Regulator welcomes independent assurance for latest master trust

Regulator welcomes independent assurance for latest master trust

The Pensions Regulator has welcomed the news that SEI Master Trust has become the latest occupational defined contribution (DC) master trust to obtain independent assurance.

The voluntary assurance framework was developed by the Institute of Chartered Accountants of England and Wales (ICAEW) in association with the regulator to support auditors to provide independent assurance reports for the trustees of master trusts.

Andrew Warwick-Thompson, The Pensions Regulator’s executive director for DC and public service pension schemes, said:

“A growing number of DC master trusts are attaining independent master trust assurance. Master trust assurance will provide employers with the confidence to choose a master trust that is being operated to a high standard and that can evidence the presence of the quality features the regulator expects to see in a well-run scheme. It will also act as a check against providers operating in this marketplace that do not have the necessary resources or competence.”

ICAEW has published guidance (PDF, 538kb, 36 pages) on applying the assurance framework to occupational DC master trusts.

Categories: News, UK Pensions

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