Our committees regularly call upon pensions professionals to create workgroups for specific programmes of activity or projects.
PASA currently has four Working Groups:
GMP Working Group
Our GMP Working Group was set up in Summer 2015, with an objective to identify, agree and implement a set of industry standards and guidance that will allow HMRC and scheme administrators to effectively complete GMP and Scheme Reconciliation Service (SRS) reconciliations in response to the cessation of contracting out in 2016. The Group has been extremely successful and is made up of individuals with expertise in public and private sector administration, legislative understanding and willingness to take on the big issues many schemes are struggling with.
The PASA Board has asked their Industry Policy Committee to set up a working group to work with HMT and other stakeholders as they develop the Dashboard solution.
The PDWG is focussing initially on the data required for the Pensions Dashboard in respect of both identifying the member and the data that is then visible to them.
The aim of this first phase is to produce a voluntary code for providers, administrators and trustees to follow supported by guidance to help trustees and employers achieve ‘dashboard ready’ data.
The breadth and depth of PASA membership, knowledge and expertise means that we believe we are well placed to provide support to HMT in relation to the administrative requirements in relation to the introduction of dashboard.
Th DC Governance Working Group was set up in November 2017 with an objective to identify, develop and recommend a set of effective industry standards and guidance to support administrators, employers and Trustees in effectively providing high quality delivery, oversight and governance of DC pensions administration.
The Transfers Working Group was also set up in November 2017 with an objective to identify current issues and potential solutions relating to the administration of DB trust based pension transfers by looking at the transfer supply chain for occupational schemes and helping improve the experience for all parties.
The TVWG will review the transfer information and payment processes to develop realistic standards which members and the industry can depend on, ensuring they are aligned as far as possible with the IFA and insurer community.