The Pensions Administration Standards Association is calling on pensions managers and scheme trustees to open up about the quality of their administration in a new survey.
The Pensions Administration Standards Association is calling on pensions managers and scheme trustees to open up about the quality of their administration in a new survey.
In partnership with Pensions Expert, the industry group is setting out to map the path to e-administration practices suitable for members in the digital age.
Pensions administration is a somewhat fragmented industry, with standards and use of technology varying greatly between schemes and third-party providers.
There are still some pension administrators who are working with chalk and blackboard and at the other end there are people talking about artificial intelligence and blockchain
Girish Menezes, PASA
Those at the vanguard of the industry boast member apps and automated processes, while stragglers see their data quality hit the headlines for the wrong reasons.
PASA’s e-admin working group, made up of leading schemes and providers, is therefore trying to map out the path to better adoption of technology within administration.
“There are still some pension administrators who are working with chalk and blackboard and at the other end there are people talking about artificial intelligence and blockchain and all sorts of amazing things,” said Girish Menezes, director at PASA and head of administration at Premier Pensions. “How are you going to take pensions admin from one end to the other?”
Mapping the path to better admin
The body is asking trustees, pensions managers and employers to complete a short, anonymous survey about the technology available to their members and the general quality of their schemes’ record-keeping.
It asks respondents to outline how important technology is to them, and whether members want tech features like online benefit statements.
Answers will enable PASA to develop what Mr Menezes refers to as a ‘tube map’ guiding schemes who do not make adequate use of technology towards better member service. For example, the group hopes to show schemes how they can progress from paper records to verified digital data.
The group will also publish a white paper on administration and technology, using case studies to aid schemes in their decision-making.
Survey responses can be provided here.
