Master trusts face greater scrutiny under new rules

Master trusts must now apply to The Pensions Regulator for authorisation in an effort to drive up standards in schemes.

Under new legislation every new and existing master trust must show it has fit and proper people, sufficient financial reserves, robust systems and adequate plans in place to get authorisation.

TPR will supervise schemes to make sure they continue to meet their legal duties.

Existing master trusts have six months to apply for authorisation while new master trusts must be authorised before they open for business.

Master trusts taking too much risk in run up to retirement

TPR frontline regulation executive director Nicola Parish says: “The success of automatic enrolment has led to rapid growth in master trusts. Authorisation and supervision is vital to ensure 10 million savers can have confidence that their retirement savings are safe.”

Aegon pensions head Kate Smith says: “Already 30 master trusts have decided not to apply for authorisation and have exited or are exiting the market. More will follow as stronger regulation and ongoing supervision bites, potentially cutting the number of schemes in half in a year or so.”

Recommended

3

Annual allowance tax take take triples in year after taper

The amount savers have contributed above the annual allowance on pensions has more than tripled in the last year. Figures released this morning by HM Revenue and Customs show that for the 2015/16 tax year, total annual allowance breaches came in at £179m. This has now jumped to £561m in 2016/17, the year the tapered […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
101

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Paul-Simpson

Quilter Investors chief: ‘We are not here to sell funds based on performance’

Quilter Investors chief executive on designing funds advisers want rather than giving the hard sell Anyone who thinks rebranding is marketing speak for simply changing a company’s name, think again. As Quilter Investors chief executive Paul Simpson will testify, there is much more to it. Not only does it entail strategic and marketing decisions – […]

Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.

Crowd-of-people-masses-700.jpg

Three million missing out on workplace pension contributions

Steve Webb, Director of Policy and External Communications, Royal London  New analysis by mutual insurer Royal London has found that over three million people working for larger employers are failing to take up around £2bn a year which their employers have offered to contribute to their workplace pension schemes. In many workplaces, workers pay a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com