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The People’s Pension has shown its commitment to strong governance by becoming the first auto-enrolment scheme that is open to all employers no matter what their size to pass the second level of voluntary master trust assurance.
The scheme was also the first master trust to achieve the first level of voluntary assurance, in accordance with the Institute of Chartered Accountants in England and Wales’ (ICAEW) assurance framework for master trusts, in 2014.
The first level checks how well control procedures have been designed, while the second tests how effective they have been over the last year.
The news follows an independent assessment by national audit, tax and advisory firm Crowe Clark Whitehill.
The master trust assurance framework was developed by the ICAEW and The Pensions Regulator as a quality standard to enable master trusts to demonstrate high standards of scheme governance and administration.
Steve Delo, Chair of Trustee of The People’s Pension, said:
“It’s a significant day for us, as the first auto-enrolment scheme that is open to any employer to complete the second part of the voluntary assurance framework. What’s also significant is that we have decided to publish our report in full, because we believe in being transparent with everyone we work with. The report has no qualifications and no exceptions.
“Long term, we still believe there is a place for mandatory regulation for master trusts and for proper barriers to entry into the market, based on financial durability and high quality governance. We hope that being the first auto-enrolment master trust open to all to achieve stage two of this framework – in a climate where the sustainability of some master trusts is being questioned – sends an important message to our customers that they are in safe hands.”
The full report can be found here: AAF Assurance Report
For more information about the Master trust Assurance Framework, visit: www.thepensionsregulator.gov.uk/trustees/master-trust-assurance.aspx.
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 2 million members and over 30,000 employer accounts.
Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.
We tweet as @peoplespension.