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In a major master trust merger, almost £20m in funds under management have been transferred to The People’s Pension, the UK’s largest private-sector master trust, from Your Workplace Pension (YWP).
Through collaboration with JLT Employee Benefits who project managed the merger, The People’s Pension now provides assistance to 70 employers with their automatic enrolment duties for more than 8,700 members1.
The merger brings more than £5million in annual contributions to The People’s Pension, which will rise to around £10 million per year following the mandatory rise in pension contributions this week.
Commenting on the transfer, Roy Porter, group director of sales and marketing at The People’s Pension, said:
“Almost 9,000 members and 70 employers have been moved across to The People’s Pension in a successful transfer, thanks to a close and effective partnership with JLT.
“Across the industry, master trust consolidation like this looks set to increase following the new legislation and The People’s Pension is well-placed to support that.
“There are a large number of master trusts in the market but following the new regulation it’s unrealistic to think they’ll all be able to continue. Improved regulation will ensure that more members can easily be moved to good quality workplace pension schemes where the employer no longer wants to operate its own pension scheme.”
Tom Pook, head of discontinuance at JLT, also expects to see significant consolidation of the Master Trust market as a result of authorisation requirements and associated focus from the Pensions Regulator.
Following the transfer of YWP to The People’s Pension, he commented:
“Winding-up the YWP master trust offered some significant challenges, but through focussed project management and co-operation with each of the two trustee boards, we were able to achieve a smooth transition for members and employers.
“The government has mandated that all authorised master trust schemes will need a plan in place to deal with potential winding-up, without increasing cost to members, and our experience has demonstrated the value of high quality advice and up-front planning.”
Notes to editor:
The People’s Pension is the largest private-sector master trust in the UK with almost 4 million members and around 75,000 employers signed up.