Source: TPR. Figures correct as at 5 November 2019Nicola Parish, executive director of frontline regulation at TPR, said the number of schemes leaving the market “shows that these laws are demanding – and rightly so.“The 37 authorised master trust schemes will continue to be closely supervised by us to make sure they continue to operate within the law.”Due diligence ramps upThe regulator said authorisation had resulted in many improvements to the schemes, including “a major shift” in the level of financial due diligence applied by DC trustees. In a number of instances, trustees took covenant advice on the corporate entities sitting behind master trusts, it noted.TPR also said its engagement with schemes during the authorisation process led to the total amount of financial reserves held by the schemes increasing by £93m. The reserves cover the costs of winding up a scheme and protecting members’ pension pots.“Because of authorisation, the quality of master trust products and providers has improved; therefore increasing protection for members,” said TPR.“The authorisation of master trusts offers a route for consolidating DC schemes, and the reduction in the size of the market by 53 schemes is evidence of the high bar for authorisation.” The regulator’s starting figure of 90 includes several schemes that decided to leave the market after it ran a pre-authorisation voluntary application process, as well as schemes that legal advice ultimately showed did not meet the definition of a master trust in legislation: a trust-based occupational defined contribution (DC) scheme that is used by two or more unconnected employers.TPR said 11 schemes have exited the master trust market so far, and a further 36 have notified it of “a triggering event to exit the market” and will transfer their members to an alternative master trust scheme or other appropriate vehicle.The 37 authorised schemes have more than £36bn (€41bn) in assets under management between them, 16 million memberships, and total financial reserves of £524m.Master trust application and authorisation figures The number of master trusts in the UK has more than halved following the introduction of authorisation requirements, the country’s pensions regulator announced yesterday.Under a new law brought in 2017, master trusts in the UK have to meet new standards or close, with The Pensions Regulator (TPR) opening an authorisation process for existing entities in October last year. The main deadline to apply for authorisation was 31 March 2019, although schemes could request a six-week extension.Yesterday the regulator announced that the final schemes had been authorised – Salvus Master Trust and FCA Pension Plan – and that the market had shrunk from 90 master trusts from before the authorisation process to 37; 38 schemes applied for authorisation but SuperTrust UK this week announced it was withdrawing from the market.One new master trust has submitted an application for approval, which TPR is currently assessing.
VBET agrees Armenian Premier League and Armenian Cup sponsorship August 13, 2020 FeedConstruct scores data partnership with Ukrainian FA June 26, 2020 Submit Share StumbleUpon Related Articles Share New Polish poker table in BetGames section for STS July 15, 2020 Tommy Berden – PSAGambling technology and systems provider BetConstruct has announced the first partnership for its new sports data-feed solution ‘FeedConstruct’, integrating the video content of the Professional Squash Association – PSA.Updating the market, BetConstruct has agreed to deliver PSA Tour and PSA World Challenger Tour live video content across its new ‘FeedConstruct – Friendship Platform’ on a client pay-to-view basis.The PSA and its syndicated tournaments is set to gain from heightened coverage, being able to promote its 200 annual events and +1000 professional players to BetConstruct partners.“We are pleased to establish a partnership with FeedConstruct and are looking forward to working with them over the coming months,” said PSA Chief Commercial Officer Tommy Berden.“FeedConstruct have extensive experience in providing live video content to the gaming industry and we believe that squash – with its unpredictable nature and supremely talented athletes – will be a perfect fit for their platform.”Samvel Nersisyan – FeedConstructThe FeedConstruct Friendship platform is a major product release for BetConstruct development in 2018, with the technology group seeking to broaden its technical capacities for wider industry stakeholders (sports’ clubs, organisation and media owners).“We designed Friendship platform to be a global marketplace of unique sport and gaming videos. We happily welcome PSA on our platform with their video content of exciting and thrilling squash,” added Head of FeedConstruct, Samvel Nersisyan.