The Pensions Regulator (TPR) has confirmed that 30 master trusts have or will exit the market, leaving 58 that will either need to apply for authorisation or exit in the coming months.
The figure comes as the watchdog's master trust authorisation and supervision regime came into force, alongside its final supervision and enforcement policy for master trusts remaining in the market. Today (1 October) marks the first day of the regime under which master trusts will need to apply for authorisation by the end of March next year, costing them up to £41,000, or wind up and transfer members to an authorised scheme. Also published today, the final supervision and enforcement policy outlines expectations of master trusts, but also what master trusts can expect from the watch...
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