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Press Release - PASA announces DC Governance Working Group

Tuesday, December 5, 2017 - 22:00

 

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announced the members of its newly formed DC Governance Working Group. The group, set to publish their initial findings in Spring 2018, will develop a set of standards and guidance to support administrators, employers and trustees in all aspects of DC pensions administration.

Chaired by Michael Watkins, Head of Operations at Smart Pension, the members of the group are:

  • Michael Watkins – Smart Pension
  • Andy Cheseldine – Capital Cranfield
  • Stephen Coates – JLT
  • Ben Cocks –Altus
  • Lucy Collett - PASA
  • Kim Gubler – PASA Board Sponsor
  • Graham Hollands – Fidelity International
  • Rosie Lacey – Royal Bank of Scotland
  • Richard Moody – Association of Professional Pension Trustees
  • Doug Peters – Barnett Waddingham
  • Jayne Pocock – JLT
  • Mike Reid – JLT
  • Karl Richter – ITM
  • Gillian Rodger – Hymans Robertson
  • Lucy Stone – The Pensions Regulator

Kim Gubler, Board Sponsor of the Group and Deputy Chair of PASA commented: “PASA’s long term objective is to achieve a consistently high standard of pensions administration for every single member, no matter what kind of scheme they are in. With DC clearly on the rise, it is important that we are equipped to handle the wealth of challenges specific to these kinds of arrangements. Clear and meaningful administration reporting is essential to the success of DC governance, not just the administrator, but many employers and trustees - particularly those in group DC arrangements - struggle to define their responsibilities in this sense. The members of our working group bring rich and diverse perspectives from across the entire industry and, as such, are uniquely placed to address these complexities and ensure that nothing slips through the gaps.

“The group has agreed six initial areas of focus; data; employers and trustees; transitions; decumulation; reporting/controls and procedures. The meaningful standards and guidance they produce will be applicable across the entire DC universe, and will act as a reference point for administrators, trustees and employers alike.” 

Michael Watkins commented: “This working group presents a great opportunity to bring in and consider different opinions and experience as part of a wider industry discussion. We’re looking to raise standards by making recommendations around data presentation and collection, straightforward employer guidelines and a full toolkit to ensure that governance and trusteeship is not over-complicated and therefore appeal to a much wider, more diverse audience that better reflects those they represent.”

Watkins added: “The pensions industry is experiencing rapid change.  Smart Pension is at the forefront of that change because of its focus on technology, and despite being a relative newcomer, is already driving the industry forward in a new direction. It’s exciting to be part of that.”

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