Pensions Regulator unveils master trust code of practice consultation

From October this year, master trusts will have to apply to TPR for authorisation to operate in the market. The code outlines how existing master trusts will be expected to meet the new authorisation criteria and what they will need to prove to receive authorisation and continue operating. From October 1, the watchdog will take on responsibility for authorising and supervising master trusts under a regime designed to strike the right balance between member security and scheme burdens. The regulator was given these powers under the Pension Scheme Act 2017 due to concerns over low ba...