Today (11 April) Salvus has announced that its master trust has gained the Master Trust Assurance Framework accreditation.
MAF was developed by the Institute of Chartered Accountants in England and Wales, and sets a benchmark for minimum standards relating to the operation and governance of master trusts.
Salvus joins a number of master trusts which have obtained the award including Nest, Now: Pensions and The People’s Pension.
In March this year, the Pensions Regulator has added the National Pensions Trust and the Pensions Trust to its list of schemes with master trust assurance.
Schemes wishing to join the list are required to have obtained an independent report showing whether they have met standards set out in the voluntary master trust assurance framework.
Additionally, TPR will carry out a number of checks relating to the scheme, covering areas such as tax relief in member communications.
At that time, the two new schemes brought the total number of pension schemes with the master trust assurance framework in place to seven, out of a total of 72 open and registered master trusts.
Salvus also announced it is working with the Pensions Regulator to join their preferred provider list.
Later in March this year, industry figures branded the Pensions Regulator’s website “unrepresentative” and called on it to display a whole of market view of the pension industry.
Complaints at that time arose partly due to the fact that the only master trusts listed are those which have master trust assurance.
Graham Peacock, managing director of Salvus’ master trust said: “The MAF accreditation is a significant milestone for Salvus and underpins our long standing commitment to providing advisers and employers with a robust and high quality master trust.
“We believe the key to long term viability in this market is achieved by positioning good governance and ease of use for customers at the very heart of our proposition.
“We have invested heavily in ensuring our trustees and others involved in our business share these core values. This rigorous approach, combined with the MAF award, will enable us to run a master trust of the highest standard for many years to come.”