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The voluntary assurance framework was developed by the Institute of Chartered Accountants in England and Wales in association with the regulator to support auditors to provide independent assurance reports for the trustees of master trusts.
In addition, NEST has been added by The Pensions Regulator to a list of master trust pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard.
Andrew Warwick-Thompson, executive director at The Pensions Regulator, said: "I am pleased that the number of DC master trusts attaining independent master trust assurance continues to grow. Master trust assurance provides employers with the confidence to choose a master trust that is being operated to a high standard and that can evidence the presence of the quality features we expect to see in a well-run scheme. It also acts as a check against providers operating in this marketplace that do not have the necessary resources or competence. We continue to strongly encourage and support all master trusts to adopt the voluntary assurance framework. As part of our discussions with government, we are looking at how else we can ensure master trusts deliver good member outcomes."