HSBC Master Trust has become the first new master trust to be authorised by The Pensions Regulator which has so far focused on authorising existing schemes.

The HSBC scheme has been added to TPR’s list of authorised schemes (see below), bringing the total number of authorised schemes to 38.

New master trusts are subject to the same authorisation criteria as the existing schemes which went through the process in 2019. In total, 37 existing schemes have bee authorised.

The Master Trust schemes so far authorised by TPR.

Aegon Master Trust
The Aon MasterTrust
Aspire Savings Trust
Atlas Master Trust
Aviva Master Trust
The Baptist Pension Scheme
BCF Pension Trust
The BlueSky Pension Scheme
The Carey Workplace Pension Trust
The Cheviot Pension
Combined Nuclear Pension Plan
Creative Pension Trust
The Crystal Trust
Ensign Retirement Plan
FCA Pension Plan
Fidelity
HSBC Master Trust
Industry-Wide Defined Contribution Section (Railways Pension Scheme)
The ITB Pension Funds
Legal & General WorkSave Mastertrust
Legal & General WorkSave Mastertrust (RAS)
The Lewis Workplace Pension Trust
LifeSight
Mercer Master Trust
National Employment Savings Trust (NEST)
National Pension Trust
NOW: Pensions Trust
The Pensions Trust (TPT Retirement Solutions)
The People’s Pension
The Salvus Master Trust
Scottish Widows Master Trust
The SEI Master Trust
Smart Pension Master Trust
Standard Life DC Master Trust
Stanplan A
Universities Superannuation Scheme
The University of Oxford Staff Pension Scheme
Workers Pension Trust
The Pension Schemes Act 2017 introduced the definition of 'master trust'. A master trust is an occupational pension scheme that provides money purchase benefits and is used (or intended to be used) by two or more employers and is not a public service pension scheme. A master trust may also be a group of schemes which provide money purchase benefits.