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Flexible DC Master Trust solution for UK based employers
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Customised investment options available immediately
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Pitmans Trustees appointed as independent trustees
Standard Life1 has today announced it has extended its Trust Based Pension2 to offer a new Master Trust3 arrangement. The proposition is aimed at employers who are keen to set their pension scheme up under trust but are concerned about the responsibilities associated with appointing their own trustees.
The new Master Trust is a multi-employer arrangement and employers will be able to select customised investments solutions, depending on the investment funds they wish to offer members. A packaged ‘off the shelf' investment solution will be available in 2012.
Jamie Jenkins, head of corporate strategy and propositions, Standard Life said: "We have seen an increasing demand for a master trust solution. Many employers are still keen on the benefits associated with having trustees in place, but want to avoid the responsibility, cost and complexity of appointing them.
"This new DC Master Trust not only gives employers the reassurance that scheme governance requirements will be met, it helps relieve employers of some of the work involved in running a trust based scheme."
Standard Life will provide the administration, investment platform and member communications. Pitmans Trustees4 has been appointed to provide the trustee duties.
Jenkins added: "It was extremely important to appoint an independent trustee for this proposition. We undertook a rigorous selection process and we are delighted to have appointed Pitmans Trustees. Their reputation and experience coupled with our expertise in the corporate pensions market means that our clients will receive the highest standard of service."
Richard Butcher, managing director of Pitmans Trustees said: "With the arrival of NEST, the future of pension provision in the UK is Defined Contribution. Pension Reform will cause significant expansion in the market with more than one million employers coming to pension provision for the first time. The master trust concept will make this journey easier for employers and members. It will help to deliver good member outcomes.
"We were thrilled to have been chosen by Standard Life to work with them on this initiative. It is a great opportunity for us to work alongside a market leading, innovative firm."
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