What is the Lighthouse Pensions Trust?
The Lighthouse Pensions Trust is part of the Corporate Pensions Trust established in January 2014 and sponsored by Lighthouse Group to provide a cost-effective way for small and medium sized businesses to satisfy their obligations to establish and maintain a workplace pension scheme that complies with auto-enrolment legislation. Employers using the Lighthouse Pensions Trust are fully supported by advisers and support staff within the Lighthouse Group, both on initial establishment of their schemes and in subsequent maintenance and updating them.
Following the introduction by the Pensions Regulator of a new mandatory authorisation scheme for Master Trusts providing auto-enrolment compliant workplace pensions schemes, Lighthouse Group reviewed the position and concluded that it could no longer support the Corporate Pensions Trust in making an application to the Pensions Regulator for authorisation under the new regime, due to the substantial additional costs that would arise. Accordingly in January 2019 Lighthouse Group made an announcement to that effect and advised the Pensions Regulator of its intention to effect the transfer of existing employers and members of the Corporate Pensions Trust to the Auto-Enrolment Master Trust, operated by Smart Pension Limited. The announcement can be seen here.
As a result of the above, the Corporate Pensions Trust is no longer able to accept applications to join it from new employers, and the transfer process will commence once the Auto-Enrolment Master Trust has received authorisation from the Pensions Regulator. Application was made in January 2019 and it is anticipated that authorisation should be granted by September 2019.