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.
We have launched a consultation which sets out three key proposals:
- Increase the maximum subscription for Fund Members (pension schemes), aligning it with the maximum for Business Members.
- Create 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 proposals, and our thoughts behind them, can be read in full in the PLSA Membership Subscriptions Consultation 2021. This is a formal consultation on our subscription Rules, which we’re required to publish under our Articles of Association.
The consulation closed on 10 June. The Board of the PLSA is considering members' responses and will agree and publish the final Subscription Rules later in the summer. Thank you to all those who responded to the consultation.
If you have any questions or require further information about the consulation please email James Walsh, Head of Membership Engagement: [email protected]