PASA today published a new paper on the ‘journey towards digitalisation’.
Kim Gubler, PASA Chair, commented: “Digitalisation of pension schemes is hugely important in preparing to provide services in line with those people expect from other industries – now and into the future. This transformation is underway and has the potential to revolutionise how schemes operate, providing greater efficiency, accessibility and accuracy.”
Sian Jones, Interim CEO at Heywood, PASA Expert Partners for Digital Admin and Chair of the PASA working group, commented: “The PASA Digital Admin Working Group has planned a series of releases for the coming months exploring the digitalisation journey and offering guidance and recommendations on the best way to approach transformation. This paper is our first release in which we set the scene analysing what has come before, where we are now and the possibilities for the future.
There remains a reluctance to fully embrace digitalisation. Complex legacy systems, data security concerns and the intrinsic need for trust present some formidable challenges. However, the benefits are undeniable and as pensions continue their transformational journey, the adoption of digital solutions is poised to reshape the industry’s landscape.
In the relentless pursuit of modernisation, schemes must navigate both challenges and opportunities. Industry leaders, administrators and savers must collectively strive for a future which marries innovation with stability, ensuring schemes remain robust, efficient and poised to provide for generations to come.”
The new PASA white paper can be found here.