Majority Of UK Pension Savers Now With Master Trusts
Law360, London (February 7, 2020, 12:57 PM GMT) -- Nine in 10 savers in the U.K. now have their retirement investments in the largest multi-employer pension plans, more than a year after regulation caused widespread consolidation in the savings market.
The Pensions Regulator said Thursday that 16 million people had saved £38.5 billion ($49.8 billion) in just 38 so-called master trusts. Trusts that held workplace pensions for multiple employers have been forced since October 2018 to meet stringent rules on governance from the regulator or face being closed down.
The rules meant that more than 53 pension plans out of 90 that would have previously defined themselves as master trusts exited the...
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