We view pensions administration as a people process which is supported by technology and we have created a culture in which our staff can develop and thrive. Members expect things to be “right first time” as part of a high quality service. Our core proposition is to provide the highest quality and most accurate service possible. We do this by ensuring that our administration teams are highly trained and follow well documented procedures, and that they demonstrate the core values of our quality driven culture at all times. We follow a “right first time” approach to our administration in all that we do. Pension administration systems are a critical ingredient in the ability to provide a quality service. Our administrators are supported by industry leading technology including our administration platform, PenScope, which was developed by us in house and is now owned and maintained by the pensions software and database company, ITM. We have created a high level of systems integration and automation centred around PenScope and our Electronic Document Management and Workflow system, based on market leading IBM FileNet software. Extending from the core system are a number of interfaces to third party software solutions such as the Altus Instruction Gateway and CashFac Virtual Banking Technology.
Clear Path Analysis: Thank-you very much everyone for joining us on this roundtable today to look at the investment versus return of an outsourcing approach for data management. As we all know, the issue of data management is particularly ‘hot’ right now due to the upcoming ‘Record Keeping’ guidelines from The Pensions Regulator. On that note to begin us off, I’d like to ask Gillian, what stage do you believe pension schemes are at generally in preparing for The Pension Regulators
During the last 18 months in particular, my colleagues at Punter Southall and I have seen an increased desire from clients for the reduction in running costs of pension arrangements. All professional fees, including administration fees, have been under pressure from trustees and employers.
Two heads are better than one; two of a kind; two's company, three's a crowd. Partnerships can be crucial to success, and no less so than in the case of pensions administration.
The Pensions Regulator (‘the regulator’) has published revised guidance on good record-keeping. This guidance incorporates the proposals made in the consultation issued in February 2010. The regulator is disappointed with the adoption of the January 2009 record-keeping guidance by trustees and employers and is therefore taking a strengthened approach to the regulation of standards for member data.
The Pensions Regulator (the regulator) has revisited its guidance on good record-keeping which was issued in January 2009.The regulator is disappointed with theadoption of this guidance by trustees and employers and therefore published a consultation in January 2010 setting out proposals for strengthening the regulationof standards for member data.