With the pensions industry in unprecedented times thanks to a number of factors including auto enrolment, GMP reconciliations, and the end of contracting out, never before has it been so crucial that standards are met to ensure the absolute best outcome for members. Throughout October, PASA will campaign on all fronts to encourage more involvement by reaching out to key stakeholders in the industry.
Margaret Snowdon, Chair PASA said: “PASA has strengthened the voice of the pensions administration industry so that it is now heard and listened to in Government, Government departments and by our industry regulators - including our work with The Pensions Regulator to achieve a position where their guidance encourages Trustees to establish whether their administrator has obtained independent voluntary accreditation, such as the accreditation standard offered by PASA.
“While we are already in a fantastic positon, we want to do more, and we have big ambitions for the future. The things we will be focusing on include: supporting more members in achieving accreditation; responding on Government consultations; initiating thought leadership pieces through our policy and strategy committee; and continuing our lobbying efforts within the industry.
“We have been fortunate to work with members and volunteers who share our passion to make a difference and to adopt standards which make for better outcomes for the members of pension schemes, but we want to make our voice stronger and louder.
“Throughout October we will be talking directly to key stakeholders in the industry that we want to involve, and in the final week of #GetInvolvedOctober we will be speaking directly to prospective members. The more our membership grows, the stronger we will be and the more impact we can have. Together we are stronger and can make a real difference.”
The campaign will focus on a different group each week:
• Week 1 – PASA Experts: The role of a PASA Expert is to provide research, articles and content which can be used as public information and guidance, as well as to provide an exchange of knowledge with PASA’s Policy and Strategy Committee on developments within the agreed area of expertise. Current areas of focus include: GMP Guidance; Pensions Dashboard; Data Governance (particular focuses on DB scheme liability management, cyber security and GDPR regulation); DC Governance and Best Practice, Transfer Processing – Improving processes and addressing pension scams; Improving member experience through administration.
• Week 2 – Committee members: PASA is looking for new Committee members to join its five Committees: Standards; Accreditation; Industry Policy; Membership & Funding; PR; and help drive pensions administration standards forward
• Week 3 - Workgroup members: Our committees regularly call upon pensions professionals to create workgroups for specific programmes of activity or projects. Recent examples of this are our GMP and Best Practice workgroups.
• Week 4 - Become a member: In week 4, PASA will ask organisations to consider membership - PASA is a not for profit membership-only organisation – run by members for members. PASA members have a passion for improving services for the benefits of scheme members, sponsors and those charged with the oversight of pension arrangements. The growth of the membership will help drive up standards for pension administration
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