Workers Pension Trust (WPT), the company which delivers an auto-enrolment solution to more than 80 businesses in Coleraine, is the first pension provider in Northern Ireland to be awarded Master Trust Assurance accreditation.
The quality standard is awarded to pension schemes which demonstrate exceptionally high standards of governance and administration.
Workers Pension Trust is a not-for-profit organisation and the only Northern Ireland-based auto-enrolment solution available to all businesses across the UK. Business Development Manager at Workers Pension Trust, Iain Ferguson, explains: “We have been working towards Master Trust Assurance for the past year and we are proud to be the first local scheme to receive this recognition.
“We have been operating a pension scheme for businesses since 1982 and were able to draw on 35 years’ experience to develop a locally based scheme which complies with auto-enrolment legislation and is open to all companies. We have the knowledge and experience to guide Northern Ireland employers through every step of the process. This accreditation is further confirmation that our governance and administration are second to none.”
Master Trust Assurance accreditation was developed by the ICAEW (Institute of Chartered Accountants in England and Wales) in association with the Pensions Regulator. Workers Pension Trust is one of the first schemes to achieve the accreditation based on the most recent standard as at 30 November 2016. To receive the aspirational quality stamp, schemes must meet stringent criteria and adhere to best practice procedures.
Iain continues: “At Workers Pension Trust, we have worked hard to align our processes with the requirements of Master Trust Assurance. This is the pinnacle of accreditations in the industry and we will be audited annually to ensure that we continue to comply with its requirements.
“Workers Pension Trust is open to all businesses, regardless of size. By the end of 2017, all companies in Northern Ireland will have reached the date by which they need to have a workplace pension scheme in place. This may be a daunting prospect for smaller businesses, however, our Master Trust accreditation gives employers confidence that WPT is a well governed scheme.”
Workers Pension Trust is the only auto-enrolment Master Trust based in Northern Ireland and features on the Pensions Regulator’s website.