Master Trust Assurance
We can help organisations achieve AAF accreditation through our knowledge of the Master Trust Supplement to AAF 02/07
Following the introduction of auto-enrolment, pension providers are responding to employers’ need for schemes by creating occupational-defined contribution master trusts.
The Government recently announced that new quality standards will apply across all defined contribution (DC) workplace pension schemes including master trusts. From April 2015, there are requirements for trustees to consider and report against quality standards developed by the Pensions Regulator.
The Institute of Chartered Accountants in England and Wales (ICAEW) and the Pensions Regulator have worked to develop a new assurance framework for master trusts whereby they can demonstrate they have a suitable control framework in place to meet the quality features for DC schemes developed by the Pensions Regulator. The new assurance standard for master trusts is built on the ICAEW AAF 02/07 assurance framework and a new Supplement for master trusts.
Andrew Penketh, Head of Pension Funds, chaired the working party which developed the master trusts Supplement to AAF 02/07. He is also involved in the development of these assurance standards issued by the ICAEW Audit & Assurance Faculty (AAF).
Our team helps organisations such as pension scheme third party administrators and independent trustees achieve AAF accreditation for the first time as their independent reporting accountant.
Through our knowledge of the master trust Supplement to AAF 02/07, our experience in helping organisations achieve AAF accreditation and our insight from providing audit assurance to pension schemes, we are well placed to help trustees of master trusts achieve this new AAF accreditation for their own master trust.