TPT Retirement Solutions (TPT) one of the leading workplace pension funds in the UK, has completed the second level of The Pensions Regulator’s Master Trust Assurance Framework.
TPT was one of the first Master Trusts to pass the first level checks, which evaluate how well business processes and control procedures have been designed and is now one of the first schemes to pass the voluntary level two checks, which assess how effective they have been over the last year.
In order to pass the second level, TPT passed 38 controls set out by the ICAEW (Institute of Chartered Accountants in England & Wales), which include safety and security of assets, assessing value, assessment of investment options, people and governance. TPT then had to demonstrate that these were met over the past year to successfully pass level two.
The Framework was developed by the ICAEW and The Pensions Regulator as a quality standard to enable master trusts to demonstrate high standards of scheme governance and administration.
Mike Ramsey, Chief Executive of TPT Retirement Solutions, said:
“Achieving the second stage of the Master Trust Assurance Framework means that employers can be confident we meet the industry-wide benchmark of quality. We are absolutely committed to maintaining our high standards of scheme governance and administration.
“TPT also provides the same comfort in the DB arena where we adhere to the same high standards set under the MTA framework. We believe that we are entering a period of significant consolidation in the industry and achieving high quality standards is a given to attract new schemes to the Trust.”
For further information, please contact:
Vanessa Chance / Sally Walton at Redleaf Communications
Tel: 0207 382 4747