Master trust says it has encountered issues with processing member contributions owing to a change of third party administrator. Our innovation in DC pension provision, SEI Master Trust, gives you strong governance with limited burden by outsourcing the decision making to an independent trustee body. On 20 February 2019, the Pensions Regulator confirmed that Willis Towers Watson’s LifeSight had become the first master trust authorised under the Pension Schemes Act 2017. NOW requested its own removal from The Pensions Regulator's master trust assurance list because a change of third party administrator had led to problems for 'a small percentage of clients'. Now: Pensions exits master trust list over regulator's concerns. The list currently comprises just two providers - Now Pensions and The People's Pension - while a third master trust, SEI, has met the MAF but is not included on the list. Note: Throughout authorisation, the total number of master trusts in the market has fluctuated at around 90. Triggering event duties; The Pensions Regulator (TPR) has published a list of master trust providers that are open to small employers and meet the master trust assurance framework (MAF). The Smart Pension Master Trust is authorised by The Pensions Regulator, and is overseen by a fully independent and non-affiliated board of trustees. The Authority regulates occupational pension schemes, trust RACs and Personal Retirement Savings Accounts (PRSAs). Defined Contribution; 05 … Now: Pensions has withdrawn from the master trust assurance list of providers for auto-enrolment as it works to resolve historic issues processing contributions for a small percentage of … Now that the last existing master trusts have received a decision on their authorisation applications, we will not be publishing any future master trust market updates. The Pensions Regulator is the regulator of work-based pension schemes in the UK. Growth. Many master trusts say they have achieved the Master Trust Assurance Framework accreditation yet very few appear on the regulator's official list. We run a master trust, which allows us to offer Smart Pension to Workplace customers who can't or don't want to run a pension scheme themselves. On this page. Our goal mirrors yours – to improve retirement outcomes for your members. The Pensions Regulator is the regulator of work-based pension schemes in the UK. As of August 2019, our Master Trust has been authorised by The Pensions Regulator. The master trust market now represents 16 million memberships and holds more than £36bn in assets, The Pensions Regulator’s (TPR) final master trust market update reveals. The framework was designed to evidence the key quality features set out in The Pensions Regulator’s code of practice for defined contribution schemes. ... From 1 October 2018, master trust pension schemes will have six months to apply for authorisation from us in order to continue operating. Master trust pension schemes have existed for many years, but came to prominence after the introduction of automatic enrolment. Chart: master trust application and authorisation numbers. The Smart Pension Master Trust. In April 2014 it … Our website provides you with access to a comprehensive range of information and guidance material to help you understand pensions.
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