The Pensions Administration Standards Association

Webinar: Cybercrime governance and data law in the pensions sector
2022-06-29 11:00 - 12:00 (Europe/London) | Online Webinar
Join specialists from Crowe, Eversheds Sutherland, Law Debenture and the Pensions Regulator as we provide an update on the latest emerging threats, while also reviewing best practice around GDPR and the expectations from the Regulator.
What we will cover

Cybercrime trends

The latest statistics.
New research from the Dark Web.
The latest techniques you need to be aware of.
Steps for the board.

UK GDPR

A refresher of your legal requirements.
Recent examples of ICO enforcement.

The Pensions Regulator’s expectations and insight.

You will also have a chance to ask any questions to the panel of speakers through a live Q&A.

Trust: Live 2022 - Redefining Identity Trust
2022-05-24 09:00 - 17:30 | etc. venues 155 Bishopsgate 155 Bishopsgate London EC2M 3YD, etc. venues 155 Bishopsgate, London, EC2M 3YD, United Kingdom
LexisNexis Risk Solutions invites you to join Trust:Live 2022, our exclusive in-person event for senior fraud and financial crime professionals, taking place on 24th May in London.
The digital economy is fast becoming the dominant economy: devices are getting smarter, connections faster, and the lines between the physical and digital worlds, increasingly blurred. This creates a realm of new possibilities but also opens up new attack vectors for fraudsters, with the technology required to perpetrate attacks becoming ever more sophisticated and accessible.
How is digital transformation changing and challenging our perceptions of trust, and what will be needed to really understand what good – trust – looks like in the future?
LexisNexis are offering a 25% discount to PASA members – please get in touch for more details.

Professional Pensions Live 2022
2022-05-17 09:15 - 17:30 | etc. venues 155 Bishopsgate 155 Bishopsgate London EC2M 3YD, etc. venues 155 Bishopsgate, London, EC2M 3YD, United Kingdom
Welcome to Professional Pensions Live 2022
London’s largest pensions conference
17 May, etc.venues 155 Bishopsgate, London

Current uncertainty, volatility and continued regulatory change demand winning investment strategies, sound risk management and prudent governance. How to align scheme direction and resources behind the ESG goals whilst maintaining your priority and focus on what truly matters to members today?
Professional Pensions’ flagship in person conference is returning with Professional Pensions Live on 17 May 2022 . This year we will bring the industry together to address the biggest challenges trustees and scheme professionals are facing in 2022 and beyond, advise on how to staying on top of changing regulatory and governance requirements and arm you with the key information and insight you need to drive your business.
Professional Pensions Live will consist of keynote addressed, insightful discussions and four parallel streams so you can ‘pick and mix’ from a selection of DB, DC, Trustee Focused, HR and investment focused topics . Our programme is also complemented by our outstanding exhibition zone which offers the opportunity to network, connect and build relationships with your peers.

PASA 4th Annual Conference
2022-05-03 09:30 - 18:00 | etc venues, St Pauls, 200 Aldersgate, London, EC1A 4HD, United Kingdom
PASA’s 4th Annual Conference is back on 3rd May 2022.
Following a year without a conference due to Covid-19, we return to find pensions administration has emerged into the limelight with a deluge of consultations and discussion papers in 2021, all focused around key hot topics. We could quite easily have filled another day of discussions this year looking at those areas alone.
In responding to consultations on behalf of the pensions administration industry, one of our main priorities is to always ensure the specific challenges and historic obstacles to administrators are made clear before any policy decisions are made. It would be a lot more exciting to think about how things could be if those challenges were removed, and so we thought for the one day of the year where we celebrate pensions administration, let’s do that!
All of our speakers today have been asked to consider what their topic would look like if we really could ‘rip it up and start again’. Of course, in reality this is not possible and so the speakers will also consider the next best thing – where the rays of sunshine are coming from. What are the new ideas both within our own community and in the wider world which can help us improve our processes and the member experience?
Also on the agenda are Dashboards and Sidecars – topics where we really are just starting out and have the opportunity to build from scratch. What have we learned and how can we keep these new services free from the mistakes of the past?

Professional Pensions Trustee Senate 2022
2022-04-28 10:15 - 2022-04-29 14:15 | Fanhams Hall, Fanhams Hall Road, Ware SG12 7PZ, Fanhams Hall, Fanhams Hall Road, Ware, SG12 7PZ, United Kingdom
PASA president, Margaret Snowdon OBE, will join the Professional Pensions Trustee Senate to deliver the day 2 opening keynote of the Trustee Senate Spring Conference 2022. Margaret will be speaking to attendees about the latest on pension scams and fraud, how to avoid it and protecting scheme members, and dealing with the challenges of regulations.

There are just a handful of places left at the Trustee Senate, taking place on 28th-29th April. To register your place please click here: https://event.professionalpensions.com/trusteesenate/en/page/register

Press release – PASA releases Fraud Guidance on pre employment checks for administrators
2022-04-19
The PASA Cybercrime & Fraud Working Group (CFWG) today published Guidance focused on vetting new employees in the pensions administration industry.
The working group has been made aware of cases of fraud which have been undertaken or assisted by employees of pensions administrators. In some cases, individuals have deliberately gained employment with the specific intention of committing fraud. In order to counter this risk, PASA has produced Guidance to support administrators in ensuring pre-employment checks are as effective as possible and in making decisions on the extent of checks required.
Jim Gee, Chair of the PASA Cybercrime & Fraud Working Group, commented: “This Guidance indicates the types of checks which can be carried out and the information which can be verified, rather than what should be done in every case. Administrators are responsible for ensuring any checks and vetting are proportionate, necessary and relevant to the level of risk associated with the position being recruited and carried out in accordance with applicable law.
If you’re unsure of what checks you can legally undertake and what information you can legitimately process as part of your verification process, you should obtain expert legal advice. There are also various professional bodies which provide detailed guidelines on pre-employment checking.”
The ‘Fraud Guidance: Pre-employment vetting’ can be found here.

PASA releases GMP Equalisations FAQs Guidance
2022-03-28
Press release – PASA releases GMP Equalisation FAQs Guidance

Professional Pensions Admin & Data Forum 2022
2022-03-08 09:00 - 12:30 | Butcher’s Hall, 87 Bartholomew Cl, London, EC1A 7EB, United Kingdom
Leveraging pension administration and data to deliver best member experience
It is critical that administration of pension schemes is carried out in an efficient way with good quality data being the key to realising efficiencies through automation, reporting and member communications.
Professional Pensions’ Admin & Data Forum shines a light on the challenges that trustees and scheme managers are currently facing, as they evolve their administrative and data functions to meet regulatory duties, capture efficiencies and provide best outcomes for members.
This concise half-day event will explore a variety of different issues affecting scheme managers, through a combination of informative presentations and interactive panel debates. Attend to hear the latest updates on the Pensions Dashboard and what schemes need to do to become ‘ dashboard ready’. Learn what steps still need to be completed to achieve GMP Equalisation. And explore current administrative trends, tools and techniques to improve process and member communications.

PASA Response to the TPR Discussion paper on Value for Money
2021-12-10
https://www.thepensionsregulator.gov.uk/en/document-library/consultations/value-for-money-discussion-paper

PASA Exit Agreements Guidance release
2021-11-01 10:00
This release date is a current best estimate.

PASA Data validation Guidance
2021-10-20 10:00

GMPE Administration Working Group - Q&A document
2021-10-20 10:00

Briefing Note on GMP reconciliations on administration transition
2021-10-11 10:00

GMPE week webinar - GMP Conversion and what it means for you
2021-10-01 10:00 - 11:00
Four members of the GMP conversion guidance committee discuss the thinking behind the Conversion Guidance, share their experience and answer your questions. The panel includes Alasdair Mayes (Lane Clark & Peacock LLP and Conversion subgroup chair), Anna Rogers (Arc Pensions Law), Lynda Whitney (Aon) and Simon Pariser (Willis Towers Watson).

GMPE week webinar - Implementation Experiences – GMP Equalisation can be as easy as B, C, D.
2021-09-30 10:00 - 11:00
Join Akash Rooprai (ITS and Chair of the Data subgroup) and Thomas Yorath (Aon) as they discuss schemes which have commenced implementation of GMP Equalisation and answer your questions.

GMPE week webinar - GMP Equalisation and Administration. Launch of anti-franking Guidance.
2021-09-29 10:00 - 11:00
The recently established GMPE Administration subgroup discuss ‘life after GMPE’, and take your questions and suggestions for future areas of focus. Also, join us for the first look at new Guidance from the Anti-Franking subgroup, which launches today. The panel includes Stephen Blakesley (Mercer and Administration member), Felicity Boyce (Aon and Anti-Franking subgroup Chair) and Claire van Rees (Anti-franking subgroup member and Sackers).

GMP Equalisation week webinar - GMP Equalisation and Transfer Payments
2021-09-28 10:00 - 11:00
Join our panel as they discuss the recent Transfer Payments Guidance, share their experiences and answer your questions. The panel includes Duncan Buchanan (Hogan Lovells and Methodology subgroup Chair) and Geraldine Brassett (Capita and Chair of the GMPE Working Group).

GMP Equalisation week webinar - TPR & the launch of new Communications Guidance
2021-09-27 10:00 - 11:00
Monday 27th September
TPR and launch of new Communications Guidance
Hear from the Pensions Regulator and join us for the launch of the brand new GMP Equalisation Communications Guidance. The panel which includes Lucy Stone (TPR) and Lou Harris (Willis Towers Watson and Communications subgroup Chair), will be happy to take your questions.

PASA Benefit Statements Working Group delivers first analysis
2021-09-16 10:00
The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today delivered the first output from its Benefit Statements Working Group. It was launched last month to evaluate the opportunities and concerns for the pensions community in delivering government’s objectives.
PASA Board Director, Girish Menezes, commented: “The group was set up to explore any structural, regulatory or operational challenges to achieving the government’s ambition for all schemes used for auto enrolment to send out their annual benefit statements within a time-limited window.“
“Consistent messaging around pension savings is imperative and the introduction of a statement season could be a really useful way of engaging and capturing people’s interest. Most will end up with several pension pots over their working life. Having access to core information across all these pots, at the same time each year, would allow them to compare their arrangements and take a holistic view – empowering them to make better informed saving and retirement choices. As with most things, there will be some resource and cost challenges involved with trying to achieve this in a streamlined and synchronised fashion, we have considered these in our paper to come to some sensible conclusions.”
Helen Ball, Chair of the PASA Benefit Statements Working Group and Partner at Sackers, added: “We support the concept of a statement season and believe the potential benefits are clear. However, the idea of common publication and valuation dates need careful consideration. A common valuation date would be unnecessarily cumbersome and not deliver much in the way of ultimate benefit. It’s important for a statement season to work alongside technological enhancements, such as dashboards, to ensure longevity. Access solutions – such as web, post, email – also need careful review. Ultimately, if all of the information is available online throughout the year, the requirement of a statement season naturally falls away over time and any related legislation should take this into account at the outset.”
The full paper can be found here.
PASA Board Member, Girish Menezes, also sits on the Minister for Pensions ‘Statement Season Working Group’.

eAdmin Jargon Buster
2021-09-14 10:00
PASA announces ‘Jargon Buster’ reference guide
The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today unveiled its ‘Jargon Buster’ reference guide to the industry. It has been compiled by the eAdmin Working Group and looks to support administrators, trustees, pension managers and sponsors by breaking down complex language technology terms, their relevance to pensions and providing a commonly used definition.
Chris Tagg, PASA Board Director, commented: “Every sector has their own unique terms and jargon, and the challenges and frustrations that go with them. Pensions is no different. As described in our earlier paper, investing in data quality and storage means you can have a solid foundation upon which to build and greatly enhance automated processes. But in doing so, there is a lot of terminology to be understood. This can be overwhelming and sometimes paralysing for people. Our reference guide looks to break down some of the key terminology, products and services into brief, bite size and easy to understand explanations.”
Kim Toker, Chair of the PASA eAdmin Working Group continued: “There are significant benefits when people and technology work together and it is important to have a common understanding on what these technical terms mean. Covid has accelerated the use and acceptance of technology and as an industry we are now well placed to embrace this. We hope this reference guide will empower our members, and industry, to better understand and take advantage of this exciting technology landscape. This guide is a living document and will evolve over time, we would therefore also welcome any feedback on further areas where the industry would like more clarity or specific use cases.”
Areas covered by the reference guide include:

Data storage including Cloud hosting
API
Information Security and Digital identity Verification
User experience and user interfaces
AI, Machine learning and Chatbots
Open Banking and Open Finance
Skills including behaviour science
Project methodologies

This reference guide can be found on the PASA website here.

Professional Pensions Live 2021
2021-09-14 09:00 - 17:00 | The Brewery, 52 Chiswell Street, London, EC1Y 4SD, United Kingdom
We are proud Professional Pensions Live supporters and will be exhibiting at the event on the 14th September. To register for the event click here.

PASA response to the DWP Consultation on 'Stronger nudge to guidance'
2021-09-03 10:00
You can find PASA’s response to the DWP Consultation: Stronger Nudge to pensions guidance here.

PASA Response to the DWP Consultation on CDC Regulations
2021-08-31 10:00

Benefit Statements Working Group - initial paper on statement season admin considerations
2021-08-30 10:00

GMPE paper on GMPE reconciliation data to be provided on admin transition
2021-08-25 10:00

GMP Equalisation Transfers Guidance release
2021-08-11 10:00
PASA publishes Supplemental Guidance on Transfer Payments
The cross-industry GMP Equalisation Working Group, chaired by the Pensions Administration Association (PASA) has today published Supplemental Guidance on Transfer Payments.
The Guidance provides an update to Methodology Guidance issued in September 2019 and reflects the November 2020 judgment concerning the Lloyds Bank pension schemes (Lloyds 2020). The impact of Lloyds 2020 is considered from the perspective of both schemes which paid transfer values and those receiving them.
Duncan Buchanan, Chair of the Methodology subgroup said: “The GMP Equalisation Working Group is passionate about helping schemes address the need for GMP equalisation adjustments. We always knew our original Guidance on methods would need updating once the Lloyds 2020 judgment was issued. It quickly became apparent to us Lloyds 2020 leaves many issues unanswered for both schemes which have paid transfer values and those which received them.
Members of our subgroup have again pooled their extensive knowledge and wide experience as actuaries, administrators, lawyers and pension managers to produce this Supplemental Guidance on Transfers. It is designed to fill in the gaps to help address unresolved issues in a pragmatic and practical way. It is telling the judge in Lloyds 2020 recognised administration costs could easily exceed correction payments needed for past transfers.
It’s nearly three years since the first judgment in Lloyds and most schemes remain at the foothills of their GMP equalisation projects, gathering data to prepare for the task ahead. A few schemes, mainly those already in wind up, have equalised members’ benefits and made correction payments. Schemes are likely to want to prioritise equalising benefits for their members, before turning to members who took transfers out – potentially 30 years ago.
It will be some time before most schemes have scaled the summit of their GMP equalisation exercises, corrected member benefits and reviewed historical transfers. Along the way, schemes will find past transfers where insufficient data exists to perform calculations. Even where a top up payment can be calculated it might not be easy to discharge the liability because receiving schemes may be unwilling to accept payments and/or former members may be untraceable or unresponsive. Having undischarged or unquantified liabilities to make top up payments may not be a problem for an ongoing scheme but will cause headaches for those moving to wind up, particularly given the lack of a limitation period.”
Louise Sivyer, Head of Policy at TPR said: “The November 2020 judgment confirmed that schemes will need to revisit historical individual transfers to check if additional value is due to savers as a result of GMP equalisation. This is a complex exercise, and we welcome the guidance from the industry GMP equalisation working group, which aims to assist schemes and advisers to find a pragmatic approach to equalising past transfers’ ”
The full Guidance can be found here.

NextGen Spotlight Series
2021-08-05 11:00 - 12:00
PASA Board Director, Chris Tagg, joins the NextGen Spotlight series. The panel will be talking about sustainable investing, juggling work and home life and their hints and tips for a successful career!

PASA 'Journey to eAdministration' Guidance release
2021-07-21
The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today announced the launch of ‘The Journey to Full eAdministration Guidance: People and Technology Working Together’.
The Guidance, developed by PASA’s eAdmin Working Group, aims to support administrators, trustees, pension managers and sponsors to benchmark their own arrangements and set objectives and plan for investment in new technology opportunities.
It outlines four key stages for schemes to go through:

Data Quality and Storage: Good quality, accurate and complete data, which is easily accessible and appropriately stored, is the foundation upon which the technology infrastructure will be built;
Systems and Processes: Upgrading or replacing legacy systems is essential. Processes should be automated and connected to member portals, reducing the requirement for manual intervention, including allowing online service for ID verification and not needing paper certificates. This reduces risk and minimises fraud, errors and inefficiencies;
User Interface: Digital interactive member portals will be more engaging than the paper-based communications most members currently receive. Allowing members to ‘self-serve’ allows administrators to focus on the more value-add tasks, making themselves available for interactions with members and assisting vulnerable members;
Reporting: Once the foundations of Data Quality are in place, automating calculations and reporting is straightforward and delivers significant benefits.

Kim Gubler, Chair of PASA, said: “To meet the mandatory requirement to submit electronic data to the pensions Dashboards by 2023, schemes need to start investing and planning now. Our new Guidance aims to effectively partner with every scheme as it moves through its own journey, helping to prioritise and assess where investment is required to improve service delivery and member end-user experience.
Kim Toker, Chair of the PASA eAdministration Working Group, said: “We hope this Guidance will be really helpful for administrators and trustees as they look at how they best meet the needs and expectations of their members. Significant performance improvements can be achieved when people and technology work together. The beneficiaries of this improved service within the pensions industry will be scheme administrators, trustees and, most importantly, members.”
David Fairs, The Pensions Regulator’s Executive Director of Regulatory Policy, Analysis and Advice, said: “All savers deserve a high-quality modern service, but some parts of the pensions industry are lagging behind in their systems, processes and data. Ensuring pensions are fit for the 21st century may seem daunting, but PASA’s guidance breaks the journey into manageable steps to help those who aren’t sure how to start.”
The new Guidance can be found here.

GMP Equalisation Conversion Guidance release and launch webinar
2021-07-09 10:00 - 11:00
Join us from 10am-11am on Friday 9th July for the launch of the new GMP Equalisation Guidance on Conversion.

Hear from our experts as we cover:

Exclusive launch of GMP Equalisation Guidance on Conversion
Alasdair Mayes, Chair of the GMP Equalisation Conversion sub-group will present the new Conversion Guidance. Alasdair will explain how GMP conversion is being used in practice, which schemes might find it attractive, the opportunities for simplification and some of the pitfalls to watch out for.

An update from the Chair of the GMP Equalisation Working Group.
Geraldine Brassett leads the industry wide GMP Equalisation Working Group and will discuss details of what’s in the pipeline on topics including Transfers, Communications, Administration, Anti-Franking and more…

Our panel welcome any questions you may have in advance of the webinar. You can also submit questions live on the day.
Bring a coffee and a biscuit and let us share what we’ve been working on.
We look forward to welcoming you.
The session is expected to last around 60 minutes and there will be an opportunity to participate in a Q&A session following the presentation.
If you would like to attend, please register for the webcast using the button at the top of the page.

PASA Fraud Guidance release and webinar launch
2021-07-01 10:00 - 11:00
Watch the event recording here.

Join us from 10am-11am on Thursday 1st July for the launch of the new PASA Fraud Guidance.

Hear from our experts and guest speakers as we cover:
A view from The Pensions Regulator (TPR)
Lucy Stone is a Policy Lead in The Pension Regulator’s Policy Directorate. Lucy leads TPR’s work on record-keeping and data security and was previously part of the regulator’s public service pensions team.

Exclusive launch of Fraud Guidance
Jim Gee, chair of our Cybercrime & Fraud Working Group and Partner and National Head of Forensic Services at Crowe UK LLP – PASA Expert Partner for Cybercrime & Fraud, will present the new Fraud Guidance.
Our panel welcome any questions you may have in advance of the webinar. You can also submit questions live on the day.

Press release and Guidance link

PASA today has unveiled its Counter Fraud Guidance for UK pension schemes, trustees and providers.
Published today, the Guidance encompasses the many types of fraud affecting the pensions sector (at the time of publication) and the range of tactics needed to be deployed to counter pensions fraud so proactive steps can be taken to minimise its extent and cost.
Kim Gubler, Chair of PASA said: “Fraud has been estimated to cost the pensions sector over £6 billion* a year, and since 2007 the cost of fraud has risen by over 40%**. Digitisation has increased the speed of evolution of fraud over the last 10 years, and more recently, during the outbreak of COVID-19 and related restrictions and changes, the incidence of fraud has risen by a further 19.8%***.
“As a sector we have significant amounts of money being paid and invested every day, but the level of protection in place is much less than provided to the average bank account. It’s no wonder the momentum around pensions fraud has been growing exponentially. This is an issue we need to tackle head on if we are to maintain control of the situation and to stay one step ahead of ever more sophisticated deception. I urge the industry to read our guidance and take swift action.”
Jim Gee, Partner, National Head of Forensic Services at Crowe said: “Fraud is a pernicious problem. Along with the serious financial damage pension fraud can do to an individual or member, the resulting bigger picture is an undermining of confidence in pensions administration and an eroding of trust in our industry.

“This Guidance has been created to provide an understanding of the range and potential for fraud, and a common language about what needs to be done. The PASA Fraud and Cybercrime Working Group intends the Guidance will be regularly updated to match the speed of evolution of the phenomenon of fraud itself.”
The Counter Fraud Guidance is focused on encouraging organisations to ask a range of investigative questions focused on three main areas:

The legal and regulatory landscape: Does the organisation understand the different types of fraud? Is it aware of any emerging threats and ready to react? Has it sought the relevant legal, regulatory and cyber advice?
Understanding your organisation’s vulnerability to fraud: Does the organisation and its suppliers understand the vulnerabilities of systems and beneficiaries in respect of fraud, and the extent of risk and potential cost?
Ensuring your organisation is resilient to fraud: What potential for fraud exists, and how can the risk this poses be reduced to an acceptable level?The full guidance can be found here.

* The Nature and Extent of Pensions Fraud – Centre for Counter Fraud Studies, University of Portsmouth
** The Financial Cost of Fraud Report 2021 – Centre for counter Fraud Studies, University of Portsmouth
*** The Financial Cost of Fraud Report 2021 – Centre for counter Fraud Studies, University of Portsmouth
