Master Trusts Push 'Has Fueled Pensions Consolidation'

Law360, London (July 17, 2020, 2:03 PM BST) -- The pensions watchdog has claimed success in driving greater consolidation in the retirement sector, saying the number of workplace saving plans has fallen by 12% since last year as more master trusts have sprung into existence.

The Pensions Regulator said in its annual report that the number of occupational defined contribution schemes has fallen by 62% in the last 10 years from 4,560 to 1,740. TPR said the drop was the results of its work in authorizing master trusts, schemes for multiple employers that are held to higher regulatory standards and are therefore less likely to fail.

The regulator said in its report,...

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