Now: Pensions is arguably the third-biggest master trust in the UK. The provider has been put up for sale following a catalogue of administration problems. These problems have led to the provider exiting the Pension Regulator’s approved provider list and a fine for its trustees.
The provider has been beset with administration problems since launch and has suffered several years of poor performance. So now it has been offered for sale to a number of parties over the last few months. However, at least one provider has rejected the £560m scheme because of ongoing concerns over its administration.