Earlier this month, NOW: Pensions reported on its governance and administration arrangements in accordance with the new master trust assurance framework introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
This new framework has been introduced as a quality standard to enable trustees of master trusts to demonstrate high standards of scheme governance and administration.
NOW: Pensions has long supported measures to improve pension scheme standards and is one of only two master trusts to hold both the NAPF’s Pension Quality Mark and TPR’s independent assurance.
While master trusts have a significant and potentially beneficial role to play in the auto enrolment market allowing even very small employers to benefit from high standards of governance, the fact is, not all master trusts are the same.
The introduction of this assurance report and other measures that highlight scheme quality, are important in helping employers and advisers identify providers that are scalable, well-governed and are going to stand the test of time.