Last checked at 23 Aug 2019 07:00
RNS Announcement
23rd August 2019
The National Pension Trust achieves master trust authorisation
The Trustees of the National Pension Trust (part of XPS Pensions Group PLC) have received confirmation from the Determinations Panel on behalf of The Pensions Regulator (TPR) that the National Pension Trust has been granted authorisation under the Pension Schemes Act 2017 with effect from 2nd August 2019.
The authorisation process has significantly reduced the number of master trusts operating in the market with 44 master trusts having exited or triggered their exit according to the latest figures published by the Pensions Regulator. 18 master trusts have been authorised as at 20th August 2019 with a further 21 awaiting approval.
The Determinations Panel considered the requirements under the five criteria in section 5(3) of the Pension Schemes Act 2017 and granted authorisation on the underlying regulations that:
I. the persons involved in the scheme are fit and proper persons
II. the scheme is financially sustainable
III. each scheme funder meets the requirements set out in section 10
IV. the systems and processes used in running the scheme are sufficient to ensure that it is run effectively, and
V. the scheme has an adequate continuity strategy
Paul Cuff, CEO XPS Pensions Group PLC says ''We are delighted to have achieved authorisation with the high quality of our proposition and people. Market data indicates that the master trust market has grown considerably in recent years and that trend is set to continue. Clearly such a reduction in the number of providers and the significantly raised standards creating higher barriers to entry mean XPS are very well positioned to exploit this opportunity''
ENDS
For more information please contact:
Rebecca Noonan, Associate Partner, Camarco
Tel: 020 3757 4981 / 07900 340483
Mia Carlin, Consultant, Camarco
Tel: 020 3781 9242 / 07903 281 922
Notes to editors:
The National Pension Trust (NPT) is a multi-employer master trust offering members full retirement flexibilities. Economies of scale and cutting edge technology means charges are low for members and there are no ongoing costs for employers.
XPS Pensions Group is the largest pure pensions consultancy in the UK, specialising in actuarial, investment consulting and administration. The XPS Pensions Group business combines expertise, insight and technology to address the needs of over 1,000 pension schemes and their sponsoring employers on an ongoing and project basis. XPS undertake pensions administration for over 870,000 members and provide advisory services to schemes of all sizes including 25 with over £1bn of assets.
XPS Pensions Group won the 2019 Professional Pensions Actuarial/Pensions Consultancy of the Year and the 2019 Professional Pensions Third Party Administrator of the Year. XPS Pensions Group was also ranked the No.1 Third Party Administrator in the Professional Pensions 2019 survey for the fifth time in six years.
www.xpsgroup.com