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The Pensions Regulator plans a prudential-style approach to oversee growing master trusts, emphasizing investments, data quality, trusteeship, and innovation to manage systemic risks and align with Mansion House reforms.
The Regulator has announced plans to adopt a more
prudential-style regulatory approach in response to the rapid
growth of workplace pension schemes.
In a speech by Nausicaa Delfas, the Regulator's Chief
Executive, it was announced that within a decade, the master trust
market is projected to include schemes of systemically important
size, with seven schemes managing over £50 billion in assets
and four exceeding £100 billion. This shift aligns with the
Mansion House reforms and aims to address risks at both individual
scheme and broader financial ecosystem levels.
The Regulator's evolving strategy will focus on scheme
investments, data quality, and trusteeship, putting in place a new
regulatory toolkit that includes tiered master trust supervision,
enhanced digital and data capabilities, and a pensions market
innovation hub to guide safe product development.
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