Source - SMW
XPS Pensions Group said part of the company, the National Pension Trust, had secured authorisation from UK regulators.

The authorisation process had significantly reduced the number of master trusts operating in the market, with 44 having exited or triggered their exit, according to the Pensions Regulator.

'We are delighted to have achieved authorisation with the high quality of our proposition and people,' chief executive Paul Cuff said.

'Market data indicates that the master trust market has grown considerably in recent years and that trend is set to continue.'

'Clearly such a reduction in the number of providers and the significantly raised standards creating higher barriers to entry mean XPS are very well positioned to exploit this opportunity.'

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