LifeSight the first master trust to apply to Pensions Regulator for authorisation
LifeSight has confirmed that it submitted its application for master trust authorisation to the Pensions Regulator (tPR), in October. Commenting on news that it was the only master trust to have applied so far, Fiona Matthews, Managing Director of LifeSight said:
“I am delighted to announce that LifeSight submitted its application for authorisation to the Pensions Regulator for review in October. The news that we are the only master trust to have reached this stage yet reflects that this has been a tough process that takes time to get right. We worked very closely with the Regulator to make sure that our application covered all the areas that are required and the readiness review process was really useful in helping us finesse our application.
“One of the areas that may have helped LifeSight is that since inception it has always had a fully independent trustee board consisting of five members each with a diverse range of skills and experience. This provides a very strong governance framework to protect members’ interests and is something that the Regulator wants to see clearly demonstrated in all applications. For those schemes who need to make broader changes to their controls or operating model in order to meet the requirements, they will no doubt be taking great care to make sure they meet the Regulator’s expectations before submitting.”