A Master Trust Association (MTA) has been launched in an effort to provide best practice, awareness and standards of governance for the master trust community.
The association has set out its aims, which include improving and maintaining standards, providing a unified voice for master trust providers, promoting the benefits of master trusts, educating the pensions community and promoting best practice.
The MTA will be looking at three areas of concern in the pension industry including pension pots following members between employers, managing conflict of interest, and developing a code of best practice and quality marking schemes.
The association’s members include B&CE, Legal and General, Now: Pensions, The Pensions Trust and Standard Life.
Morten Nilsson, chief executive officer at Now: Pensions, said: “It 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.
“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.”