With over 14 million members now saving through master trusts and authorisation about to come to an end, as well as the hope for a Pension Dashboard, the sector is set to change drastically. The industry needs to adopt a collaborative approach to tackle the barriers to good service delivery and positive member outcomes. The new workstreams, which will include representatives from companies including HSBC, NEST, Atlas, Smart Pension and TPR, will aim to develop educational materials and produce thought leadership to support the master trust industry.
The key workstreams are:
• Governance: This workstream comprises of trustees and scheme strategists to encourage best practice across the trusteeship sector. Aimed at both commercial and non-commercial trusts, the group will promote the importance of having a diverse range of skills on trustee boards.
• Training and Education: Aimed at those who run and work for master trusts, as well as advisers, this group will look at training and education guides and tools to help employers to manage their schemes. The stream will also promote improvements to the master trust qualifications currently available.
• Technology and Engagement: This workstream will cover both operational and member facing technology, with a focus on the Pensions Dashboards, big data, artificial intelligence, the regulatory framework and the reliance on the quality of data.
• Innovation: This workstream will focus on innovation across the pensions sector, particularly in relation to decumulation and investment.
Workstream membership will be limited to two representatives per organisation – but companies may have delegates across all four workstreams.
Lesley Carline, President, Pensions Management Institute, commented: “As the burgeoning master trust sector continues to take shape, many problems and obstacles are coming out of the woodwork. At the PMI, we are passionate about the future of master trusts and think that they can have a positive effect on the pensions industry as a whole.
“That is why we formed the Master Trust Working Group, to provide education, represent the views of those at the heart of the industry, support the improvements that must be made and tackle these issues head on.
“By joining one of our four workstreams, industry professionals can put their skills to use to help the master trust sector improve its governance, navigate the regulatory landscape and ensure that the best possible member outcomes are delivered.”
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