The Pensions Regulator (TPR) has granted authorisation to two further defined contribution master trusts, bringing the total number approved to 22.

Autoenrolment.co.uk Master Trust, operated by Smart Pension, and The Lewis Workplace Pension Trust have become the 21st and 22nd schemes to be authorised by TPR.

Smart Pension has announced that, following its regulatory approval, it plans to consolidate the £20m Corpad Master Trust and the £12.5m Corporate Pension Trust.

It also has “a number” of similar consolidation deals “in the pipeline” in the coming months.

The Lewis Workplace Pension Trust was established in January 2013 by Lewis Investment.

Commenting on its authorisation, Smart Pension co-founder and CEO, Andrew Evans, said: “We’re delighted to have been granted authorisation.

“Reaching this important milestone has involved an enormous amount of effort, but if the industry is to continue to satisfy the highest standards, it’s all been worth it - and will continue to be.

“Authorisation is just the first step in raising the industry bar to ensure savers get the outcomes they deserve from fully-accredited providers they can trust.”

The authorisations follow confirmation of Aviva Master Trust and Workers Pension Trust last week (27 August), and means that there are approximately 17 master trusts waiting approval, according to TPR’s latest published figures.

Smart Pension head of regulatory affairs, Ian Digby, added: “The new standards set by TPR are tough, detailed and exacting, but that’s absolutely right and proper and we support the regulator’s direction wholeheartedly.

“As part of the new regime, the regulator will also provide stronger ongoing supervision and enforcement to ensure authorised master trusts continue to work harder on behalf of employers and members.”

Autoenrolment.co.uk Master Trust and The Lewis Workplace Pension Trust join Atlas Master Trust, Aon, Aviva Master Trust, the BlueSky Pension Scheme, The Cheviot Pension, The Crystal Trust, Fidelity, Legal & General WorkSave Mastertrust, Legal & General WorkSave Mastertrust (RAS), LifeSight, Mercer Master Trust, National Pension Trust, The Pensions Trust (TPT Retirement Solutions), The People’s Pension, the Railways Pension Scheme's DC, The SEI Master Trust, Standard Life DC Master Trust, Stanplan A, the Universities Superannuation Scheme and Workers Pension Trust as authorised master trusts.

Share Story: