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06 August 2019

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IWDC Section awarded ‘master trust’ authorisation

The Industry-Wide Defined Contribution (IWDC) Section of the Railways Pension Scheme has successfully received master trust authorisation from The Pensions Regulator.
What is a ‘master trust’ and why does authorisation matter?
A ‘master trust’ is a workplace (but not public service) pension scheme for two or more unconnected employers. It provides defined contribution (or ‘money purchase’) benefits to members.
 
Recent changes to legislation meant that any pension schemes operating as a master trust needed to apply for authorisation from The Pensions Regulator by March 2019. The changes aim to drive up standard within the pensions industry and add further protection for members.
 
Master trusts that did not apply for authorisation by the deadline were unable to continue and needed to begin moving members to an alternative arrangement instead.
 
Authorisation of the IWDC Section
The IWDC Section operates as a master trust and successfully applied for formal authorisation to continue providing benefits to members of the railways industry. 
 
By granting authorisation, the Regulator has confirmed that the IWDC Section’s robust governance, systems and processes meet the standards required of a master trust.
 
The IWDC Section is used by 27 employers, serving around 8,800 members and has assets of around £118 million.
 
Chris Hannon, Chair of the Railways Pension Trustee Company Limited, commented: “We are delighted to receive authorised master trust status for the IWDC Section. 
 
“The authorisation is a testament to the quality of service we offer our members and clients, and gives them the assurance that their Section of the RPS meets the highest standards.
 
“High governance and oversight standards are the way we deliver a great experience and outcome to IWDC Section members.”
 
 
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