DWP accreditation checklist for DB master trusts revealed for the first time
The checklist of priorities and ambitions for the upcoming DB master trust accreditation regime was revealed today (26 March) for the first time by the DWP at our webinar.
Lindsay Davies, formerly Trustee Secretary at Citrus Pensions:
"The checklist proposed today will go a long way in making the full commercial consolidation landscape more accessible to schemes and trustees and it’s encouraging to see the DWP’s enthusiasm for DB master trusts. The recommendations outlined will not only provide much needed transparency on costs and investment performance but will also allow trustees to conduct more accurate comparison exercises between other master trusts and their own standalone scheme. Moving to a master trust, or other commercial consolidation vehicle is likely to be one of the biggest decisions employers and trustees will make. By standardising the process, the benefits will be clearer to see and compare which will be a great help. This extra support for trustees and employers will enable them to make a better informed decision in which they can feel confident. We are looking forward to supporting the creation of, and ultimately subscribing to, this accreditation process."
The features proposed by the DWP included:
- Listing costs on a per member basis
- Transparency on how trustees are appointed and replaced
- Providing data on historic investment performance
- Clarifying the scale of funds under management.
Please let us know if you have any recommendations for features for the new accreditation regime, or have any comments by contacting us here.