Master Trust Bulletins
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March 2026 Master Trust Bulletin
For action
- Updates to master trust reserving guidance
- Performance-based fees – the details matter
- Preparing for technology releases
- Significant event (a) trustee appointments
- Fraud monitoring and controls
Essential reading
- Bank of England - informing private markets risk management
- Transition Plan Working Group – report due this spring
- Fighting pension fraud together
- Climate Investing Framework – a useful tool for trustees
- FCA Regulatory Priorities Reports
- Investing in nature - Nature 101
December 2025 Master Trust Bulletin
Good practice and updates:
- TPR celebrates dashboard connections
- AI: The potential for members to be influenced
- Vote reporting: another step forward by industry
- DC fund illustrations
- Administration: Updated guidance and insight
- Outcomes based regulation
- Significant Event J considerations
- Trustee toolkit update: Revised content and next steps
Investment:
- Strengthening investment governance: A call to action
- Navigating market volatility
- Considerations when implementing structured equity solutions
- Defence investing: Repositioning needed
Work with us:
- Join our roundtables to help shape our future work
- Consolidation – Are you taking on smaller schemes?
September 2025 Master Trust Bulletin
Good practice:
- SIP requirements for default arrangements
- Market oversight: focus on administrators
- Supervisors getting to know administrators
- Implementation strategies: good practice
- Master trusts are connecting to the future with pensions dashboards
- AI: a new paradigm for service provision
- Systemic risk: room for improvement
Investment:
- Private markets: the details matter
- Consolidation good practice when investing in private markets
- UK investible pipeline: a spark waiting for a flame
- Industry engagement on UK private market investment supply
- Investment data collection ahead of VFM
- Trustees: it’s important to take investment advice
Climate change:
- Climate reporting: four years on
- Climate reporting: the art of the possible
- Improving asset owners' understanding of climate risk
- A climate Minsky moment?
July 2025 Master Trust Bulletin
Pensions reform:
- A pivotal time for pensions
- The evolving regulatory landscape
- Listen to our new value for money podcast with the FCA
- Preparing for value for money
Changes in TPR’s approach:
- What you can now expect from our supervisory teams
- Get support with pensions innovation
Investment governance focus:
- UK investment – a challenge and an opportunity
- Private markets – overcoming the governance challenges
- Systems thinking – a complementary investment lens
- A new UK Stewardship Code
- Nature – an opportunity for action
- Navigating market volatility
Guidance and requests:
- Need for AI to fight scams intensifies as we detect new secondary scams
- Trustees urged to respond to FCA’s targeted support consultation
- New updates on our pensions dashboards guidance
- Consolidation – are you taking on smaller schemes?
- Your 2025 DC scheme return is coming soon
- Help us improve our Master Trust Bulletin
April 2025 Master Trust Bulletin (downloadable HTML file)
Ensuring good governance – updates and reminders:
- Evolving our oversight with a sharper focus on member outcomes
- Illiquid policies in default SIP
- Improving understanding of potential member outcome
- Good practice: engaging on trustee and other appointments subject to the fit and proper provisions in legislation
- Good practice: own risk assessment
- Poorly performing schemes hit with more fines as we tackle poor governance
Look out for:
- TPR pledge to review the amount of capital reserving that master trusts are required to hold
- Lessons from abroad
- Coming soon: regulation of cryptoassets
- Helping employers to choose value over cost
Latest on climate duties:
- Climate investing – the need to consider real world impacts
- Climate change – the international challenge
- Storm Eowyn
- Developments in the voluntary carbon and nature markets
Action on scams:
- Watch the recent Fighting Pension Fraud webinar recording
- Download our PSAG Steps to Stay Scam Safe Checklist
December 2024 Master Trust Bulletin (downloadable HTML file)
Latest environmental, social and governance updates:
- Reflections on the year from our climate and sustainability lead
- New investment opportunities for trustees – the UK’s growing green economy
- ESG ratings welcomed
- TCFD reporting: Moving beyond compliance
Using data and communicating with members – latest guidance and insights:
- Using apps to engage with pensions
- Good practice: updated data protection guidance
- Greater clarity on communicating with savers
- Make sure your data is ready for Pensions Dashboards
Fighting scams, decumulation and value for money – making sure savers come first:
- EastEnders exposes pension scams in hard-hitting storyline
- Offering better decumulation options for savers
- Report reinforces need to make sure all savers get value
Ensuring good governance – updates and reminders:
- DC fund illustrations – a choice to make to avoid member confusion
- Index benchmarks: what lies beneath?
- Systems and processes – significant events
- Levy payments during wind-up
- Consolidation: business as usual
- The importance of monitoring contributions
- New CDC pensions compliance and enforcement policy published