SEI Master Trust obtains independent assurance of scheme quality for second year running

SEI (NASDAQ: SEIC) reported today on the operation of its governance and control procedures over the SEI Master Trust for the 12-month period ended 31 January 2016 under the Master Trust Assurance Framework. The SEI Master Trust has obtained independent assurance of scheme quality for a second year running.
This voluntary assurance framework is a quality standard for employers looking for comfort that their Master Trust solution is managed to the highest standards of governance and with a commitment to deliver better outcomes for members. It was developed by the Institute of Chartered Accountants in England and Wales (ICAEW) in partnership with the Pensions Regulator.
There are two ‘Types’ of independent assurance that Master Trusts report on under the voluntary framework:
The ‘Type 1’ report describes the procedures and controls that have been specifically designed by SEI and put in place to meet each of the control objectives set out in the Master Trust Assurance Framework. SEI reported on its independently assessed ‘Type 1’ report on 31 March 2015.
The ‘Type 2’ assurance report, announced today, goes a step further as it describes not just the design, but the operating effectiveness of the SEI Master Trust’s independently assessed procedures and controls over the audited period from 1 February 2015 to 31 January 2016.
Commenting on the announcement David Snowdon, Director of Institutional DC Solutions, SEI’s Institutional Group, said:
“This announcement reaffirms SEI’s commitment to apply the highest levels of rigor to the governance and controls that have been designed to benefit and protect those who rely on us to manage their retirement savings.
SEI was pleased to be one of the first Master Trusts to have our controls independently assessed under the Master Trust Assurance Framework. We are therefore delighted to be the first to reveal an unqualified ‘Type 2’ assurance report, demonstrating that the SEI Master Trust’s governance and controls have operated effectively over the period.”
Additional information about the Pensions Regulator’s framework for Master Trusts can be found here.