Aon Hewitt's master trust is the latest provider to complete the Master Trust Assurance Framework (MAF).
The MAF is a voluntary accreditation created by the Institute of Chartered Accountants of England and Wales (ICAEW) and The Pensions Regulator (TPR). It assesses master trusts on governance and administration as set out in TPR's defined contribution (DC) code of practice.
Aon's master trust has also been added to TPR's list of accredited providers, meaning it has satisfied additional checks required by the watchdog.
Despite many providers saying they have completed the MAF, just a handful of these appear on TPR's list.
Aon obtained a report from accountant Smith & Williamson which confirmed its master trust's internal procedures met the MAF's criteria.
Aon UK director Michael Clare welcomed the recognition.
"This recognition of the quality of the Aon MasterTrust is an important step in its progress," he said. "From the start, we designed it to be a superior product, offering the best that Aon can deliver in terms of investment choices and member support, and high quality administration - all with the aim of delivering better outcomes for members.
"The quality assurance framework is recognition of our market-beating proposition for members, trustees and employers."
Chair of trustees and Pan Trustees director Roger Mattingly said the accreditation showed the master trust's desire to "thrive".
"As trustees, this confirms our experience of dealing with the Aon MasterTrust," he said. "It is backed by an organisation that has a strong desire not just to survive in as more competitive and demanding landscape as the regulator exercises its influence and powers, but also to thrive in this environment.
"Our governance will continue to ensure that this master trust is a leading example of what high quality pension provision can deliver for members, both now and in the future."
Last week, Smart Pension called on the government to provide a speedier process for authorisation for master trusts which had obtained the MAF accreditation in the upcoming Pension Schemes Bill.
Newton’s Curt Custard considers the investment outlook for 2021 and the implications for DC schemes
Master trusts’ investment strategies have grown and become more sophisticated over the last three years, but “growing pains” are hindering progress, according to the Defined Contribution Investment Forum (DCIF).
More than half of BlackRock’s flagship UK defined contribution (DC) default fund’s assets will be invested in ESG strategies by June 2021.
Graeme Bold says the right communications can improve both the level of savings and the outcomes for savers.