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The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announced the members of its new Transfers Working Group. |
Chaired by Gary Evans, Board Director at PASA, the members of the group are as follows:
Christine Archer – Cadbury Mondelez
Mark Butler – Lane Clark & Peacock
Ben Cocks – Altus
Andrew Crawford – Lothian Pension Fund
Julie Dale – Royal London
Lewis Daley – Royal London
Mark Dowsey – Willis Tower Watson
John Dunkley – Society of Pension Professionals
Richard Emerson – SAUL
Gary Evans – PASA Board Sponsor
Peter Gowland – Premier
Banafsheh Ghafoori – Kingfisher
Nick Green – Criterion Tec Limited
Clare Hendry – The Pensions Regulator
Jane Higgins – Association of Pension Lawyers
Nigel Howarth - Equiniti
Linda Hughes – Oxford University Press
Kathryn Jones – Rothesay Life
Rachel Longsden – Capita Employee Benefits
Sonya Purkayastha – Rothesay Life
Peter Scott – Equiniti
Julie Sheppard – The Pensions Regulator
Ben Surr – Mercer
Gary Evans commented: “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. Whilst PASA echoes these calls and support members having every right to gain efficient access to their pension savings if eligible, there are a number of factors that can legitimately hold up the process and therefore must be taken into consideration. For example, DB trust schemes are particularly complex in nature and present a number of unique governance challenges and, elsewhere, administrators will be taking appropriate steps if scam activity is suspected. This can of course be frustrating for the member, but it is important to remember that these steps are taken solely for their protection. If we work together to help people understand this and manage expectations when a transfer is requested, we will go some way to easing these frustrations.
“There is definite room for improvement in the process however, with the lack of clear guidance presenting a real issue for administrators, IFAs and insurers alike - all of whom will understandably have different priorities. 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.”
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