Twelve pension providers have come together to create the Master Trust Association, an industry body for master trust pensions.
The organisation aims to give a unified voice on issues such as pot follows member, managing quality schemes and quality-marking schemes. It has also set out other aims, which include improving standards of governance, promoting the benefits of master trusts and educating the wider pensions community and promoting best practice within the master trust community.
It will publish a code of conduct on managing conflicts of interest within master trusts.
Founder members are B&CE, Blackrock, BlueSky, Legal & General, National Pension Trust (Xafinity), Now: Pensions, Pensions Umbrella Trust, Salvus, SEI, Standard Life, SuperTrust and The Pensions Trust. The MTA says it will welcome any other master trust providers wanting to join.
Morten Nilsson, CEO of Now: Pensions says:“The MTA will provide a voice on issues that are vital to the successful development of the UK pensions industry, including the ‘pot follows member’ proposals, managing conflicts of interest, and creating a quality standard to ensure schemes are fit for purpose, as recommended by the Pensions Institute’s Caveat Venditor report.
“We believe the strength of having a collective group will provide the force required to change the UK industry for the long-term, for the benefit of those who we are here to serve – those people saving with us for their long-term financial security.”