By Adam Cadle
The Pension Administration Standards Association (PASA) has today launched its consultation to improve standards in pensions administration.
At a time when administration is crucial for effective pension scheme governance, PASA is focusing on activities including defining good standards of pensions administration relevant to all providers, whether in-house, third-party or insurers. It aims to publish guidance to support these standards and to become an independent accreditation body.
PASA has emphasised that administrators must have written and signed agreements with clients, and the basis on which fees are increased should be clearly stated in all documentation.
PASA standards committee chair Kim Gubler commented: “It is imperative that the standards set should be meaningful and measurable at a time when administration is playing an increasingly important role with pension schemes.
“Creating expected standards of administration will provide trustees and providers with quantifiable targets to aim at, in order to improve the quality, efficiency and expense of their scheme.”
The open consultation runs from 18 June to 6 July.