The Pensions Administration Standards Association (PASA) has refreshed its accreditation standards and is considering further changes to better suit master trusts.
The body has issued revised standards clarifying what administrators need to do to become PASA accredited, and has made the initial accreditation stage more straightforward.
It is also considering ways to encourage master trusts to improve their administration through PASA's processes and standards. It hopes to make its standard a "differentiator" for The Pensions Regulator (TPR) which is concerned about the governance of master trusts.
PASA director Fergus Clarke said: "I am looking at whether we need to vary the content of the standard or the guidelines. We are looking to create an additional value for master trusts for being a member of PASA and adopting our standards.
"We are asking if there is a specific standard we need to adopt within the accreditation programme which could better suit a master trust?"
More details should be clarified and publicly available by the end of the third or beginning of the fourth quarter, he added.
On the revised standards announced today, PASA chairwoman of the standards and accreditation committee Kim Gubler (pictured above) said: "One of the main things we have done is to clarify aspects of what administrators need to do to become PASA accredited and we believe these revisions will make the initial stage of accreditation more straightforward for those organisations wishing to achieve the PASA gold stamp.
"Ensuring the standards are delivering to the high level the industry expects remains our upmost aim, and we will continuously work to enhance and improve what we do. It is very encouraging to see continued emphasis on good quality administration being evidenced by TPR and the market at large."
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