The Pensions and Lifetime Savings Association (PLSA) has launched a Master Trust Committee to be the voice of master trust pension provision within its membership.
Made up of 13 senior executives, the committee will set the PLSA’s strategic direction on master trust policy, promote and support the development of the master trust market, and help savers in master trusts achieve a better income in retirement.
Joanne Segars (pictured), chief executive of the PLSA, says: “Launching the PLSA last October, I said a top priority for the association was to speak for all of the workplace pension’s community. Master trusts are a major force in today’s pension’s landscape counting many millions of the newly enrolled pension savers as their members. As they grow in scale and in number they face a growing number of complex issues – many of them unique to master trusts.
“Our new Master Trust Committee will ensure there is a dedicated voice for master trusts to government and regulators. The committee will have a dedicated voice to proactively promote, and also defend, the master trust model. The committee will act as an advocate for master trusts as a model of strongly-governed and value for money schemes, to develop a strategic and pro-active policy framework, for example helping to ensure the coming Pensions Bill delivers for savers. It will also act as a thought leader on issues relating to master trusts, for example through research and events.”
Chris Hitchen, chair of the Master Trust Committee, says: “Master trusts are an important part of the PLSA’s membership and are critical to the future of the government’s pension policy. The committee is therefore a significant and positive step in the development of the relationship between the association and master trusts and recognises the essential role of master trusts in automatic enrolment.
“Master trusts provide thousands of employers and millions of people with well-governed, value-for-money pension schemes. Without this, it is doubtful that automatic enrolment could have been so successful, especially among smaller businesses which may never have dealt with workplace pensions before.
“With the government’s plan to regulate master trusts within the Pensions Bill, the PLSA’s Master Trust Committee will relay the message that master trusts embrace high standards and want to ensure the regulation and legislation governing master trusts continues to benefit savers.”
Following an election within the Master Trust Committee’s membership, Emma Douglas, head of DC at L&G Investment Management, has been voted vice chair of the committee.
Douglas says: “I am delighted and honoured to accept this important role, and I look forward to working with this committee to promote a well-functioning master trust market for the benefit of savers.”
The committee will meet four times a year and may on occasion hold a joint meeting with the Defined Contribution Council and/or the Defined Benefit Council.
