“The schemes involved are not simply going to be smaller master trusts set up to handle auto enrolment that will not meet upcoming capital adequacy requirements,” he said, “but will include many smaller employer-run DC schemes that will be looking to use the economies of scale and higher quality governance and administration available via a master trust in the face of rising compliance costs.”Smart Pension is not the only provider hoping to absorb smaller-scale DC providers, and IPE understands at least one other master trust in the market is including mergers with existing DC schemes within its business plan as a means of growing its asset under management, in addition to attracting new inflows.TPR is fully aware of the problems associated size of the UK master trust market, and its executive director for regulatory policy, Andrew Warwick-Thompson, has previously questioned how it should best prevent further growth in the number of providers in the market.Nigel Waterson, the chair of trustees at master trust Now Pensions, has previously suggested TPR act as a “marriage broker” in bringing about consolidation in the market, which, as of April, had seen the launch of 100 master trusts, of which over 70 were active.The regulator has championed the idea of consolidation since then, proposing it should be able to merge schemes it deems “sub-standard”. The consolidation of the UK master trust market will see £1.5bn (€1.7bn) in assets shift between pension schemes, according to estimates by one provider.Master trust Smart Pension predicted that the consolidation would occur among over 6,200 schemes with fewer than 100 members, which manage assets of £1.3bn according to figures from the Pensions Regulator (TPR).It added that a further £400m could also shift as around 20 established master trusts struggle to cope with new capital requirements the UK government has pledged to impose on multi-employer defined contribution (DC) schemes in an effort to avoid the cost of disorderly wind-ups being met by savers.Peter Walker, COO of Smart Pension, said the pensions market was set to see “unprecedented” movement within the market over the next two years as funds consolidate.
“It’s one of those fluke games.”Howell wasn’t as quick to dismiss the loss, which temporarily reduced the Dodgers’ lead in the National League West to three games. The San Francisco Giants played the San Diego Padres later Saturday.Howell pointed out that the Dodgers’ bullpen ranks among the bottom half of major-league teams in earned-run average (3.67).“When you’re 19th (actually 18th) that’s down in the pack,” he said. “For the most part we’ve been OK. Nothing special, that’s for sure, but we’ve been OK. You don’t want that number.”However you want to spin it — isolated incident, sign of a bigger problem — the bullpen meltdown undid what had become a reliable formula for victory: Pile on runs until the lead looks safe. Adrian Gonzalez hit a two-run homer in the first inning and a three-run homer in the third. That gave the Dodgers a fairly comfortable 5-1 lead, and gave Gonzalez a major-league leading 111 RBIs to go with 25 home runs.“It’s tough because you have Adrian Gonzalez who did a remarkable job today,” Wilson said. “This whole series, the offense has come alive.”Scott Van Slyke drove in Matt Kemp with a double in the third inning and a sacrifice fly in the seventh, pushing the Dodgers’ lead to 7-2. Gonzalez, Yasiel Puig, Dee Gordon and Van Slyke each had two hits. Puig also made a spectacular diving catch in the fifth inning, running down a Jorge Soler line drive in the left-center field gap. He then threw to second base to complete a double play — his National League-leading 12th outfield assist this season.In 18 September games, the Dodgers are averaging 11 hits and more than six runs a game. Gordon has at least one hit in his last 13 games, and at least two hits in each of his last seven.Paco Rodriguez and Pedro Baez each pitched a scoreless inning of relief of starter Roberto Hernandez (four innings, two earned runs) before the Cubs began their comeback.Howell allowed three hits and four runs — three on a home run by Arismendy Alcantara — in two-thirds of an inning. The veteran left-hander also allowed two runs the day before and is likely unavailable for the series finale today.Saturday’s appearance was his 66th of the season, three shy of his career high.“I feel great,” Howell said. “I didn’t get ahead (in the count) and they took advantage. I was bad and they were good.”Brandon League retired the only batter he faced to end the seventh inning.Wilson allowed a single, a sacrifice bunt and the home run to Coghlan to begin the eighth inning. Dodgers manager Don Mattingly allowed the right-hander to face three more batters. Javier Baez popped out, Anthony Rizzo was hit by a pitch and Junior Lake singled before Mattingly pulled Wilson. Carlos Frias struck out Luis Valbuena to end the inning.Wilson said he has more speed in his right arm than the 84- to 88-mph sliders and cutters he showed Saturday, but he’s chosen to dial it back since the beginning of the season.“You can write what you want,” Wilson said in a response to a question about his velocity, “but as far as me being hurt, that’s not the case.”Mattingly better hope not.Frias (.224 opponents’ batting average) and Baez (.183) have generally excelled out of the bullpen as rookies. Rodriguez hasn’t allowed a run since April and appears to be healthy again. But beyond closer Kenley Jansen, those might be the only set-up men who will not enter October with some kind of question mark on their record.“We got the ball to the guys we wanted to have the ball today,” Mattingly said. “It didn’t work out. They’ve gotten us to here, so that’s where we’re at.” CHICAGO — The only thing more unpredictable at Wrigley Field than the rain Saturday was the Dodgers’ bullpen.J.P. Howell allowed four runs in the seventh inning, and Brian Wilson allowed two in the eighth, as the Chicago Cubs came from five runs behind to beat the Dodgers 8-7.Chris Coghlan’s two-run home run off Wilson was the final dagger, erasing a 7-6 Dodgers lead. The unheralded outfielder went 4 for 4 with two home runs and three RBIs, reaching base in all five of his plate appearances.“It’s all my fault,” Wilson said. “I wasn’t able to locate the pitch I wanted. The guy put a good swing on it. Newsroom GuidelinesNews TipsContact UsReport an Error