PASA has today published new Guidance on Identity Management and Assurance, addressing growing risks and challenges across the pension lifecycle. The Guidance sets out best practices for administrators to mitigate identity-related fraud, bolster member protection, and future-proof processes in an increasingly digital landscape.
David Fairs, PASA Chair, said: “Pension fraud continues to evolve, targeting people’s lifetime savings and undermining trust in the pension system. With over £26 billion now sitting in unclaimed or lost pension pots, the risk has never been more apparent. Strong identity management isn’t just good practice – it’s essential protection. This Guidance aims to raise awareness of the identity-related vulnerabilities schemes face and offers practical, actionable steps administrators can take to safeguard their members and strengthen scheme defences.”
Lorraine Salmond, Chair of PASA’s Identity Management Working Group, added: “This Guidance reflects growing concern across the industry about the adequacy of identity verification, authentication, and assurance processes. As digital channels become more central to pensions administration, schemes must ensure their identity management strategies are fit for purpose—not just for today’s risks but those emerging on the horizon. While the Guidance is voluntary, it’s grounded in current best practice and encourages scheme administrators to align their internal processes with appropriate levels of identity assurance.”
The Guidance outlines key identity interactions across the pension lifecycle which pose elevated risks, it explains practical tools and frameworks available to mitigate those risks. Topics covered include identity proofing, verification and authentication methods, as well as multi-factor authentication and biometric solutions. The Guidance also highlights the importance of tailoring identity approaches to individual scheme circumstances, and of working with professional advisers to manage specific vulnerabilities.
The new PASA Guidance ‘Protecting Identities During High Risk Events’ can be found here.
