An update from the PASA Master Trust Working Group – June 2024

PASA today published updated Guidance on master trust transitions.

David Porter, Chair of the PASA working group, commented: “The original version of this Guidance was issued in November 2019 and has been updated for 2024. Master trusts have developed in the intervening years, but the process and considerations remain essentially the same.

This Guidance is designed for situations involving transitions of savers to and from master trusts, focusing on the two most common scenarios:

  • Master trust to master trust
  • Single employer trust to master trust.

Topics covered include planning the transition, communication, data and asset transition and industry developments.”

Kim Gubler, PASA Chair, said: “Initial master trust transitions were wholesale master trust to master trust where Continuity Option 1 had been triggered. Transition activity is now more complex, with individual employers moving between master trusts and more single employer schemes moving to a master trust.

The Guidance includes model migration project plans and is designed to support trustees, employers and administrators in completing an accurate and timely project.”

The updated master trust transitions Guidance can be found here.

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Helen Taylor