We use cookies to support features like login and allow trusted media partners to analyse aggregated site usage.
To dismiss this message and allow cookies to be used, please click "Continue".

Continue

News/Analysis

Twitter board

Follow us
  • "To get to the heart of some of the issues surrounding responsible investment we brought trustees, fund managers an… https://t.co/ujIdYI4gKI9 hours ago
  • RT @TimGiles90: @TimManuel17 on Trustee awareness of #climatechange ft in @portfolio_inst latest #aonexpertsinthenews https://t.co/WJdMA3MD…yesterday
  • Beyond bonds: How pension schemes are looking to update their LDI strategies https://t.co/qcq3fx3dJJ #ldi… https://t.co/Aj4PVgTz0G2 days ago
  • Friday View: Climate change: a hot topic - TPR prepares for master trust deadline - Prudential and Aviva's de-risk… https://t.co/c8N8HZ62HE6 days ago
  • As offices and workplaces are heating up, so is the debate on climate change: What are trustees doing to protect sa… https://t.co/U77fvAzS199 days ago
  • Friday View: Infrastructure: Land of opportunity  - FTSE 100 schemes are back in black - Brewery hit by TPR fine -… https://t.co/disYRfYaUw13 days ago
  • With 70% of pension schemes planning to allocate to infrastructure - the scramble for assets begins. Our latest cov… https://t.co/aWetZeBhq216 days ago
  • Exclusive: Border to Coast appoints new CIO https://t.co/mipd2Aeyvy #LGPS #pensions #LPGSpooling https://t.co/P0D1EQLvmu20 days ago
  • Friday View: PPF's Ian Scott - Border to Coast goes live - TPR launches master trust consultation - Railpen invests… https://t.co/mSeDHNrEjP20 days ago
  • Local authority pension pool Border to Coast goes live with two equity funds, hires new CIO: https://t.co/4uIWEpuD1C https://t.co/8UP3stSh9o20 days ago
  • Our interview with the PPF's Ian Scott is now live! “The uniqueness of what we do here at the PPF is sometimes over… https://t.co/On1pYg5aXJ22 days ago
  • Latest buy-in means @UK_CAA has de-risked £1.7bn of pension scheme liabilities - https://t.co/eFRK22wyI2 #pensions https://t.co/rrYgf0fQAr24 days ago
  • Friday View: Border to Coast launches UK equity tender - Rentokil Trustee faces fine - Gleeson directors banned - P… https://t.co/wx2SJ0bGfG34 days ago
  • Shareholder engagement: It’s good to talk For responsible investors talk isn’t cheap. Not only does research sugges… https://t.co/imwrezJuKJ34 days ago
  • Friday View: PA's DB scheme signs buy-out deal - PIC invests in Midlands housing association - Newton Video on Emer… https://t.co/GbWDdyENlN41 days ago
  • RT @minerva_ESG: Hey, all #ESG and#corpgov tweeps, lend a hand to @portfolio_inst important opportunity to support investors' understanding…41 days ago
  • We want to know your appetite and understanding for ESG! Please click the link to take our 5 minute survey to tell… https://t.co/SsVgQzEKIc42 days ago
  • RT @AonRetirementUK: Great event, thanks for hosting @portfolio_inst. Inspired location too! https://t.co/we7Ou46ns342 days ago
  • Full house at our Portfolio Prepared event, Oliver Hamilton Illiquids specialist @AonRetirementUK discusses conside… https://t.co/F0qPFPjUSP43 days ago
  • West Midlland Pension Fund’s Jill Davys: “I am reluctant to overpay for assets” Assistant director of investments a… https://t.co/YHtEIU5BSN45 days ago

Pensions

Regulator launches master trust consultation

Regulator launches master trust consultation

Mona Dohle
Thursday 26th July 2018

Ahead of the deadline for master trust authorisations, The Pensions Regulator (TPR) is seeking the views of industry participants on its draft policy proposals published in late July.

From October, master trusts will be faced with a six month deadline to receive TPR authorisation in order to continue their operations in the UK.

The proposals, which follow the introduction of the Pension Schemes Act 2017, aim to outline the authorisation process for master trusts as well as criteria for a possible enforcement action by the regulator if the 2017 Act is breached.

The Pensions Act aimed to provide clarity to the growing number of master trusts, i.e. multi-employer pension schemes, which have entered the market since the introduction of automatic enrolment.

Whilst offering operating costs compared to single-employer schemes, the regulator remains concerned that master trusts carry specific risk such as the profit motives of sponsoring employers and as a result of the number of savers involved.

An example includes the Smart Pension Master Trust, which was fined £15,000 for failing to report £900,000 of unpaid employer contributions.

Earlier this month, the regulator has revealed that in order to be authorised, schemes with less than 2000 members will have to hold at least £150,000 in reserve.

TPR now proposes routine as well as risk-based targeted monitoring of master trusts in the UK and impose financial penalties or even start a criminal prosecution if the trust in question fails to disclose information to the regulator.

Kim Brown, head of master trust authorisation and supervision at TPR comments: “Authorisation will create a market with better safeguards. To do that we need to set the standards which every master trust must meet to operate once they have been authorised, or set up in the market.

“We will also supervise these schemes to ensure that they continue to meet the authorisation criteria, are well-run and offer good value for members,” she stresses.

Industry participants will be able to respond to the online survey on the TPR website until the 23rd of August.

0

Leave your comment

View our comments policy

Please login or register with us to leave a comment. It's completely free!