Recent changes announced by the Pension Regulator have resulted in Welplan deciding against applying for new Master Trust Authorisation, leading to its decision to exit the pensions business. Welplan continues to manage its scheme until it is transferred to a new Master Trust. In the meantime it is important to recognise that Welplan Pensions achieved Master Trust accreditation for its pension scheme for a third year in a row. The Master Trust Assurance Framework quality standard was developed by the Institute of Chartered Accountants in England and Wales (ICAEW) in association with The Pensions Regulator to help employers identify schemes with the highest standards of governance and administration.
Welplan Pensions was awarded a 5 Star Rating by independent research organisation Defaqto for the third year running. This is the highest-achievable rating, given only to financial products or services assessed as “excellent, with a comprehensive range of features and benefits.”
Defaqto Star Ratings show how financial products and services rank in comparison with each other in order to help employers, advisors and consumers make better-informed purchasing decisions.