PASA has been concerned for some time about the huge variation in time between members requesting transfers from occupational pension schemes and the payment being made to their provider, or scheme of choice. The complex nature of DB trust schemes makes a standard transfer processing time challenging and increased DB specific governance legitimately holds up the process and must be recognised.
Pension freedoms, larger transfer values and greater adviser activity have more than doubled the volume of transfer quotation requests, putting great strain on administrators. Scam activity must also be taken into account, for we cannot sacrifice benefits safety in the interest of fast transfers.
The Purpose of the PASA TVWG is 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.
The primary deliverable of the TVWG is to look at the whole transfer process to find efficiencies and produce better, faster outcomes for members. The TVWG will liaise with the Scams Working Group once established as necessary to incorporate relevant aspects into the process.