Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Aegon submitted its application today (21 March), while Ensign applied yesterday and Fidelity sent its application on 27 February. They join at least 18 other master trusts awaiting response.
Aegon head of master trust Kate Smith said the insurer worked closely with its trustees to develop the submission.
“It’s taken a lot of time and commitment, reflecting the regulator’s desire to really understand how master trusts are operating and the governance they have in place as well as their plans for the future.
“We are confident that we will be authorised and look forward to further engagement with TPR. They’ve raised the bar for the master trust market and we welcome the initiative as it means greater protection for members of all master trusts, and will act as a driver to raise standards.
“This form of pension scheme has grown quickly in recent years and it’s only right that the regulator is examining the capabilities of providers to meet the needs of their members and ensure they’re able to support their long term savings goals.”
Ensign chairman Rory Murphy noted that the “robust process” was exceptionally thorough and understandably so given the size of the market.
“Quite rightly the regulator has devised a high and stringent benchmark to deliver market clarity and employer confidence in master trusts. Our application is the result of a huge amount of work undertaken by the Ensign team.”
Fidelity International head of UK workplace investing Daniel Smith said: “We’ve always been very supportive of the aims of the authorisation process, as it will deliver long term security for millions of UK pension savers.
He noted that the application process has been a huge collaborative effort between Fidelity International and the trustees.
“We are confident that our submission is of the highest quality and the trustees share our view.”
Master trusts now have 10 days left to submit their applications to the regulator, and it has been nearly six months since the window opened.
Master trusts also had the opportunity to take part in a readiness review in the middle of last year in preparation for applying. Nonetheless, TPR confirmed today that 11 master trusts have been granted an extension, meaning 18 master trusts are yet to declare their intentions. The total number of applications sent or authorised is 22.
By the end of February, just one master trust – Willis Towers Watson’s LifeSight – had been authorised, after also being the first master trust to apply.
So far, the names of 19 master trusts that have applied or been authorised are publicly known. The most recent applications were sent by Creative Pension Trust on 18 March, Aviva on 13 March, Smart Pension on 15 March, National Pension Trust on 13 March, and Aon on 11 March.