PASA today published an updated ‘Jargon Buster’ including several key technology terms and their relevance to pensions.
Sian Jones, Interim CEO at Heywood, PASA Expert Partners for Digital Admin and Chair of the PASA working group, commented: “The original PASA Jargon Buster was released in September 2021 and was well received by the industry. As we know, technology moves fast and there was much to update in two short years.
AI has been around for decades, but in November 2022, OpenAI released ChatGPT and within a week of its launch had one million users. Since November 2022, ChatGPT has grown to over 100 million users and this speed of adoption has never been seen before.”
Kim Toker, member of the PASA Digital Admin Working Group leading on the Jargon Buster, commented: “Generative AI marks a transformative era in technological advancement, similar to the Industrial Revolution. It’s going to change the way we work and there are numerous benefits which can be realised in pensions when used safely.
This technology is evolving at a rapid pace and the regulations have yet to be defined in the UK. It’s important for all firms to ensure they have the necessary policies and frameworks in place to guarantee the safe use of these new tools.
This document was written with the assistance of ChatGPT and Claude Ai. In the months since it was drafted there have been a number of new models , advancements and regulatory updates and we will continue to provide updates in the new year.”
The new PASA Jargon Buster can be found here.