Smart Pension has joined a shortlist of auto-enrolment providers with Master Trust Assurance Framework’ accreditation, along with the likes of Nest, Now: Pensions and The People’s Pension.
Developed by the Institute of Chartered Accountants in England and Wales and recognised by The Pensions Regulator, master trust assurance is voluntary for auto-enrolment pension providers and is intended to help employers find a provider that meets certain standards.
It involves a detailed audit of the master trust’s governance and so far the vast majority of auto-enrolment master trusts have opted not to get the accreditation.
Smart Pension chief executive Andrew Evans said accreditation represents “the highest standards of scheme governance”, adding they undertook the review “to demonstrate without equivocation our long-term strategy to be a key industry provider for small and micro firms as the busiest part of the staging calendar approaches”.
While Maf accreditation is currently voluntary, the government is expected imminently to introduce increased regulatory requirements for auto-enrolment providers, after holding talks with the regulator.
Maf accredited providers include BCF Pension Trust, National Employment Savings Trust, National Pension Trust, Now: Pensions, SEI Master Trust, The BlueSky Pension Scheme, The Pensions Trust, The People’s Pension and Welplan.
Iain Murray, a financial adviser at True Potential Wealth Management, said the issue of auto-enrolment regulation was not a priority for him. He said auto-enrolment pensions are “non-regulated products”, but added: “I imagine in the future they will become regulated.”
True Potential offers its own auto-enrolment product. While it does not have Maf accreditation, Mr Murray said, “From True Potential’s perspective we’re treating it as if it were a regulated product.”
james.fernyhough@ft.com
