The L&G Mastertrust has announced today that it is the second Mastertrust to receive authorisation from the Pensions Regulator (TPR) under new legislation designed to strengthen protections for pension scheme members and drive tougher standards across the market.
2 Apr 2019
Emma Douglas, Head of DC at LGIM said: “With increases in minimum contribution levels under auto enrolment due imminently, savers need to feel confident that master trust providers are adhering to high standards of governance, to deliver the best possible retirement outcomes. One of the PLSA’s key policy priorities is ‘well governed schemes’ and the rigorous standards applied to master trust authorisation will help the industry achieve this.”
Under the legislation, master trust scheme trustees had until the end of March to apply for TPR authorisation in order to continue operating. Trustees have been required to outline how a scheme meets the required standards, which include fit and proper people running the scheme, a continuity strategy in place to protect members, robust systems and processes, and adequate financial resources to administer the scheme.