TPT Retirement Solutions (TPT), one of the leading workplace pension funds in the UK, has completed a type two AAF report under the Master Trust Assurance Framework (MTAF) for the third year running.
TPT was one of the first Master Trusts to complete a type one AAF report in 2015, which evaluate how well business processes and control procedures have been designed and was also one of the first schemes to undertake the voluntary level two checks, which assess how effective the controls have been over the last year.
In order to remain on The Pensions Regulator’s list of MTAF compliant schemes, TPT had to evidence 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 effectively implemented over the past year.
The Framework was developed by the ICAEW and The Pensions Regulator to enable Master Trusts to demonstrate high standards of scheme governance and administration.
Mike Ramsey, Chief Executive of TPT Retirement Solutions, said:
“Remaining on the Regulator’s list of independently assured schemes under the Master Trust Assurance Framework means that employers can be confident we meet the standards of governance and administration required of an auto-enrolment scheme. TPT are also specialists in Defined Benefit where the same high standards as set under the MTA Framework are applied. We remain absolutely committed to maintaining our high standards of scheme governance and administration.”