WELCOME TO THE HOME OF DB MASTER TRUST SELF-CERTIFICATES
The PLSA are pleased to host DB Master Trust Self-Certificates.
DB Master Trusts are a consolidation option for defined benefit pension schemes. Schemes of all sizes can be run well and offer value for money, but for those schemes that are interested in consolidation, we hope this new self-certification process will facilitate informed discussions for trustees and advisers.
The DB Master Trust Self-Certificate is a new template in which DB Master Trusts can provide information – on a voluntary basis – on their structure, governance, operations, and on the process for joining and leaving the master trust.
While the self-certificate provides useful information about the DB Master Trust, it is important to note that they are not an assessment of the quality of the scheme, nor are they the only consolidation option available.
The template and guidance were both designed by the Defined Benefit Master Trusts working group, in order to raise awareness of DB Master Trusts as a consolidation option. The working group, led by the Department for Work and Pensions (DWP), also included Abrdn, Deloitte, Hymans Robertson, Mercer, the Pensions and Lifetime Savings Association, the Pensions Management Institute, Punter Southall, TPT and Travers Smith.
DB Master Trust Self-Certificates
For Defined Benefit Schemes to submit a Self-Certificate, a request for the template should be made by email to [email protected] and should include the following information:
- Confirmation of who will complete the Self-Certificate and their contact details (including email address);
- Proof of registration with HMRC (which should include the front page of a scheme’s HMRC report containing the scheme name and tax reference number); and
- Proof of registration through documentation from The Pensions Regulator’s (TPR’s) exchange system.