L&G's master trust goes on TPR assurance list
Legal and General's (L&G) WorkSave master trust has been added to the Pensions Regulator's (TPR) official master trust assurance list.
The trust had obtained the master trust assurance framework (MAF) accreditation in May, but was added to TPR's list on 10 August.
It has become the eleventh provider to be officially recognised by TPR as complying with the voluntary framework, which was developed by the regulator and the Institute of Chartered Accountants of England and Wales (ICAEW).
The recognition means TPR has verified L&G has demonstrated it meets the high level of standards the framework requires. It also means it has satisfied the regulator's further checks on tax relief in member communications, and other potential risks.
Many master trusts have achieved the MAF accreditation, but have not yet been added to TPR's official assurance list. The regulator said master trusts need to satisfy a number of extra criteria, including tax relief communications, to be eligible for the list.
Who has the master trust assurance framework?
As of 10 August 2016 the following schemes are listed by TPR as having achieved master trust assurance framework.
- AutoEnrolment.co.uk
- BCF Pension Trust
- Legal & General WorkSave Master Trust Pension Scheme
- National Employment Savings Trust (NEST)
- National Pension Trust
- NOW: Pensions
- SEI Master Trust
- The BlueSky Pension Scheme (TBPS)
- The Pensions Trust
- The People's Pension
- Welplan
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