Legal & General has gained master trust assurance framework accreditation for its WorkSave Mastertrust, becoming the 10th scheme to achieve the kitemark.
The master trust assurance framework was developed by The Pensions Regulator (TPR) in partnership with the ICAEW (Institute of Chartered Accountants in England and Wales). It is designed to help trustees assess whether their scheme has adopted standards of governance and administration that meet the TPR’s DC code and DC regulatory guidance.
Obtaining master trust assurance enables providers to demonstrate that their scheme has adopted governance and administration processes to address a range of risks in master trusts by providing an independent review of the description and design of the scheme’s governance controls against a defined set of control objectives.
Legal & General WorkSave Mastertrust chairman Paul Trickett says: “Obtaining master trust assurance further demonstrates the high standards of governance applied to the Legal & General Mastertrust. Employers and members who choose to save within our Mastertrust can feel secure about the quality and value of their choice.”