A master trust is a type of defined contribution (DC) pension scheme that lots of different employers take part in. Each employer has its own section. (There are some similar defined benefit (DB) schemes, but they’re not legally master trusts.)
Master trusts are managed by a single trustee that makes decisions on behalf of all the members of the scheme. A trustee is a person or organisation that holds and controls money or assets on behalf of, and for the benefit of, someone else.
Master trusts enable employers and members to benefit from lower running costs (because the costs of services and fees are shared between larger number of employers and members) while still having the strong governance of a trustee.
Our Scheme is a master trust. Our trustee, the NOW: Pensions Trustee Limited, has a board of trustee directors who share responsibility for ensuring the Scheme is always run in the best interests of you, the members.
We have been formally authorised and regulated as a master trust by The Pensions Regulator (TPR) since September 2019.
We’re one of 38 master trusts approved and continuously supervised by TPR to increase the quality of master trust providers in the UK. This means better protection for you and your pension savings. You can see a list of approved master trusts on their website.