The Pensions Management Institute (PMI) has launched a campaign to upskill administration staff based in India, as regulatory scrutiny of the admin sector increases.
The PMI’s chief customer officer, Varsha Gicas, is to visit India to meet with staff from several companies providing administration services to UK pension schemes as part of a plan to “raise professional standards across the UK pensions ecosystem”.
The institute said pension providers were increasingly reliant on “large, highly skilled administration teams based in India” that were becoming “critical” to the UK’s pension infrastructure. The PMI wants to ensure these teams have access to the same types of training and development opportunities as UK-based staff.
“This visit is about strengthening quality, building confidence and ensuring that everyone contributing to the UK system has the opportunity to develop and excel.”
Varsha Gicas, Pensions Management Institute
Gicas said: “If we want the best outcomes for UK savers, we must raise standards across the entire pensions administration workforce - wherever those teams are based. The PMI is committed to supporting the highly skilled professionals in India who play a vital role in delivering UK pensions every day.
“This visit is about strengthening quality, building confidence and ensuring that everyone contributing to the UK system has the opportunity to develop and excel, while driving better outcomes for UK savers.”
Last month, the Pensions Regulator (TPR) published detailed new guidance for pension scheme trustees regarding the oversight of administration providers. The regulator highlighted the importance of robust oversight arrangements for internal and external administrators, and recommended that trustees broaden performance measurements “beyond time-based commitments” to ensure a “true reflection of the quality and accuracy of the administration service”.
TPR’s executive director of market oversight, Julian Lyne, said: “High-quality administration is fundamental to delivering good outcomes for savers. Our updated guidance sets clear expectations for schemes and administrators to work in partnership to strengthen governance and ensure resilience in the pensions system. Trustees and scheme managers remain accountable for administration – even when tasks are delegated.
