Salvus Master Trust announces consolidation of the £7M Complete Pension Trust
The Salvus Master Trust has today announced it will be consolidating the £7m Complete Pension Trust (Complete) with effect from 1st May 2018.
The agreement will see Complete’s 20 employers and over 1,200 members transferred to the Salvus Master Trust, taking its assets held to in excess of £100m with over 46,0000 members. This deal is one of only a handful to have taken place since new authorisation requirements in the master trust market were announced.
The Complete Pension Trust was originally launched in September 2014 and was backed by CS Financial Solutions.
Founder of Salvus Steve Goddard, said: “We are delighted to announce this new deal and to welcome the Complete Pension Trust’s employers and members. With master trust authorisation on the horizon in October this year, we’re likely to see increased amounts of consolidation in the next 12 months and we believe Salvus has the robust offering and infrastructure to support this.
“We have been working closely with the CPT team and CS Trustees for the past seven months and, with a strong Trustee board on both sides, efficient legal advisers, accommodating administrators (HS Admin) and a robust project plan, this has been a smooth process for all involved.”
Chris Halewood, chair of Trustees for the schemes, said: “Merging the scheme into the Salvus Master Trust gave us the opportunity to provide scheme members with a significant reduction in charges with little or no disruption to the ongoing administration of the scheme for participating employers. We are confident that the Salvus Master Trust has the size and scale needed within this market to provide a sustainable long-term solution for all concerned.”