Workplace pensions are changing. Scheme consolidation is happening – and faster than many expected. In future there will be fewer, larger pension schemes and providers. But the challenges our members face are not shrinking, and nor is the PLSA’s role in delivering for our members.
The PLSA’s membership model needs to keep pace with change. Doing nothing would leave us with fewer members and less income, and we wouldn’t be able to provide the high-quality services our members expect.
In May 2021 we ran a consultation on the PLSA’s membership subscription model. After reviewing the consultation feedback, the PLSA Board has decided to go ahead with the proposals, subject to the clarifications and enhanced communications outlined in the consultation report.
The final rules contain three main changes:
- An increase in the maximum subscription for Fund Members (pension schemes) to £18,743.
- A new membership category for Master Trusts, with the subscription based on AUM. Master Trust Members will receive the same member benefits as Fund Members and will be added to the PLSA’s Master Trust Reference Group.
- Changes in fees will be phased over three years from 2022 to 2024.
The final rules, and our thoughts behind them, can be read in full in the Subscriptions Review - Report on Consultation.
If you have any questions or require further information about membership subscriptions email James Walsh, Head of Membership Engagement: [email protected]