Aviva Master Trust and Workers Pension Trust have been named as the 19th and 20th defined contribution master trusts to be granted authorisation by The Pensions Regulator (TPR).

The Aviva Master Trust is operated by the titular insurance firm, while the Workers Pension Trust is a Northern Irish auto-enrolment pension scheme.

The authorisations follow confirmation of The Cheviot Pension, The People’s Pension, and Atlas Master Trust approvals last week (20 June), and means that there are approximately 19 master trusts awaiting approval, according to TPR’s latest published figures.

Commenting on the approval, Aviva workplace savings and retirement managing director, Colin Williams, said he was “delighted” that the scheme had received TPR authorisation.

He continued: “Our proposition is one of the strongest in the market and authorisation shows it is a quality pension scheme in terms of governance, operational effectiveness and financial security.

“It now means that our existing clients, and those considering using Aviva for their workplace pension, can be confident that our master trust complies with the highest standards.”

Aviva Master Trust currently managed over £2.5bn of assets across 200,000 members.

Aviva Master Trust chair of trustees, Colin Richardson, added: “This is a fantastic day for Aviva Master Trust.

"Myself and my fellow trustees have always been confident of the quality of the master trust, but authorisation from TPR is vital.

“I’m looking forward to continuing to work with Aviva to develop the master trust and deliver value for money for our members.”

Aviva Master Trust and Workers Pension Trust join Atlas Master Trust, Aon, 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 and the Universities Superannuation Scheme as authorised master trusts.

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