100 days left…
05 Nov 2018 - Estimated reading time: 2 minutes
So, let’s take stock of where we are – by my estimations we’ve about 100 working days left until the Master Trust Authorisation submission window closes. In the world of pensions, that’s not an awful lot of time and when it comes to the Authorisation requirements, and everything that goes with it, it’s actually no time at all.
From some providers, we’re hearing that excellent progress is being made; others are more open in alluding to the reality of it all, but with confident assurances that they’ll make it. Some are staying silent and some talk loudly about the relative ease of submission, which I don’t necessarily buy in every case.
If you’re using a Master Trust, it’s really important to engage with your provider and the Master Trust Trustees – ask those pertinent questions about the earlier Readiness feedback, the state of their Authorisation submission and what the timeline looks like. Look to be reassured and ask for regular updates.
The last update from TPR confirmed that exits are at the thirty mark. This is no doubt set to increase as we continue to push on through to the end of March and we’ve seen recent calls for TPR to name the thirty who have decided to throw in the towel. Whilst it’s important to understand who will be exiting the market, publishing a list won’t do anyone any favours. What is important is that information is shared at the right time and in the right way. That right time will vary from provider to provider and most definitely can’t come before a clear solution and implementation plan has been agreed.
Members should feel protected and informed throughout and it’s key not to cause undue concern. We’re expecting substantial consolidation in the coming months and years, and the rumour mill is likely to go into overdrive as a result; there’s a responsibility on us all to limit unnecessary “noise” and scaremongering during this period.
Reaching out for specialist and independent help is key to successfully navigating through this time of change and uncertainty. This applies in equal measure to employers and Trustees who are already using a Master Trust as well as those who are thinking about it. Even the Master Trusts themselves, and their Trustees, will be in need of a hand whilst travelling through this unchartered territory and onwards into the brave new world of supervision and enforcement.