Pensions - Articles - SLMTC schemes obtain assurance of quality

 The report follows the schemes’ adoption in January 2015 of the master trust assurance framework provided by the Institute of Chartered Accountants in England and Wales (ICAEW). The independent assessment of the schemes’ control procedures, as required by the framework, was conducted by Crowe Clark Whitehill, a national auditing firm.

 The framework requires schemes to adhere to a wide range of control objectives (38 in total), including safety of assets and records, data quality and security, the monitoring of investment decisions, retirement process, and assessment of value for money.

 Richard Butcher of PTL, Trustee Chair of SLMTC, said: “We believe the combination of dual regulatory oversight from the FCA and PRA under which Standard Life operates as an insurer, coupled with the independent scrutiny of trustees, both provide strong support for Standard Life’s master trust arrangements. Our adoption of the ICAEW framework means that participating employers and members can take comfort that their pension assets will continue to be managed in a well-controlled environment.”

 Jamie Jenkins, Head of Pensions Strategy at Standard Life, said: “This report demonstrates the commitment of Standard Life and the trustees of the Master Trust to provide robust governance and to ensure the security of member assets.”