LUCIDA has become the first pensions buyout firm to sign up to the Raising Standards of Pensions Administration Group’s general statement of administration standards.
The RSPA project began in January 2002 in a bid to improve the service delivered to members of pension schemes.
So far organisations who have signed up to the agreement have all been third-party administrators.
RSPA chairman John Reeve said: "Lucida’s decision to sign up to the RSPA standards is both great news for their customers and a healthy development for the pensions buyout market.
"We hope other providers will follow Lucida’s lead and commit themselves to the standards that we have proposed."
Lucida operations director Margaret Snowdon added: "We are very pleased to demonstrate our confidence in the very high standards of service we and our partners deliver to trustees and scheme members through signing up to this important pensions quality initiative."
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