The National Association of Pension Funds (NAPF) today (Thursday) commented on the voluntary assurance framework published by the Institute of Accountants in England and Wales (ICAEW).
Richard Wilson, Policy Lead: Defined Contribution Pensions & Investments, NAPF, said:
“We support the aims of this framework and it is right that the regulator encourages Master Trusts to meet these standards. However, the NAPF favours a simpler, principles based approach to Master Trust regulation - one that makes sure trustees are independent, have robust powers and charges them to protect members’ interests.”
“Master Trusts, like all occupational pension schemes, are dealing with massive change. They are currently implementing automatic enrolment and grappling with the development and implementation of the guidance guarantee as well as changes to the rules on charges and governance – all of which must be delivered to a very tight timetable. Any additional regulation can only push up costs and this framework may also struggle to keep up with the current pace of change.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Lucy Grubb, Head of Media and PR, NAPF, 020 7601 1726 or 07713 073023,
Eleanor Bennett, Press Officer, 020 7601 1718 or 07825 171 446,