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Punter Southall Aspire passes “rigorous” master trust process

RetirementRetirement specialist Punter Southall Aspire has gained approval to offer a ‘master trust’ in the UK’s defined contribution (DC) market.

Aspire Savings Trust has been granted authorisation by The Pensions Regulator (TPR) following a “rigorous” process, said Steve Butler, chief executive of the firm.

Butler said the master trust has an “innovative and different focus” that is designed to support employers and individuals.

“It comes with a range of financial advice services up to and through retirement, including pot consolidation and full pension freedom options,” he said.

Firms began registering their master trusts – which are multi-employer occupational pension schemes – earlier this year. Master trusts already existed but have become more important since the UK introduced auto-enrolment.

A number of previous master trusts opted to exit the market due to the TPR hurdles (see our report here).

Butler added: “The authorisation process has been rigorous. It involved a complete examination of our scheme’s capabilities, including our systems, processes and technology, our governance and financial sustainability. We are delighted to have met the standards, which was an important last step for us being ready to welcome new members.” 

Punter Southall Aspire has around 1,250 pension scheme clients and assets under advice of £4.3 billion.

*Punter Southall Group is the parent company of Funds Europe

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