For immediate release: Thursday 16 July 2015
NOW: Pensions welcome publication of providers with master trust assurance but work remains to improve awareness
The Pensions Regulator (TPR) today announced that it will publish a list of providers with the master trust assurance framework (AAF 02/07) on its website and direct employers and their advisers to the list in its literature.
Commenting on the announcement, Morten Nilsson CEO of NOW: Pensions said: “For employers and advisers seeking high quality, value for money schemes for auto enrolment, today’s announcement is big step in the right direction. It is also a much needed vote of confidence in the assurance framework.
A well-functioning market, is crucial to the continued success of auto enrolment and government, regulators and providers all need to work together to make sure small and micro firms are directed to the right places for the support they need.
The next challenge will be to improve understanding and awareness of master trust assurance and the benefits to both employers and employees, otherwise there’s a danger its value will be overlooked.
Recent research* conducted by independent financial researcher Defaqto on behalf of NOW: Pensions revealed that just under half (47%) of the 248 advisers surveyed weren’t aware of the master trust assurance framework. Nearly a third (30%) said they’d heard of it but didn’t know what it was for while only 23% said they knew what it was and its purpose.”
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For further information:
Tel: 0203 640 9075
Notes for editors:
*Research conducted online by Defaqto with 248 advisers between 1 June and 19 June 2015.
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.
A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework (AAF02/07) introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Christopher Daykin, former Government Actuary
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
- Nigel Waterson, former Shadow Pensions Minister
Charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.
Defaqto is an independent researcher of financial products, focused on providing intelligence to support better decision-making.
At Defaqto’s heart is the UK’s largest retail financial product and fund database – Defaqto maintains it by collecting data from across the whole market, and using the team’s expertise and insight to analyse this data and make it comparable.
From this, Defaqto creates a range of products and services – ratings, software solutions, consultancy services, data services, and publications and events – to deliver this information in a meaningful way.
Defaqto’s intelligence facilitates better financial decisions and greater effectiveness in the creation, management and distribution of financial products.
Access further information about Defaqto at defaqto.com