The Pensions Regulator has welcomed news that NEST has successfully completed a voluntary governance statement.
The regulator is calling on all schemes, including master trusts, to produce a voluntary governance statement to demonstrate to their sponsoring employers and members they are meeting the regulator’s defined contribution (DC) quality features, and has provided an online assessment tool and template to assist trustees in the process.
Andrew Warwick-Thompson, executive director for defined contribution (DC) and public service pension schemes, welcomed the announcement by NEST and its commitment to obtain independent assurance in 2015. He commented:
“It is excellent news that another major pension provider has shown it is serious about embedding the regulator’s 31 quality features into its scheme by producing a voluntary governance statement, and I encourage all schemes to do the same.
“For automatic enrolment to succeed, those choosing and running a scheme must have confidence in its quality which is why we are encouraging trustees to produce a governance statement, showing they are committed to delivering the best standards to members.
“I also look forward to seeing all schemes which are serious about operating in the automatic enrolment spaces obtain independent assurance as part of the framework developed by the regulator with the ICAEW. We welcome NEST's commitment to completing the independent assurance audit in 2015."
An example template of a governance statement for publication is available on the regulator’s website, which trustees can adapt to reflect the specific circumstances of a particular scheme. Schemes are expected to make governance statements available to members and employers, for example by publishing it in the annual report and accounts or on their website.
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