Legal & General Wins Approval For Huge Master Trusts

Law360, London (April 3, 2019, 4:34 PM BST) -- The U.K. pensions regulator has approved the first three huge master trusts, including two from Legal & General, under its tough new authorization regime, the watchdog said Wednesday, as it tightens up supervision of multi-employer savings schemes.

The regulator, known as TPR, has given the green light to two master trusts belonging to financial services company Legal & General Group PLC and also to LifeSight, an offering from the insurance broker Willis Towers Watson.

TPR said it granted more time to 10 other multiemployer trusts after the deadline to seek authorization passed on March 31. This cutoff point forced companies to...

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