The Pensions Administration Standards Association (PASA), an independent body dedicated to driving up standards in pensions administration, has launched an eAdmin Group.
Set to publish their initial findings in early 2019, the group will explore how schemes, trustees, regulators and administration providers can optimise the use of technology to improve overall service.
Sponsored by Girish Menezes (pictured), Board Director at PASA and Head of Administration at Premier Pensions, and overseen by The Pensions Regulator, the members of the group are: Chris Connelly – Equiniti (Knowledge Partner and Working Group Member); Andy Gibbons – Coal Pension Trustees (Working Group Member); Michael Mann – Individual member (Working Group Member); Girish Menezes – PASA (Board Sponsor and Chair); Louise Spicer – The Pensions Regulator – (Observer); Michael Watkins – SMART Pensions (Working Group Member).
Members of the working group will set-up and chair sub-groups which focus on leveraging the use of technology in relation to specific elements of the administration process, such as the automation of transfer quotations, fraud reduction and robotics.
Menezes says: “Technology is transforming the pensions industry. From online retirement quotes to the pensions dashboard, E-Administration can greatly enhance the member experience, reduce administration costs, speed up processes and minimise the risk of errors. However, it is critical that we implement technology in the right way, ensuring clean data, standardising processes, agreeing common data interfaces and building industrial-strength platforms. PASA set up this working group because there is a need in the industry for clearer standards to help guide people through the process and highlight the key landmarks that must be considered along the way.”
“Our working group members bring the diverse experience needed to undertake a thorough investigation into the world of E-Administration, addressing the specific quirks pertinent to different types of pension scheme. The huge amount of ground to cover when introducing new technology can make it a daunting prospect for any scheme or administrator, but we are confident that clear best practice and guidance will help ease the pain, in turn allowing schemes to manage smoother migrations and improve the overall standard of their administration service.”
