. ▁▁ ▁By ▁contrast , ▁a ▁master ▁trust ▁is ▁typically ▁set ▁up ▁by ▁a ▁provider , ▁often ▁an ▁ins urance ▁company . ▁ ▁There ▁is ▁one ▁legal ▁trust ▁and ▁one ▁trust ee ▁board , ▁but ▁a ▁number ▁of ▁non - associ ated ▁employ ers ▁can ▁particip ate ▁in ▁the ▁scheme . ▁ ▁Each ▁particip ating ▁employ er ▁will ▁have ▁one ▁or ▁more ▁sections ▁within ▁the ▁master ▁arrangement . ▁ ▁The ▁trust ee ▁takes ▁on ▁govern ance ▁responsibility ▁for ▁each ▁section ▁on ▁things ▁such ▁as ▁invest ment ▁funds ▁and ▁service ▁prov iders ▁and ▁will ▁ensure ▁comp liance ▁with ▁regul atory ▁duties . ▁The ▁dec isions ▁over ▁benefit ▁and ▁contribution ▁levels ▁will ▁normally ▁remain ▁with ▁each ▁particip ating ▁employ er . ▁ ▁Running ▁costs ▁It ▁is ▁normal ▁for ▁the ▁spons oring ▁employ er ▁to ▁cover ▁the ▁running ▁costs ▁of ▁its ▁trust ▁based ▁scheme , ▁with ▁members ▁having ▁some ▁expos ure ▁to ▁invest ment ▁fe es . ▁ ▁Within ▁master ▁trust s ▁it ▁is ▁usual ▁for ▁members ▁to ▁bear ▁the ▁majority ▁of ▁scheme ▁costs . ▁ ▁Some ▁master ▁trust ▁prov iders ▁may ▁charge ▁particip ating ▁employ ers ▁a ▁set - up ▁or ▁implementation ▁fee , ▁but ▁on going ▁employ er ▁fe es ▁are ▁unusual . ▁ ▁It ▁is ▁common ▁for ▁p ension ▁schemes ▁in ▁the ▁UK ▁to ▁have ▁fewer ▁members ▁than ▁schemes ▁in ▁other ▁nations ▁meaning ▁that ▁they ▁are ▁less ▁able ▁to ▁capture ▁econom ies ▁of ▁scale ▁in ▁invest ments ▁and ▁administration ▁than ▁larger ▁schemes . ▁ ▁By ▁pool ing ▁the ▁scale ▁of ▁several ▁employ ers