Auto enrolment pension provider Smart Pension has been awarded the Master Trust Assurance Framework (MAF) quality accreditation, it was announced today/Weds May 11.
Smart Pension becomes one of the first cohort of auto enrolment providers to have secured MAF status, a hallmark of quality set by The Pensions Regulator (TPR) and the Institute of Chartered Accountants in England & Wales (ICAEW).
Achieving MAF status involves a detailed independent review to ensure the master trust is administered and governed according to strict regulatory standards. It is regarded as the gold standard for the operation of master trusts.
MAF accreditation is the latest accolade for Smart Pension's governance. It is now the only leading auto enrolment provider that is free for employers and which has both a 5-star Defaqto rating and MAF approval.
Andrew Evans, co-founder and CEO of Smart Pension, which specialises in auto enrolment for small and micro employers, said: “Accomplishing MAF means Smart Pension is now part of a select group of master trusts with the capacity and sustainability to pass the detailed governance checks required to achieve accreditation.”
“MAF represents the highest standards of scheme governance, and is an important criterion used by many employers, accountants and advisers in selecting an auto enrolment pension provider they can trust.”
“Smart Pension undertook this voluntary comprehensive review to demonstrate without equivocation our long-term strategy to be a key industry provider for small and micro firms as the busiest part of the staging calendar approaches.”
Smart Pension brought in former Pension Protection Fund (PPF) delivery director Peter Walker as its chief operating officer to oversee the successful MAF reporting procedure.
He said: “Many professional advisers have come to regard MAF accreditation as a must have, so we are delighted to add this latest confirmation of our good governance to our credentials.”
The firm's highly automated platform harnesses time-saving applications to allow fast, seamless auto enrolment with a sign-up and onboarding process that takes just a few minutes from start to finish.
Smart Pension's platform is free for employers to use and offers good value to employees. Will Wynne, co-founder and managing director, added: “Our free Adviser Platform has already proved a runaway success with nearly 800 hundred advisers signing up in just a few weeks. MAF accreditation will only accelerate the growth of our market leading workplace pensions platform for professional advisers.”
Smart Pension has partnered with award-winning global independent funds administrator Apex Fund Services to ensure high volume capacity as the 1.8m small and micro funds edge nearer to their staging date. It only invests member contributions in secure blue chip funds from Legal & General or HSBC (Sharia fund).
If you would like to know more about the Master Trust Assurance Framework, please visit our MAF information page here
Notes to editors
ABOUT SMART PENSION:
Smart Pension is a MAF-accredited online auto enrolment provider. Its platform was built specifically to help thousands of small British businesses sign up their employees to a workplace pension scheme, as required by law. Smart Pension was co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, Managing Director, and launched in May 2015. Its Master Trust is overseen by professional trustees with decades of experience supervising large pension schemes. Smart Pension has partnered with Apex Fund Services, one of the world's largest independent fund administrators, to securely and cost-effectively administer employees' pensions. Smart Pension has a 5 star rating from Defaqto in the auto enrolment category. Smart Pension is the fastest auto enrolment platform on the market to sign up with and advisers and employers can use it for free - there are no upfront or ongoing charges for companies or their advisers. LGIM took a minority stake in the digital pension platform in 2016, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider UK economy. www.AutoEnrolment.co.uk