The Institute of Chartered Accountants in England and Wales (ICAEW) has updated its guidance on master trusts for pensions trustees.

The amendments which will assist trustees in demonstrating good governance standards, will bring ICAEW’s voluntary assurance framework on master trusts up-to-date with current legislation and codes of practice outlined by The Pensions Regulator.

The updated guidance, which follows an ICAEW consultation on proposed changes to the assurance reporting on master trusts, will essentially give trustees greater responsibility of control processes related to governance.

ICAEW head of audit and assurance faculty Henry Irving said: “Good governance is fundamental to pension trustees’ duties. People who enrol in master trusts expect to retire with a fair income in the future. That is why it is important that master trusts embrace high standards of practice.”

The Pensions Regulator executive director for regulatory policy Andrew Warwick-Thompson, added: “The master trust assurance framework continues to provide an important tool for schemes to demonstrate they are well governed and sustainable and so we welcome the changes announced today by ICAEW that reflect our new DC Code.

“I am also pleased that the changes to the framework encourage trustees to take greater responsibility for governance processes, something we are also calling for in our work to drive up standards of trusteeship. The framework allows Trustees to assess their governance systems and processes and to prepare for the changes announced in the Pension Schemes Bill.”

Share Story: