Standard Life Assurance Limited today announces it has received authorisation from The Pensions Regulator (TPR) for its two master trusts – the DC Master Trust Scheme and the Stanplan A scheme. Looking after over 240,000* members the Standard Life master trusts are among the biggest in the UK offering a choice of solutions to employers wishing to streamline their pension processes.
Demand continues to grow for master trusts as they can offer quality oversight and flexibility, while reducing the governance burden and providing economies of scale for employers. Standard Life’s approach is based on agreeing goals up front and building a solution that is a customised integrated workplace pension that aims to provide a good outcome for members.
Richard Butcher, Chair of the Standard Life Master Trust Co Ltd Board, commented: “I am delighted that we have been able to conclude this rigorous process and that the two master trusts we look after have been authorised. On behalf of the trustee board, I’d like to thank the team at Standard Life for all their hard work and the Regulator for the constructive way they have engaged with us. The Board’s focus has always been on delivering good member outcomes. Authorisation means that our current and future members, as well as the employers participating in the schemes, will have an added layer of reassurance in that respect.”
Neil Hugh, Head of Customer and Workplace Proposition and Strategy at Standard Life, added: “We’re very proud to be among the first to be granted authorisation. We have a proven track record with 45 years’ experience helping members and their clients manage their pension savings. Master trusts are already a popular auto enrolment vehicle and we’re seeing a significant increase in membership. A master trust is a proven solution for both employers and their employees, it takes away some of the regulatory burden, allowing employers more time to focus on helping their employees plan their financial future.”
For further information or interviews, contact:
Corporate Communications, Standard Life 0131 245 0489
*All figures are at 30 March 2019. 240,000 members across SLDCMT and Stanplan A.
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