The Pensions Administration Standards Association (PASA) has announced the members of its new Transfers Working Group.
The new group will be chaired by PASA board director Gary Evans and will comprise of 23 members from a variety of pensions and financial industry backgrounds.
The members are as follows: Christine Archer from Cadbury Mondelez, Mark Butler from Lane Clark & Peacock; Ben Cocks from Altus; Andrew Crawford from Lothian Pension Fund; Julie Dale from Royal London; Lewis Daley from Royal London; Mark Dowsey from Willis Tower Watson; John Dunkley from Society of Pension Professionals; Richard Emerson from SAUL; Gary Evans a PASA Board Sponsor; Peter Gowland from Premier; Banafsheh Ghafoori from Kingfisher; Nick Green from Criterion Tec Limited; Clare Hendry from The Pensions Regulator; Julie Sheppard from The Pensions Regulator; Jane Higgins from Association of Pension Lawyers; Nigel Howarth from Equiniti; Peter Scott from Equiniti; Linda Hughes from Oxford University Press; Kathryn Jones from Rothesay Life; Sonya Purkayastha from Rothesay Life; Rachel Longsden from Capita Employee Benefits and Ben Surr from Mercer.
Evans commented: “The influx of transfer requests has been widely reported for some time, with many calling for greater consistency in the time taken between the point of request and the payment being made to an individual’s arrangement of choice. Whilst PASA echoes these calls and support members having every right to gain efficient access to their pension savings if eligible, there are a number of factors that can legitimately hold up the process and therefore must be taken into consideration. For example, DB trust schemes are particularly complex in nature and present a number of unique governance challenges and, elsewhere, administrators will be taking appropriate steps if scam activity is suspected. This can of course be frustrating for the member, but it is important to remember that these steps are taken solely for their protection. If we work together to help people understand this and manage expectations when a transfer is requested, we will go some way to easing these frustrations.
“There is definite room for improvement in the process however, with the lack of clear guidance presenting a real issue for administrators, IFAs and insurers alike - all of whom will understandably have different priorities. Our working group will be looking closely at all aspects of the supply chain to work through issues and produce solutions, as well as guidance to act as a reference point and create a smoother, more positive experience for all involved.”