First NI Pension Provider Awarded Master Trust Status

A local pension provider has became the first in the region to be awarded Master Trust Authorisation from The Pensions Regulator.

Workers Pension Trust is celebrating the accreditation with is 85,000 members across Northern Ireland and Great Britain.

The non-profit organisation is the largest private sector scheme in Northern Ireland and represents over 5000 bodies UK-wide.

Discussing the Master Trust Authorisation and the scheme's growing popularity, John Armstrong, Managing Director at Workers Pension Trust, commented: "Securing Master Trust Authorisation is a complex and rigorous process and we are absolutely delighted to be the first Northern Ireland based provider to have achieved this prestigious accreditation.

"Authorisation creates safeguards by ensuring master trusts are run by fit and proper people and have the right systems, processes, plans and finances in place. We believe that it will not only further improve the outcomes for our members and participating employers but will also serve to reassure them that Workers Pension Trust is the right provider.

"Workers Pension Trust is currently one of only 20 UK master trusts that have achieved authorisation to date. A further 40 UK master trusts have already exited or intend to exit the market as a result of The Pensions Regulator's demanding regulatory regime which requires master trusts to evidence the highest levels of governance."

Workers Pension Trust, headquartered in Belfast, was established to meet the needs of local businesses and is the only Northern Ireland based auto-enrolment solution. It is open to all employees across the UK.

A master trust is a trust-based occupational pension scheme which provides defined contribution benefits and is used by two or more unconnected employers.

The Pensions Regulator introduced Master Trust Authorisation to better protect the 14 million people saving in Master Trust schemes, ensuring that pensions run in the best interests of their members.

Mr Armstrong continued: "Workers Pension Trust is helping thousands of people to save for their retirement. More than 5,000 businesses, spanning a wide range of sectors, have entrusted us to look after the pension needs of their employees and we have the experience to guide employers through every step of the process."



(JG/MH)