The Pensions Administration Standards Association has today announced the 23 members of its new Transfers Working Group, which aims to look closely at defined benefit transfer delays.
The Pensions Regulator reported that 67,700 people transferred out of DB pension schemes in 2016.
It estimated that this figure could have been as high as 80,000, owing to the schemes that do not disclose the number transfers they perform.
The Transfers Working Group will seek to improve standards in pensions administration pertaining to transfers, which have grown in popularity since their introduction in 2015.
It is made up of representatives from corporate and local authority pension funds, and also includes experts from consultancy, administration, trade body and insurance backgrounds.
The group will be chaired by Gary Evans, board director at PASA.
Evans said: “The influx of transfer requests has been widely reported for some time, with many calling for greater consistency in the time taken between the point of request and the payment being made to an individual’s arrangement of choice.”
“Our working group will be looking closely at all aspects of the supply chain to work through issues and produce solutions, as well as guidance to act as a reference point and create a smoother, more positive experience for all involved.”
Source: PASA
Topics
- Administration
- Altus
- Capita
- Defined benefit
- LCP
- Lothian Pension Fund
- Mercer
- Pension transfers
- Pensions Administration Standards Association (PASA)
- Rothesay Life
- Royal London Asset Management
- Society of Pension Professionals
- Superannuation Arrangements of the University of London (SAUL)
- The Pensions Regulator (TPR)
- Towers Watson
