The Professional Pensions Administration Survey 2020 reveals the rankings of the best third-party administrators and software providers for pension schemes.
This year's survey gathered data from respondents in both the public and private sectors, and across a range of different scheme types.
The majority of respondents (80%) were responsible for defined benefit (DB) schemes, with the next greatest proportion (8%) managing defined contribution (DC) schemes. Other scheme types, such as hybrid schemes and group personal pension schemes, make up the remainder of those represented in the survey.
As part of the survey, participants were invited to rate the third-party administrators (TPAs) they had experience of working with.
We calculated a weighted satisfaction score based on how respondents had ranked the importance of a range of different factors - such as data accuracy, flexibility, customer service and technology.
The top five TPAs according to our ranking of 14 different firms were:
We also ranked the top software providers, again using weighted scores. The top three out of our ranking of six separate firms were:
To find out more about PP's Administration Survey 2020 or to buy a full copy of the research, contact Liam Barrett on 020 7484 9977; Hannah Heath on 020 7484 9865; or Will Bolton on 020 7484 9796.
PP Administration Survey Methodology
This report details the findings from the 2020 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.
Some 383 pension professionals in the UK responded to an online survey, which ran earlier this year.
Overall, 56% described their occupation as a trustee and 22% were pension scheme administrators or managers. The remainder of respondents' occupations included CEOs, financial directors and HR directors and managers.
The Pensions Administration Standards Association (PASA) has published guidance on the pensions dashboard for UK schemes, trustees and providers detailing how to get ready for the project.
Administration should be focused on what the member would ideally want, thereby delivering a better services, says John Simmonds.
HSBC will increase its assets under management on Moody’s Analytics’ defined benefit (DB) software platform, expanding its use from six to 15 countries.
Hurdles remain before dashboard implementation, writes Holly Roach.
The technological developments arising out of the pandemic will change the pensions industry forever, says Darren Philp.