UK - Industry standards for third-party administrators are way below trustees' and scheme managers' expectations, a leading provider claims.
And Accenture HR Services believes “great improvements” are needed to meet schemes’ demands for improved administration accuracy and speed.
Head of pension services Ian Townsend said: “Our industry data suggests that most pension managers and trustees are not wholly satisfied with services provided by both in-house and outsource suppliers in terms of accuracy and speed.
“Administrators have a role in helping to rebuild the trust and confidence of the UK population in pensions in general.”
Watson Wyatt head of administration practice Allan Course agreed that a number of TPAs were not performing satisfactorily.
He said: “The trick is first to understand what makes a good administrator – that is competency in systems, procedures, controls and personnel.”
And he said that trustees and sponsoring employers could not take it for granted that TPAs were keeping full, accurate and up-to-date member records that indicated how contributions had been invested on members’ behalf.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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