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Press Release - PASA pilots Master Trust accreditation framework
PASA has announced plans to expand its existing accreditation framework to accommodate Master Trust and Buyout providers. The new standard, led by PASA’s Accreditation Committee Chair, Lorraine Harper, launched its first pilot on 28 July.
Lorraine Harper, Chair of PASA’s Accreditation Committee commented: “With an increasing number of people set to have their pensions delivered by Master Trusts in the future, it is vital that steps have been taken to secure high standards of administration for these members. Whilst there may be assurances in place to assess governance standards for Master Trusts, there is no framework targeted specifically towards administration. Through its new framework, PASA will ensure the ongoing protection of these members, meaning they too can benefit from the good outcomes that come with a high-quality administration service.
“We are pleased to be launching our pilot programme, having worked closely with RSM to develop a set of standards which are both appropriate and assessable in the context of these different models over the past year. Given the strong pipeline of interest from Master Trusts and Buyout providers so far, we are excited by the appetite in this area and look forward to launching the accreditation to the wider market in the coming months.”