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Master trusts operating in the DC industry

FOI reference - FOI 2017-05-16
Date - 16/05/2017

Request

I would like to request a full list of all authorised master trusts that are currently operating in the UK defined contribution (DC) industry.

Response

Duty to confirm or deny whether TPR holds the information requested

We don’t hold the information because we do not as yet 'authorise' master trust schemes.

Under the new Pensions Schemes Act 2017 master trust schemes will be authorised by The Pensions Regulator (TPR). The Department for Work and Pensions anticipates that authorisation will commence from October 2018 following regulations.

Duty to provide advice and assistance

I am mindful of the duty to provide advice and assistance to requesters, as far as it is reasonably practicable to do so.

Pension schemes that meet certain criteria for registration under the Pensions Act 2004 are required to register with TPR but these schemes may or may not be master trust schemes.

In general, pension schemes with two or more scheme members must register with us. We treat the registration of a master trust scheme the same as the registration of any other trust-based scheme. During the scheme return we do ask questions to help us identify whether the scheme in question is likely to be a master trust but we do not set any unique scheme registration requirements for master trusts.

On our website we publish a list of master trust schemes with master trust assurance. This is a list of master trusts which have obtained independent assurance under the master trust assurance framework. Please note these schemes are not 'authorised' by TPR and the list is not a full list of master trust schemes operating in the UK DC industry.

You might be interested to know that Professional Pensions are looking to compile a definitive list of master trust schemes in the UK. Again, this is not a list of authorised master trusts. Their current list can be found on the Professional Pensions website.