As the UK government's pensions reforms come into force, obliging all companies to set up a scheme for staff, a new trade association has been formed for the pension plan providers hoping to win their business.

Launching today, the new Master Trust Association takes its name from the legal structure that most providers have chosen for their new "product". Master Trusts are multi-employer pension schemes, which any company can join, and which are overseen by a common board of trustees.