The Pensions Administration Standards Association (Pasa) has published its new Business Plan, outlining the association's agreed strategic objectives.

In particular, Pasa has committed to creating and maintaining industry standards to support good pensions administration, broadening awareness and influence of Pasa and administration, and driving the digital journey to define best practice.

In addition to this, the association has set an objective to embed itself into the wider financial & wellbeing environment to deliver the right outcomes for savers, promote pensions administration as a profession and support future SMEs development.

It also set out plans to ensure the board has the skills so Pasa can adapt and react to a changing environment.

As part of the strategy, Pasa considered how core behaviours could influence how administration may be delivered within the next 10 years, outlining three possible scenarios, the rise of the bot, relationships are king, and digital shadows.

This work allowed the association to identify a number of common theme, which it used as the base for the strategic plans.

Commenting on the new strategy, Pasa chair, Kim Gubler, stated: “Pasa has grown and evolved in the 11 years since it was founded.

"When considering the future strategy of Pasa, the board identified three scenarios of potential future behaviours which could impact on administration within the next 10 years.

“The Pasa board is proud of the impact and growth achieved by the organisation to date, but recognises there’s more to be done and we must evolve alongside a rapidly changing industry.

“The Business Plan explores and cements the future of the organisation so we can continue to promote and raise the quality of pensions administration services in order to improve outcomes for savers in UK pension schemes.”

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