LifeSight now listed on Pensions Regulator’s website as it achieves MAF II status
London, 17th March 2017 – LifeSight, Willis Towers Watson’s UK DC Master Trust, today announced that it is now listed on the Pensions Regulator (tPR) website, as a MAF accredited scheme.
Having achieved MAF type II accreditation in April 2016, LifeSight will also soon complete its second annual MAF II cycle by demonstrating the operating effectiveness of its control procedures over the course of two full reporting years. This builds on LifeSight’s Retirement Quality Mark and Pension Quality Mark READY accreditations as further evidence of LifeSight’s commitment to good governance.
Jo Kite, Managing Director of LifeSight UK said, “Having first achieved MAF II status in April last year, we are pleased to now be listed on the tPR website. We believe that in order for the master trusts market to remain well governed and credible, reputable accreditations like these are crucial. Not only do they build confidence in the industry, they recognise those master trusts that operate to the highest standards and truly put members’ interest at the heart of their proposition.”
Type I MAF accreditation checks the design of the scheme’s control procedures and can be achieved within the first year of a master trust’s operation. Type II MAF checks the operating effectiveness of those procedures over the reporting year and should be obtained every subsequent year to maintain the listing. Both require an independent reporting accountant to be commissioned to assess the design and operating effectiveness of the control procedures. LifeSight appointed PwC as its independent auditor and achieved type I MAF in October 2015, within six months of operation