National Pension Trust welcomes the proposed new legislation on Mastertrusts

20 October 2016

Xafinity’s National Pension Trust welcomes the announcement about proposed new legislation for Mastertrusts.

Ken Anderson, Head of DC Solutions at Xafinity commented: “The National Pension Trust welcomes the proposed legislation.  The authorisation process is something that we have long been arguing for and we are delighted that its introduction will help ensure the safety and security of members’ savings.

“Governance, controls and financial stability of pension schemes are key to pension provision.  Allied with the best practice accreditations now available, such as the Pension Regulator’s list of approved Mastertrusts and the Pension Quality Mark and Retirement Quality Mark kite mark accreditations, employers will now be able to select a scheme for their employees with greater confidence that they are helping them save for the future.”

Established in 2009, the National Pension Trust has been vocal about the need to increase both the minimum requirements for Mastertrusts to operate in the UK, and the need to raise the bar as to what is considered to be best practice. 

When selecting a Mastertrust, in addition to the new legislation, there are now three key criteria that employers and their advisors should be mindful of. 

First, is the Mastertrust on the Pension Regulator’s list of approved mastertrusts?  

Second, does the Mastertrust hold the PQM Ready accreditation demonstrating high quality governance and member support when saving for the future?  

And third, does the Scheme hold the Retirement Quality Mark demonstrating that members will be supported to make the most of their pension savings. 

Launched in 2009, the National Pension Trust is a highly governed Mastertrust that meets all of the above objective criteria.

 

NPT welcomes the proposed new legislation on Mastertrusts

PDF of Media Release

Download

Security & Governance - Pension Regulator’s ‘Approved’ List

There are 12 MasterTrusts on the Pension Regulator’s ‘Approved List’.  These MasterTrusts have been:

  • independently audited and assessed as meeting the criteria set out by the Pensions Regulator and the Institute of Chartered Accountants for England and wales (ICAEW).  
  • subject to additional due diligence by the Pension Regulator regarding the Provider and clarity of communications

Building Benefits - Pension Quality Mark (PQM)

8 of these MasterTrusts have been assessed by the Pension and Lifetime Savings Association (PLSA) as of being high quality when it comes to building pension benefits and thus awarded the PQM Ready accreditation. PQM is an independent ‘kitemark’ provided to high quality pension schemes that is recognised by HR professionals, the media, pensions industry and the Government.

Accessing Benefits - Retirement Quality Mark List

2 MasterTrusts, including Xafinity’s National Pension Trust, have further been assessed by the Pension and Lifetime Savings Association (PLSA) as of being high quality when it comes to helping members to access their benefits flexibly. The Retirement Quality Mark (RQM) is an independent ‘kitemark’ provided to high quality pension schemes by the PLSA.