Standards of accreditation
PASA is currently developing an independent accreditation system through which pension schemes (whether DB or DC, trust or contract-based) can demonstrate that they meet certain standards.
The accreditation process (involving paper submissions and independent audit through site visits) will ensure that all schemes meet minimum required administration standards and that underlying processes satisfy the Pension Regulator’s requirements.
There are a number of areas which will form part of the accreditation process:
- Performance – honouring commitments, SLAs, right first time, accuracy
- Communication – member understanding of benefits, knowing what to do next, getting help and information, reassurance, dispelling the jargon, matching communication to member requirements
- Reporting – helping trustees to monitor administration, governance, flexibility, access, transparency
- Risk – controls, checks and balances, peer review, audit, industry criteria, STP, out of market risk
- Criteria and suitability of external assessments – AAF, ISO, NAPF quality mark, etc.
- Training and development – type and frequency – customer care, career progression, professional qualifications
- Business continuity arrangements
- Data handling and protection
- Completeness of data
- Accuracy of data
- Ease of access to transactions and educational tools via the web, paper and telephone
- Environmental and ethical aspects
- Monitoring and governance
- Implementation standards and processes
- Customer service benchmarks
- Client and member perceptions - the latter using the PASA member survey developed under RSPA, or a similar member experience-focussed questionnaire
- Complaint handling – litigation, acceptance of liability, best practice
- Change management model and quality controls
- KPI requirements
- Major scheme changes – transparency and fairness on change of system, out-in source, TPA to TPA
More information will be added to this section of the website as the accreditation process develops. If you would like to contribute your ideas to the areas that will form the accreditation, please email info@pasa-uk.com.
