The People's Pension, West Sussex, England, acquired Your Workplace Pension, a master trust, boosting assets under management by £20 million ($28 million).
The merger will bring more than £5 million in annual contributions to the People's Pension, the £2 billion multiemployer defined contribution plan for 75,000 employers.
"Across the industry, master trust consolidation like this looks set to increase following the new legislation (for master trusts) and the People's Pension is well-placed to support that. There are a large number of master trusts in the market, but following the new regulation it's unrealistic to think they'll all be able to continue," Roy Porter, group director of sales and marketing at B&CE, sponsor of the People's Pension, said in a news release.
Under new regulations that go into effect Oct. 1, U.K. multiemployer DC plans, known as master trusts, will need to register with the Pensions Regulator in order to continue to operate. The new rules were designed to boost standards and market transparency.
Consultant JLT Employee Benefits advised on the acquisition.
A spokeswoman for People's Pension could not be reached to provide additional details.
