FOI reference - FOI-216
Date - 25 January 2024
Request
I was reading one of your annual publications, specifically the DC trust: scheme return data 2022 to 2023, and have a couple of clarifying questions:
- How does TPR define the term 'scheme' in the context of master trust? Does 'scheme' relate to the master trust scheme as a whole? Or does 'scheme' relate to the individual schemes that make up the overall master trust?
- For example, just wondering how one should interpret the data within Table 2. If 'scheme' refers to the master trust scheme as a whole, does it mean that master trusts would make up a huge proportion of the data classified under the '5,000+' field (given the typical size of a master trust)?
- For example, just wondering how one should interpret the data within Table 2. If 'scheme' refers to the master trust scheme as a whole, does it mean that master trusts would make up a huge proportion of the data classified under the '5,000+' field (given the typical size of a master trust)?
- For master trust, does TPR have any information on the breakdown of reported assets and memberships by scheme size group or membership size group?
Response
I confirm that we hold information falling within scope of your request. I have answered your questions in turn, below.
- We have a list of authorised master trusts. When we issued the 2023 DC Trust publication, there were 36 authorised trusts. These trusts are comprised of multiple schemes which are detailed in Tables 9 and 10.
- Most of the 5,000+ category in Table 2 would be taken up by master trust members, and this data is aggregated and available in Table 10. In addition, Table 1.8 in the Annex breaks down master trusts by scheme size for non-hybrid schemes. These all fall under the 5,000+ memberships category.
- Most of the 5,000+ category in Table 2 would be taken up by master trust members, and this data is aggregated and available in Table 10. In addition, Table 1.8 in the Annex breaks down master trusts by scheme size for non-hybrid schemes. These all fall under the 5,000+ memberships category.
- Section 3 in the Annex provides a breakdown of DC assets but does not pull out master trust data separately, as all master trusts excluding hybrids fall into the ‘very large’ category (23.5 million memberships in total; see Annex Table 2.17). We do, however, provide total DC assets for master trusts in Table 10 (£105 billion).
Additional Information
In case it is useful, we have also included the definition we use in this publication of a Master Trust:
A master trust is defined as an occupational pension scheme that:
- provides money purchase benefits (whether alone or in conjunction with other benefits)
- is used, or intended to be used, by two or more employers
- is not used, or intended to be used, only by employers which are connected with each other
- is not a relevant public service pension scheme
A master trust may also be a group of schemes, none of which are already master trusts, which provide money purchase benefits, and where each scheme in the group is under ‘common control’ with other schemes in the group. We refer to this group of schemes as ‘cluster schemes’ in our master trust code of practice.