Here they are... The headline results of this year's Professional Pensions Administration Survey...
This year's PP Administration survey gathered data from 231 respondents in both the public and private sector; and across a range of different scheme types.
The majority of respondents are responsible for defined benefit (DB ) schemes, with the next greatest proportion managing defined contribution (DC) schemes. Other scheme types such as hybrid and career average schemes make up the remainder of the schemes.
Some 74% of responses came from DB schemes and 13% came from DC schemes.
Some 81% of the respondents said their schemes largely outsourced the administration of their schemes with 19% saying they largely conducted their administration in-house.
We asked those schemes that chose to mainly outsource their scheme administration which third-party administrators they had experience of working with and to rate these TPAs.
The top five TPAs in terms of overall satisfaction were as follows:
Rating software providers
As part of our survey, we also asked participants which software providers they rated most highly.
The top five system providers in terms of overall satisfaction were as follows:
To read the full report as well as getting a full run down of what schemes think of the different providers and systems in the market contact Liam Barrett on 020 7316 9277 or email him at [email protected]
Professional Pensions Administration Survey Methodology
This report details the findings from the 2017 Professional Pensions Administration Study, designed to track industry attitudes towards both in-house and outsourced pension scheme administration.
The study was conducted by Incisive Research on behalf of Professional Pensions. The overall aim of this research was to measure the different experiences of schemes using in-house and outsourced administration functions.
Interviews were conducted among a representative sample of 231 pension professionals in the UK. All interviews were carried out online using a Computer-Aided Web Interviewing (CAWI) process via the Incisive Research Survey.
Overall, some 45% of respondents were trustees and 33% described their occupation as a pension scheme administrator or manager. The remainder of respondents' occupations included financial director and HR manager.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
The Hewlett Packard Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator (TPA) for five years.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.