The Pensions Administration Standards Association

GMPE week webinar - GMP Equalisation and Administration. Launch of anti-franking Guidance.
2021-09-29 10:00 - 11:00 (Europe/London)
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

PLSA Local Authority Conference 2021
2021-05-18 08:30 - 2021-05-19 17:30
PASA Accreditation Chair, Lorraine Harper, will speak at the upcoming PLSA Local Authority Conference 2021.

ARC Pensions Law webinar - Losing your life savings: the problem of pension scams
2021-04-20 16:30 - 17:30
The event discusses the problems of pension scams with consumer and regulatory experts, particularly the challenges of members asking pension trustees and administrators to transfer them to pension scams, and what the scheme and its administrators can do to stop this.

PASA 10 year anniversary art competition - winners announcement
2021-04-07 12:00

PASA 10 year anniversary art competition - entries close
2021-03-31 17:00
The PASA 10 year anniversary art competition is now closed. The winners will be announced on Wednesday 7th April. You can check out all of the fantastic entries on the link below.

PASA 10 year anniversary competition

Sackers webinar: Data, data everywhere
2021-03-25 12:30 - 13:15
Pension scheme trustees and administrators have important duties around handling personal data in the digital age. They are also subject to greater scrutiny from members, industry bodies and the media and are increasingly experiencing the fall out of data breaches and cyber attacks.
Sackers Pensions and Investment Litigation team is hosting a webinar which looks at the risks facing pension schemes and discusses approaches that may help mitigate those risks. We will look at how data breaches can impact on pension schemes, the tactics used to obtain information from schemes through DSARs and what trustees can do to protect themselves from liability. The session will highlight key trends and practical steps that trustees can take.

PASA Data Guidance release
2021-03-22 14:00 - 15:00
PASA today launched its Data Management Plan Guidance in conjunction with PASA Expert Knowledge Provider for Data, Deloitte.
Chris Tagg, PASA Board Director, commented: “The importance of managing the quality of pension scheme data is greater than ever, and rightly so. Developments in legislation and regulation – such as GDPR, GMP equalisation, buy-in/ buy-out and pensions dashboard – have pushed data quality and management to the top of the agenda for both the trustees of pension schemes and their employers. It’s now becoming critical for data to be complete and accurate for a scheme to meet its duty to members, as well as legislative requirements, but it’s a big task and the difficulty for many schemes lies in what to prioritise.
Kristy Cotton, Chair of the PASA Data Working Group continued: “Holding complete and accurate data goes hand-in-hand with meeting the primary objective of any pension scheme – to pay the right benefits, to the right person, at the right time. A Data Management Plan (DMP) is a critical scheme document and forms part of good scheme governance. It’s implementation offers a means of documenting the data held by a pension scheme and a policy for managing it effectively.
This Guidance sets out, at a high level, the purpose of a DMP and the information which it may be expected to include such as processing, security and improvement. We would encourage all trustees to review the completeness, accuracy and appropriateness of their data and integrate a DMP as part of their wider risk management framework.”
The full guidance can be found here.

Kim Gubler panel discussion - Professional Pensions Admin & Data Forum 2021
2021-03-05 10:00 - 12:45
Join our Chair, Kim Gubler, at the upcoming Professional Pensions Admin & Data Forum 2021. Kim will join the panel discussion on The Flight to Quality.

PASA Dashboard Guidance released
2021-03-02 09:00 - 21:00
PASA today unveiled their dashboard guidance for UK pension schemes, trustees and providers on how to start getting ready for pensions dashboards.
Chris Connelly, Chair of the PASA Dashboard Working Group commented: “The main message with this guidance is a very clear one. You should start preparing now! Pensions dashboards have been on the horizon for some time, but now the Pension Schemes Act 2021 has received Royal Assent we can expect The Department for Work and Pensions (DWP) to consult on detailed dashboards regulations and Regulators to begin supporting pension providers and schemes comply with their dashboards compulsion duties. We would also expect the Pensions Dashboards Programme (PDP), to publish further detailed instructions on how you must operate with the dashboards ecosystem. But you don’t need to wait for all of this before you make a start. This guidance aims to explain what schemes and providers should be doing now to incorporate the requirements for dashboards.”
Chris added: “Almost every aspect of managing a pension scheme is easier to achieve if you actively manage data. A good strategy will incorporate both ongoing and one-off scheme-specific data activities. We will also shortly issue guidance on Data Management Plans, which all pension schemes should be looking to develop and implement to manage their data strategy. Pensions dashboards, if done well, could be a game changer in getting people to engage with their pensions, and a better efficiency of pension scheme management full stop. As an organisation PASA wants to play its role in ensuring the industry is as supported as possible in getting things ready and compliant.”
The full guidance can be found here.

PASA 10 year anniversary art competition - entries open
2021-03-01 09:00

Capita webinar - Future-proofing pensions: 2021 and beyond, including Margaret Snowdon panel discussion
2021-02-23 10:00 - 16:00
PASA President, Margaret Snowdon, will join the panel debate – Are pensions the answer for tomorrow’s society? – at the upcoming Capita webinar Future-proofing pensions: 2021 and beyond.
From the organiser:
Exploring the economic and organisational trends for 2021 and the lessons learned from the pandemic, we will look at what pensions schemes will need to do to ensure they are ready for a digitally enabled, member engaged, financially sustainable future.
Full details of the agenda and registration are available at the event page link below.

Blog for Pension Funds Online - There is no such thing as a free SARs
2021-02-22 09:00 - 21:00
PASA Director, Paul Sturgess talks Subject Access Requests in a blog for Pension Funds Online.

Pensions Age blog - Future-proofing pensions administration standards isn’t achieved by luck alone
2021-02-17 09:00
PASA Board Director, Dave Pharo’s blog for Pensions Age – Future-proofing pensions administration standards isn’t achieved by luck alone.

GMP Equalisation Tax Guidance release
2021-02-15 10:00
You can find the press release and link to the new Guidance here.

Press release - PASA celebrates 10th anniversary year
2021-02-08 09:00
PASA celebrates its 10th Anniversary in Industry this year.
Kim Gubler, PASA Chair, commented: “When PASA launched 10 years ago the landscape was very different and administration sat, very firmly, at the bottom of most trustee agendas – even though it is (and was) a crucial component in successfully delivering so many projects. Although people acknowledged standards in pensions administration needed to be raised, they were less sure how to achieve it and there was little impetus to drive change. Our aim with PASA was to be that conduit for change. We wanted to create a modern, forward thinking association fit for 21st Century, driving up standards through Accreditation, support and Guidance. Member outcomes have always been, and remain, core to our raison d’etre. They are at the heart of all we do.
“Happily, it’s clear the Industry now fully appreciates and acknowledges the crucial role administration plays in the running of effective pension schemes in delivering better outcomes to members. But our job is not done, we must be forward thinking. In 10 years from now how pensions are delivered, who delivers them and what form they take could all be different. One thing is sure – whatever shape they take – pensions will have to be administered and transitioned. There is also the short and medium term to think about. Just because the industry has finally ‘got’ the message that administration is important, we can’t sit on our laurels. We must be proactive and pre-empt what might be around the corner so we can be prepared and ensure administration continues to get the focus it needs.”
Gubler added: “PASA has been proud to work alongside our members, Expert Partners, volunteers and Government to support the Industry in delivering pensions to members. This is fundamentally what it’s all about. I would like to thank all of the talented and expert individuals who have given their time, sitting on our Board, Committees and Working Groups to support us in producing the first class Guidance we have been able to release. Huge thanks also to our members and the Industry who have championed us all the way. We couldn’t have done it without you all. 2021 is looking to be another busy year for us. As well as a great deal more Guidance scheduled for release on issues including GMP Equalisation, Exit Agreements, Fraud and Data, we have a few surprises up our sleeves to celebrate PASA’s coming of age. Watch this space!”
ENDS

PASA Cybercrime & Fraud Working Group Update
2021-02-04 09:00
PASA issued new guidance on cybercrime protection towards the end of last year, but the latest figures from the Office for National Statistics show the importance of this guidance being implemented.
Released this week, they reveal for the 12 months ending September 2020 there were 1,679,000 incidents of cybercrime. This compares with 876,000 cybercrime incidents in the 12 months ending March 2020. Post-COVID there has been a 91.7% increase in cybercrime.
These shocking increases are some of the sharpest ever recorded for any type of crime.
The latest manifestations of cybercrime include:

An increase in the number of fake websites being set up;
Cybercrime as a Service (‘CAAS’) becoming more prevalent (where cybercriminals are ‘hired’ to attack an organisation with a ‘menu’ of prices and types of attack); and
The use of Artificial Intelligence to target vulnerabilities and vulnerable organisations, so the cybercrime businesses can make what they do as efficient and profitable as possible.

Every administrator should make sure (1) they are as well protected as possible (2) they are able to ‘manage’ an attack if one happens and (3) they are able to respond, investigate what has happened and mitigate any damage. You can download PASA’s guidance here.
