PASA welcomes today’s publication of The Pensions Regulator’s (TPR) Administrator Relationships Market Oversight Report. The findings highlight both progress and continuing challenges in pensions administration, particularly in areas such as technology, data quality, risk management, and cyber resilience.
PASA recognises these challenges and agrees raising standards of governance and administration is critical to delivering better outcomes for savers. These issues reflect the ongoing focus of PASA’s work, including:
- Data quality and provider transfer standards through our Codes of Conduct and Guidance, supporting trustees and administrators to maintain accurate, complete data, and manage transitions effectively
- Cyber resilience via the forthcoming PASA Cyber Forum, providing a trusted environment for sharing intelligence on fraud and cybercrime risks
- Governance and operational resilience through accreditation, guidance, and working groups supporting trustees and administrators in meeting regulatory expectations
PASA also recognises TPR’s call for sustained investment in administration after years of underinvestment. We’ve consistently supported the industry in raising the profile of administration and encouraging investment in:
- Technology and innovation, producing practical Guidance to support the adoption of digital solutions, automation, and AI to improve efficiency and service delivery
- People and skills, through the new PASA Administration Careers & Development Working Group, which will develop PASA’s position on the professionalisation of administration as a career path, including working with the PMI on its new Industry Working Group. Its aim is to redefine perceptions of administration as a modern, dynamic profession encompassing technology, data, project management, client relationship management and leadership, while offering opportunities for career growth and attracting a wider talent pool
- Pensions dashboards readiness, supporting administrators and trustees in preparing data, systems, and governance processes for the upcoming dashboards, by producing practical Guidance and a dashboards ‘Toolkit’
PASA Accreditation in particular provides strong independent assurance of compliance with the requirements set out in TPR’s General Code. It demonstrates schemes and administrators are meeting the governance and administration standards expected by the regulator. PASA encourages more schemes to apply for accreditation as a tangible way of showing commitment to high-quality administration for the benefit of members.
David Fairs, PASA Chair, said: “TPR’s report rightly shines a spotlight on administration, an area too often undervalued despite its direct impact on saver outcomes. The themes of financial resilience, technology, risk, and cyber security are ones PASA has been focused on for some time. We welcome TPR’s recognition sustained investment in administration, people, and technology is essential, and we continue to play our part in supporting this shift. Our new Careers & Development Working Group is an important step in professionalising administration as a career path, while Accreditation provides a clear signal of strong compliance with the General Code. We look forward to working closely with TPR, trustees and administrators to continue driving improvements. Ultimately, good administration underpins trust in pensions and that’s what matters most for savers.”
Kim Gubler, PASA President, added: “We’re seeing encouraging improvements in administration across the market, but those improvements need to be more consistent and crucially, they need to be maintained. Savers deserve a reliable and resilient service, and it’s essential administration standards don’t just improve in response to regulatory pressure but become embedded as part of day-to-day best practice.”
