Latest Blogs
-
Tilley: Pensions Commission must push reform...and quickly
Recent news of the revival of a Pensions Commission was music to my ears.
-
Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
-
Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
-
Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
Popular News
-
SIPP market tops 6m plans but may be peaking - study
The SIPP market has grown strongly in the past year with a record 6m+ SIPPs in force and £650bn invested, according to MoretoSIPPs, the specialist consultancy headed by SIPP industry veteran John Moret.
-
AMPS reappoints Debbie Seaton as chair
The Association of Member-Directed Pension Schemes (AMPS), a trade body for SIPP and SSAS providers, has reappointed Debbie Seaton of Seabridge SSAS as its chair.
-
Nest abandoned by 10m workers
Less than a third of members of the Nest Pension scheme are paying into their retirement pots, according to new data released under an FOI request.
The Financial Services Compensation Scheme (FSCS) is now open to claims against Berkeley Burke SIPP Administration Limited (BBSAL).
Scottish Widows has appointed Graeme Bold as director of workplace pensions.
AJ Bell has launched a retirement income solution to help financial advisers manage clients taking income in retirement.
The Aegon Master Trust has received authorisation from the Pensions Regulator (TPR).
The authorisation process is aimed at raising master trust standards in a fast growing area of the workplace pension market by “a thorough examination of scheme’s capabilities in areas such as their systems and processes, financial sustainability and fit and proper requirements for those exerting control over master trusts”.
Following authorisation, master trusts will need to have business plans, continuity strategies and access to ring-fenced assets to protect members’ benefits should a trust be wound up.
Aegon’s master trust was acquired as part of the acquisition of BlackRock’s Defined Contribution and administration business.
The master trust formally became Aegon Master Trust (AMT) in July 2018 and is a growing part of Aegon’s workplace business.
The Aegon Master Trust has £1.5bn total assets under management (AUM), more than 100,000 members and over 85 participating employers.
Ian Pittaway, chair of Aegon Master Trust said: “The Trustees of the Aegon Master Trust are absolutely delighted that Aegon’s commitment to the master trust has been recognised through gaining authorisation.
“I look forward to the continued progress in this market, and the Aegon Master Trust playing its part.
“I am sure there are lots of exciting developments ahead which will improve the financial outcomes for members.”
Kate Smith, head of Master Trust at Aegon UK, is responsible for leading the development of Aegon’s master trust proposition including the authorisation process.
She said: “It’s been exciting to see how the new and improved master trusts market has been shaping up over the last few months and we are delighted that the Aegon Master Trust has joined the line-up of those authorised.
“Raised standards among master trusts means greater protection for members of all master trusts, something I have been calling for over many years.
“As supervision starts to kick in master trust standards will have to continue to be maintained to retain authorisation.”
She added: “As confidence in the master trusts market continues to grow, we look forward to working with more employers in the future and supporting members on their journey to retirement and beyond.”