Over 50 Pension Trusts Exit Tougher Market, Watchdog Says
Law360, London (November 5, 2019, 5:07 PM GMT) -- Britain's pensions regulator said Tuesday that more than 50 multiemployer pension schemes have dropped out of the market, more than a year after they applied to gain authorization under tough new standards aimed at protecting retirement savers.
The Pensions Regulator said it has authorized 37 existing master trusts, also known as multiemployer schemes, since October 2018, which will protect 16 million pension pots. Legislation came into force at the time that required every new and existing such scheme holding more than £29 billion ($37 billion) in assets to apply to the watchdog for approval.
The new rules came under updates to the...
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