Final mastertrust assurance framework released: key points

The Institute of Chartered Accountants in England and Wales and the Pensions Regulator have today released their final mastertrust assurance framework, including reducing the number and detail of control objectives to reduce burden on providers.

The voluntary framework was set up to enable mastertrust trustees to show that their schemes are a managed to a high standard.

The industry bodies hope to answer concerns that scheme members, especially the auto-enrolment population, might not be getting a fair deal if the multi-employer schemes are not up to scratch. 

The framework sets out control governance and administration objectives for trustees to report against, which are themselves aligned with the regulator's defined contribution quality features. 

In response, concerns over the cost and height of the barriers to entry to unsuitable providers, embedded in the framework, were again raised by industry respondents. 

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