The Pensions Regulator’s list of authorised master trusts has been updated this morning to include two additional schemes, bringing the total to 20.

The two new trust are Aviva Master Trust and Workers Pension Trust.

In order to qualify as a master trust trusts must adhere to section 5(3) of the Pension Schemes Act 2017 and demonstrate that:
 
1. the persons involved in the scheme are fit and proper persons

2. the scheme is financially sustainable

3. each scheme funder meets the requirements set out in section 10

4. the systems and processes used in running the scheme are sufficient to ensure that it is run effectively, and

5. the scheme has an adequate continuity strategy.

The following pension schemes have so far been granted master trust authorisation:

• The Aon MasterTrust

• Atlas Master Trust

• Aviva Master Trust

• The BlueSky Pension Scheme

• The Cheviot Pension

• The Crystal Trust

• Fidelity

• Industry-Wide Defined Contribution Section (Railways Pension Scheme)

• Legal & General WorkSave Mastertrust

• Legal & General WorkSave Mastertrust (RAS)

• LifeSight

• Mercer Master Trust

• National Pension Trust

• The Pensions Trust (TPT Retirement Solutions)

• The People’s Pension

• The SEI Master Trust

• Standard Life DC Master Trust

• Stanplan A

• Universities Superannuation Scheme

• Workers Pension Trust