Glossary · UK
What is Master Trust?
A multi-employer occupational pension scheme used by many unrelated employers to run auto-enrolment.
Full Definition
A master trust is a single occupational pension scheme used by multiple, unrelated employers, allowing small and medium employers to offer a workplace pension without setting up and governing their own trust-based scheme. Master trusts must be authorised and supervised by The Pensions Regulator under the Pension Schemes Act 2017, covering financial sustainability, scheme funding and governance standards. Nest, The People's Pension, Smart Pension and NOW: Pensions are all examples of UK master trusts.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.