Trust were granted authorisation by the regulator, becoming the fourth and fifth to be given the green light to continue operating in the market.

The consolidation – which also sees the two trustee boards merge into one – takes the combined membership of Crystal to 85,000, with £500m in assets.

Evolve is also launching a new website called Evolink, which will be available to its combined membership from November.

Chief executive Paul Bannister said the firm has “built on the strength of the larger scheme”, noting this is a “positive structural change”.

He added: “This was only possible due to the exceptional support that the business gives the trustee.

“The move was driven by our strategic team, which supports the trustees across the board and is 100% dedicated to improving governance standards for the master trust.”

Some 34 master trusts have been authorised by the regulator, including The University of Oxford Staff Pension Scheme, whose approval was also announced today. This leaves just five which are waiting for their stamp of approval, including Salvus Master Trust and SuperTrust UK.

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