The Pensions Regulator (TPR) has approved the Carey Workplace Pension Trust as an approved Master Trust for the continuing acceptance of auto-enrolment contributions from the UK market.

The Master Trust is administered by Carey Corporate Pensions, which forms part of the UK businesses that were acquired by the group in February.

The firm says the acquisition gives owner STM “further reach into the UK pensions market following its previously stated intentions to grow its pension business and increase its exposure” in the UK.

STM says it expects there to be continued consolidation in the market and sees this as “an opportunity to significantly expand its membership within the Master Trust both through organic growth opportunities and through acting to acquire sub-scale trusts who have not attempted to seek authorisation”.
 
Alan Kentish, CEO of STM Group said: “The authorisation of the Carey Master Trust is an important milestone for us, and I would like to thank the whole team for their hard work and diligence in pulling the application together.

“The auto-enrolment membership is clearly an ever-growing population, and for those Master Trusts still able to accept new business it is an exciting proposition.

“I believe that there are opportunities for the medium sized Master Trusts, such as Carey, to offer tailored solutions to the intermediary advisor or asset managers’ client base; or indeed directly to the employers themselves.
 
“Authorisation of the Carey Master Trust unlocks, in principle, a healthy pipeline of transfers to us that were pending the conclusion of TPR authorisation process.
 
“With the forthcoming name change and re-brand of the Carey SIPP business, sitting alongside a relaunch of their bespoke SIPP products, this feels like another positive step in building our UK presence.”

There are currently 33 approved Master Trusts, according to the TPR's latest list.