The Pensions Regulator (TPR) will authorise and supervise defined contribution (DC) master trusts under a planned regime which will "strike the right balance" between member security and scheme burdens.
Under the regime, unveiled by the Department for Work and Pensions (DWP) today, members in master trusts will be given equivalent protections to members in other occupational pension schemes. Authorisation will only be given to master trusts that meet five criteria, assessed by TPR. The scheme must be run by fit and proper persons; be financially sustainable; have scheme funders which meet specific requirements; have sufficient systems and processes to run effectively; and have an adequate continuity strategy. This will also include TPR assessing "the financial strength of scheme fund...
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