Watchdog Receives 38 Applications From Multiemployer Trusts

Law360, London (May 14, 2019, 3:48 PM BST) -- Britain’s pensions regulator said on Tuesday that it has received a total of 38 applications from master trusts hoping to win authorization to provide multiemployer pension schemes in the U.K. under tough new standards aimed at protecting 14 million retirement savers.

The Pensions Regulator said that it has already authorized six of the 38 applicants, including the master trusts belonging to Willis Tower Watson and Legal & General Group PLC. Legislation that came into force in October requires every new and existing multiemployer scheme holding more than £29 billion ($37.5 billion) in assets to apply to the watchdog, known as TPR,...

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