In line with the requirement contained in the Pensions Act 2008 that employers establish ‘auto enrolment’ workplace pensions, increasing numbers of businesses in the sector are subscribing to multi-employer occupational schemes – also known as Master Trusts – which are able to offer lower charges, good governance and administrative simplicity.
Welplan Pensions has become one of the few pension schemes in the UK to achieve independent accreditation under the Master Trust Assurance framework.
The framework was introduced by the Institute of Chartered Accountants in England and Wales, in association with The Pensions Regulator, to identify pension schemes with the highest standards of governance and administration.
A wholly-owned subsidiary of the Building & Engineering Services Association (B&ES), Welplan has been the leading provider of employee benefits to the building engineering services sector for more than 50 years, and has been supplying contracting firms with pensions solutions since 1975.
In line with the requirement contained in the Pensions Act 2008 that employers establish ‘auto enrolment’ workplace pensions, increasing numbers of businesses in the sector are subscribing to multi-employer occupational schemes – also k
nown as Master Trusts – which are able to offer lower charges, good governance and administrative simplicity.
Welplan chief executive Bruce Kirton (pictured right) said: “Following an independent audit by Assure UK, Welplan Pensions is proud to have its exceptionally high standards confirmed by qualifying for a place on The Pensions Regulator’s list of approved Master Trusts. As auto enrolment reaches smaller employers – who can find it hardest to make the choices that best suit their circumstances – independent assurance of a scheme’s quality is more important than ever.”
Welplan Pensions also holds the Pensions Quality Mark Ready standard awarded by the Pensions and Lifetime Savings Association to affirm a scheme’s provision of clear communications, low costs and good governance.
The Welplan Pensions AAF 02/07 Master Trust Assurance Standard Scheme Controls Report can be accessed at http://www.welplan.co.uk/Home/News