Cheviot Trustees Limited is delighted to announce that the Cheviot pension has been authorised as a master trust by the Pensions Regulator. Cheviot joins the short list of other authorised master trusts.
The decision comes after a rigorous review process testing all aspects of Cheviot’s governance arrangements and the systems and processes underpinning the financial and pensions administration. The Cheviot Trust Chairman Sir Derek Morris said: "We are delighted to demonstrate the standard required for authorisation which provides all our employers and members with independent verification of the quality of governance and administration that the Trust provides."
Elspeth McKinnon, Chief Executive, commented: "The Cheviot pension has already won awards for innovation, particularly in the way it offers flexible retirement options within a Trust environment. Authorisation allows us to continue to innovate and provide the best possible solutions for employers and members in both the DC and DB environment. Cheviot’s consolidation approach, unifying all its operations under one governance structure, will remain focused on providing strong DC risk-adjusted returns and improved DB funding levels."
Cheviot will continue to work with its key advisers, including River and Mercantile Solutions, investment advisers, to develop innovative solutions for employers and members. River and Mercantile’s Mike Faulkner commented: “We have worked closely with Cheviot since our founding to provide bespoke, innovative investment strategies designed to improve member outcomes. Cheviot’s authorised status enables us to continue to work together to meet members’ and employers’ evolving needs in the changing pensions environment.
Cheviot, a not for profit organisation, was established in 1930 to provide pensions for the legal sector but is now open to employers from all areas for both DC and DB.
Many employers have switched to a defined contribution or money purchase arrangement for current employees but have final salary obligations in relation to past service. Managing a final salary scheme requires considerable management time and this can become disproportionate when the scheme only relates to past service, and often mostly to former employees.
It is easier than you think to access a complete governance service for your final salary scheme.
Meeting your auto enrolment requirements
Many employers will find the new obligations to encourage more pension saving by their employees somewhat daunting and just another thing to increase the cost of employment and to divert resources from their core business.
Cheviot’s aim is to help employers provide excellent pensions for their staff and meet the requirements as easily as possible. We have been providing pensions since 1930 so have lots of experience and are ready to help with all the elements required for workplace pensions and auto enrolment from working out how much it will cost to providing information for employees.
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