From October 2018, multi-employer Master Trust pension arrangements will face tighter authorisation and supervision than ever before. That’s because from then on new and existing Master Trusts will have to prove to The Pensions Regulator (tPR) that they meet five...

In the darkness of Wonderwerk Cave in South Africa perhaps one million years ago, our ancestors lit a fire. This seemingly small event is now regarded as a key step in human development because it gave our ancestors access to instant warmth, cooked food and new...

With the countdown well underway until the new Master Trust authorisation regime begins in October 2018, schemes are working hard to gather evidence to support their application to The Pensions Regulator. As we begin taking a hard look at our Master Trusts, it is...

With a new year comes a whole host of new challenges for the pensions industry, and 2018 looks set to be the start of an important process of tidying up and building back a reputation of quality and trust for the sector. Following the introduction of the Pension...

In 2014 the government introduced pension freedom in the budget, coming into effect from April 2015. This enabled anyone aged 55 and over to take the whole of their pension fund as a lump sum, paying no tax on the first 25% and the rest taxed as if it were a salary at...

Regulations are forever evolving and this continuing shift of the pensions landscape has an impact on the organisations running commercial Master Trusts . When you take into account the proposed ‘noose’ of a 50bps charge cap, the question has to be asked “What is the...

Master trusts need to have control procedures in place to ensure that governance and administration arrangements work properly. In May 2016, the Work and Pensions Select Committee described master trusts as a “good fit” with auto-enrollment because they provide the...

It is well known that many people will rely on their pension to provide an income once retirement is taken. This means that getting investment choices right from the start plays a vital role in the possible return on investment. However, DC savers who have been...

Prior to the 2015/2016 tax year (when ‘pension freedoms’ changes became active), it had been routine for members to wait until reaching a fixed retirement date before accepting one of two options; a tax-free lump sum and the remainder used to purchase an annuity, or...

The Pension Schemes 2017 Act introduces a formal definition of a ‘master trust’. Master trusts were greeted with mixed emotion into the pensions club five years ago but are now the backbone of defined contribution (DC) scheme provision. As of today, a master trust is...

The Government’s introduction of workplace pensions to the market was intended not only to solve the issue of fewer companies offering lifelong pension schemes, but to tackle the troubling lack of saving habits among younger savers and those who move jobs regularly....