Although master trusts and wraps have different structures, most of these pros and cons are common to both. (moneysmart.gov.au)
In its Explanatory Memorandum to the Regulations (at paragraph 7.5), the Government explained the rationale behind this change as intending to align «HMRC's tax registration process for pension schemes, with the Pensions Regulator's (TPR) new authorisation and supervision regime for master trust schemes. (shlegal.com)
Traditional client bases are expanding — Pinsent Masons, for example, reports a recent expansion in its defined contribution client base, which now includes providers of master trusts, trustees of traditional occupational DC schemes, personal pension scheme providers, annuity providers, benefit consultants and investment specialists. (newlawjournal.co.uk)