TPR authorises HSBC as first new Master Trust

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 TrustThe Aon MasterTrustAspire Savings TrustAtlas Master TrustAviva Master TrustThe Baptist Pension SchemeBCF Pension TrustThe BlueSky Pension SchemeThe Carey Workplace Pension TrustThe Cheviot PensionCombined Nuclear Pension PlanCreative Pension TrustThe Crystal TrustEnsign Retirement PlanFCA Pension PlanFidelityHSBC Master TrustIndustry-Wide Defined Contribution Section (Railways Pension Scheme)The ITB Pension FundsLegal & General WorkSave MastertrustLegal & General WorkSave Mastertrust (RAS)The Lewis Workplace Pension TrustLifeSightMercer Master TrustNational Employment Savings Trust (NEST)National Pension TrustNOW: Pensions TrustThe Pensions Trust (TPT Retirement Solutions)The People’s PensionThe Salvus Master TrustScottish Widows Master TrustThe SEI Master TrustSmart Pension Master TrustStandard Life DC Master TrustStanplan AUniversities Superannuation SchemeThe University of Oxford Staff Pension SchemeWorkers Pension TrustThe 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.

TPR authorises HSBC as first new Master Trust

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