The People’s Pension is granted master trust authorisation
The People’s Pension, one of the UK’s largest master trusts, has been granted master trust authorisation from The Pensions Regulator (TPR).
Trustees of master trusts were given six months to apply for authorisation and show their scheme met the five criteria laid out in legislation:
- demonstrating the people running their scheme were fit and proper
- the master trust was financially sustainable
- the funder of the scheme could support it
- the master trust had adequate systems and processes in place
- a continuity strategy had been prepared.
Commenting on being granted master trust authorisation, Patrick Heath-Lay, CEO of B&CE, provider of The People’s Pension, said:
“We are delighted to receive master trust authorisation; it’s reward for all the hard work that has gone into building The People’s Pension into one of the UK’s largest master trusts, now serving more than four-and-a-half-million savers and 88,000 employers across the country.
“For our members and employers, authorisation offers peace of mind. But at The People’s Pension we know that this is just the beginning – rightly – of much closer ongoing regulation of master trust provision.
“We anticipate further change as the authorisation process beds in, as auto-enrolment continues to grow in importance, and discussions about the regulation of the master trust ‘at retirement’ market develop. Our size and strength mean we are well placed to face the future.”
Notes to Editors:
1. The People’s Pension is a leading, not-for-profit, auto-enrolment pension provider, with more than 4 million members from 88,000 employers and more than £7bn assets under management (accurate at 20 August 2019). We tweet as @peoplespension.