Oxford Uni pension scheme receives master trust approval

Holly Roach reports...

The University of Oxford Staff Pension Scheme has received master trust authorisation from The Pensions Regulator (TPR), taking the total number of approved schemes to 34.

The scheme has two sections – a defined benefit section for employees who joined the scheme before 1 October 2017 and a defined contribution (DC) section for new entrants on or after that date.

The scheme secretary wrote to members in February revealing it planned to apply to be a master trust under the new regulations. The scheme said it was “unfortunate” that it had to comply with the regulations due to it being a multi-employer scheme.

Master trusts which are still awaiting approval include Salvus Master Trust and SuperTrust UK. Other recent approvals include Now Pensions, Scottish Widows, NEST, Aegon Master Trust, and Ensign Retirement Plan, whose authorisations were all announced throughout last month.

TPR announced BCF and Carey’s approval last week (1 October), exactly one year after the start of the authorisation regime.

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