Margaret Snowdon, Chair of PASA, said:
“When thinking about advances in pensions technology, it is no longer a question of when, but how. It is crucial to confront the practical side of how schemes can make the best use of modern technology and to help schemes with practical guidance on how they can deliver their ambitions for the use of technology to improve the member’s experience. Even the most positive of change brings uncertainty, so the industry needs tangible guidance and best practice to support schemes to set their ambitions and set out the steps required to achieve them.
“Equiniti’s shared passion and experience in this field make them the ideal knowledge partner for PASA as we prepare to increase our focus on this vital area, helping us remain at the forefront of upcoming changes and bolstering our existing knowledge. This, in turn, means our members will always be kept ahead of the curve for developments relating to E-Administration and can continue receiving the most meaningful support and guidance possible.”
Duncan Watson, Managing Director, Workplace Pensions at Equiniti, said:
“Having spent many years developing cutting-edge technology and tools to help members engage with their pension, we are proud to have been appointed PASA’s Knowledge Partner for E-Administration. Technology can open exciting doors for the industry, but it must be implemented in the right way and to help ensure that processes like data management and automation are deployed at a consistently high level.
“By working in collaboration with PASA, we will be able to drive progression and best practice at a wider level, helping the industry become better equipped to adopt new advances further down the line.”
For further information
Temple Bar Advisory
The Pensions Administration Standards Association (PASA) has been created to provide an independent infrastructure which will set, develop, guide and assess administration standards.
PASA will act as a focal point and engage with industry and government to create protocols for understanding good administration - but also appreciates there is no one size that fits all. PASA will develop evidential accreditation practices which will allow benchmarking across and between the industry regardless of how the administration is being delivered.
As well as raising the profile of pension administration generally, PASA will focus on three core activities.
- Defining good standards of pensions administration relevant to all providers, whether in-house, third party or insurers
- Publishing guidance to support those standards
- Being an independent accreditation body, assessing the achievement of good standards by schemes (regardless of provider)
There is no organisation providing such services across schemes, yet there is a demand for evidence of service quality from scheme trustees, sponsors, administrators, insurers, scheme members and regulators.
About PASA Accreditation
PASA Accreditation is open to all corporate members of PASA (DB, DC, trust-based and contract-based schemes). PASA Accreditation is granted following an independent evaluation and assessment process, which includes on-site visits and the review of documentation to evidence controls, procedures, process, staff development and contractual positions with clients.
Full details on PASA can be found by visiting www.pasa-uk.com
Full details on PASA Accreditation can be found by visiting www.pasa-uk.com/13/standards-of-accreditation
Equiniti Group is a multinational specialist outsourcer delivering technology-enabled solutions to some of the world’s best-known brands and UK’s largest public-sector organisations.
Equiniti’s services, which are delivered by over 4,578 employees, benefit 28 million people in the UK and 120 countries around the world.
Equiniti is one of the largest providers of outsourced pension administration in the UK and supports 8 million pension scheme members (DB, DC and hybrid) in the public and private sector, delivering £11 billion in payments per annum to 2.2 million pensioners and annuitants in 180 countries.
The wide array of administration services provided include; member record keeping and maintenance; web; treasury; accounts; communications; and pensioner payroll. Equiniti’s access to cutting edge technology hugely benefits its pensions administration capabilities through the development and implementation of market leading software.