National Pension Trust welcomes the Regulator’s update of its list of high quality master trusts

10 March 2016

The National Pension Trust welcomes The Pensions Regulator’s decision to update its central list of master trusts that have obtained Master Trust Assurance Framework (MAF), and notes that the National Pension Trust has now been added to the list.

Commenting on the developments, Ken Anderson, Head of DC Solutions at Xafinity noted:

“The Regulator’s list of high quality master trusts is key to safeguarding employers and members. Now that it has been updated, the Regulator’s list clearly identifies those master trusts that comply with the MAF. It is therefore now straightforward for Employers to identify those master trusts that do not adhere to the strict controls.
Like all master trusts on the Regulator’s list, the National Pension Trust is highly governed. Unlike the majority of master trusts, however, the National Pension Trust does not limit or restrict members’ retirement options – the National Pension Trust helps members to access the full range of pension flexibilities that were introduced in April 2015.”

About the Master Trust Assurance Framework

The Master Trust Assurance Framework has been developed by The Pensions Regulator and the Institute of Chartered Accountants in England and Wales (ICAEW) to assess the quality of master trusts. The Regulator has previously stated that:

“We expect well-run master trusts to play a central role in helping people retire with an adequate income in the future.

It is important that schemes operating in this market place are scalable, durable, well-governed and embrace high standards of practice. Assurance acts as a check against schemes being set up by people who lack the competence or financial resources to take care of people’s pension savings adequately.”

National Pension Trust welcomes the Regulator’s update of its list of high quality master trusts

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About ICAEW

ICAEW is a professional membership organisation, supporting over 140,000 chartered accountants around the world. Through its technical knowledge, skills and expertise, it provides insight and leadership to the global accountancy and finance profession.

The ICAEW Audit and Assurance Faculty is responsible for ICAEW technical audit and assurance leadership and provides a range of information sources to its members which gives practical assurance in key audit and assurance areas.