Pensions - Articles - TPR unveils future monitoring of the master trust market


The Pensions Regulator (TPR) has outlined how authorised master trusts will be supervised, in a draft policy published for consultation.

 Master trust authorisation launches in October this year, when schemes will have six months to apply to TPR to continue to operate in the market.

 Schemes which achieve authorisation will then be supervised by TPR on an ongoing basis, to ensure that they continue to meet the authorisation criteria as well as other relevant legislation and codes of practice.

 The Master Trust Supervision and Enforcement Policy published for consultation today outlines how TPR will supervise all schemes as well as more intensively scrutinise higher risk master trusts.

 The document also details how TPR may use its powers to enforce against master trusts if problems arise or legislation is breached, and ultimately withdraw authorisation if a master trust no longer meets the authorisation criteria or other obligations.

 The supervision of master trusts aligns with TPR’s new risk-based approach of proactively overseeing all types of pension schemes, which is being developed as part of the TPR Future change programme.

 Kim Brown, Head of Master Trust Authorisation and Supervision at TPR, said: “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.

 “Our policy outlines how we will be collaborative in supervising schemes, but tough to use our powers, including de-authorising schemes, if they drop below the standards outlined in legislation.”

 The consultation on the policy runs until 23 August.

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.