Master Trusts Face Strong Action for Failing to Comply with New Pension Rules

📆 12/20/2023 8:18 AM
📰 IrishTimesBiz

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Finance News

Master Trusts,Pension Schemes,Compliance

Master trusts that do not comply with new industry rules by the end of the year will face regulatory action. These trusts manage multiple pension schemes, reducing compliance costs for individual schemes. The reforms aim to improve consumer protection and retirement income by strengthening governance and risk management.

Master trusts that have failed to act on new industry rules by the end of this year will face strong action from the regulator, industry figures anticipate. These schemes manage multiple pension schemes in a way that spreads the cost of compliance, reducing the bill for individual schemes.

The reforms are designed to improve consumer protection for pension scheme members and maximise retirement income by strengthening scheme governance and risk management but it will involve significantly stricter oversight

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