News / 27.10.21

Citrus responds to self certification scheme launch

Citrus DB Master Trust comments on DWP’s DB Master Trust self-certification scheme launched today

Citrus, the DB Master Trust, advised by the leading actuarial and pension consultancy Hymans Robertson, welcomes the DWP’s announcement of the DB Master Trust self-certificate today. The new certification scheme will help raise the profile of Master Trusts as a viable option for DB Schemes highlighting the added value and economies of scale that being in a master trust can bring.

Commenting on the DWP’s announcement of the DB Master Trust self-certification scheme, Lindsay Davies, Trustee Secretary at Citrus says:

Citrus DB Master Trust comments on DWP’s DB Master Trust self-certification scheme launched today

“It is great to see such support from the Government for DB Master Trusts with the launch of this DB Master Trust self-certification scheme. This move fully supports the benefits and advantages of master trusts as a viable alternative for standalone DB schemes by providing it with a stamp of authority. It’s just the encouragement smaller DB schemes need to think long term and consider their future funding and governance needs.

“We are pleased to be applying for Citrus’ self-certification.

“From our experience managing assets of £340m it’s clear that, for employers, reducing risks and providing funding cost-savings as well as investment benefits in their DB scheme is vitally important.  This has to be done while navigating ever-increasing governance complexities. A DB Master Trust with a Professional Trustee on board offers the employer an independent perspective, promotes best practice, provides professional knowledge and, especially for smaller schemes, ensures every pound works as hard as it can.

“As the past 18 months have highlighted, the stable funding and wider value for money offered by the governance structure have overwhelmingly ensured a smooth period for our Citrus employers and their members.  The Trustee has steered the DB Master Trust through the challenges presented by the pandemic and looks forward to helping others deliver better outcomes as they become more familiar with the advantages offered by DB master Trusts.”