Now Pensions and Scottish Widows have been authorised by the regulator bringing the current number to 29.
John Rowland, non-executive chairman of Now Pensions, said, “I have been a strong supporter of the concept of authorising Master Trusts since it was proposed in the Pensions Act 2017.
“With over 10 million people now having been automatically enrolled into workplace pensions and the majority of those in Master Trusts, we believe that the authorisation regime provides valuable reassurance to all employees who have been auto enrolled into a Master Trust by their employer.”
Joanne Segars, chair of trustees of Now Pensions, said, “I am thrilled that Now Pensions has been authorised.
“The Master Trust Authorisation regime ensures high standards are upheld, giving workers enrolled into a workplace pension the confidence that their employers have chosen their pension provider wisely.
"We want workers to feel reassured that their hard-earned pension savings are being regulated and are in responsible hands.
“As the number of people enrolled is only set to rise, it is important that the industry is held accountable.
Jeff Sayers, Scottish Widows’ managing director of pensions and investments and chair of the SWMT Strategist Committee, said: “As auto-enrolment continues to have a positive impact on the nation’s saving, we are delighted to offer employers and employees the benefits of an authorised master trust.
“This sits alongside a full range of choices for workplace and individual customer needs, as they look to save for their financial future and retirement. Scottish Widows will continue to evolve our proposition, and work even harder towards delivering good outcomes for our members.”
Kim Nash, chair of Scottish Widows’ Master Trust, said: “Authorisation of the master trust market is a welcome step in raising governance standards across the market to secure better member outcomes.”