STM Group Plc (AIM: STM) is pleased to announce that The Pension Regulator (TPR) has confirmed the authorisation of the Carey Workplace Pension Trust as an approved Master Trust (the ‘Master Trust’) for the continuing acceptance of auto-enrolment contributions from the UK market.
The Master Trust is administered by Carey Corporate Pensions (UK) Limited, which forms part of the UK businesses that were acquired by STM Group Plc in February of this year.
The Master Trust landscape continues to evolve as a result of the requirement for TPR authorisation, with the process commencing in October 2018 and effectively closing the door to applications from existing Master Trusts on 31 March 2019. At that time only 39 applications were received from an initial population in excess of 80.
STM expects there to be continued consolidation in the market and sees this as an opportunity to significantly expand its membership within the Master Trust both through organic growth opportunities and through acting to acquire sub-scale trusts who have not attempted to seek authorisation.
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