Business
The National Pension Trust achieves authorisation
The National Pension Trust achieves authorisation.
About this update from Xps Pensions Group Plc
[{"type":"text","content":"\n \nRNS Number : 9977J XPS Pensions Group PLC 23 August 2019 \n\nRNS Announcement\n23rd August 2019\n \nThe National Pension Trust achieves master trust authorisation\nThe 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.\nThe 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.\nThe 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:\nI. the persons involved in the scheme are fit and proper persons\nII. the scheme is financially sustainable\nIII. each scheme funder meets the requirements set out in section 10\nIV. the systems and processes used in running the scheme are sufficient to ensure that it is run effectively, and\nV. the scheme has an adequate continuity strategy\nPaul 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''\n \nENDS\nFor more information please contact: \nRebecca Noonan, Associate Partner, Camarco\nTel: 020 3757 4981 / 07900 340483\n \nMia Carlin, Consultant, Camarco\nTel: 020 3781 9242 / 07903 281 922\nNotes to editors:\nThe 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.\n \nXPS Pen...