UK - Administrators should focus on meeting member expectations rather than faster turnaround times, delegates at the recent Pension Show heard.
The Pension Show’s administration roundtable debate – chaired by MNPA managing director Sue Applegarth – heard that it was “consumer care” which mattered most to scheme members.
Delegates urged members of the panel to focus on accountability and transparency to improve reputations.
Standard Life corporate pensions director John Taylor said pensions administration was not just about quick turnaround times but the one-to-one service, provided at “critical times” in people’s lives.
Other panel members – Mark Lilly of Mercer HR Consulting, Clive Witherington of Watson Wyatt and Phill Coglan of Comino – agreed and said it was important to engage with trustees to come up with “realistic targets” for measuring performance.
But they stressed the price schemes paid for third-party admin should depend on where benchmarks were set.
Coglan – head of pensions sales and marketing at Comino Group – said automated systems were not there to replace skilled staff with “button-pushers” but should be seen as a means of freeing up expertise.
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.