The Pensions Administration Standards Association (Pasa) has named a team of 23 industry experts that will form its new transfers working group.
Chaired by Pasa board director Gary Evans, the group will work to speed up transfers between pension schemes and providers, while maintaining security of assets. The group consists of consultants, employer representatives, trustees, providers and regulators.
The board members are:
- Christine Archer – Cadbury Mondelez
- Mark Butler – Lane Clark & Peacock
- Ben Cocks – Altus
- Andrew Crawford – Lothian Pension Fund
- Julie Dale – Royal London
- Lewis Daley – Royal London
- Mark Dowsey – Willis Tower Watson
- John Dunkley – Society of Pension Professionals
- Richard Emerson – SAUL
- Gary Evans – PASA Board Sponsor
- Peter Gowland – Premier
- Banafsheh Ghafoori – Kingfisher
- Nick Green – Criterion Tec Limited
- Clare Hendry – The Pensions Regulator
- Jane Higgins – Association of Pension Lawyers
- Nigel Howarth – Equiniti
- Linda Hughes – Oxford University Press
- Kathryn Jones – Rothesay Life
- Rachel Longsden – Capita Employee Benefits
- Sonya Purkayastha – Rothesay Life
- Peter Scott – Equiniti
- Julie Sheppard – The Pensions Regulator
- Ben Surr – Mercer
Evans says: “The influx of transfer requests has been widely reported for some time, with many calling for greater consistency in the time taken between the point of request and the payment being made to an individual’s arrangement of choice. Whilst Pasa echoes these calls and support members having every right to gain efficient access to their pension savings if eligible, there are a number of factors that can legitimately hold up the process and therefore must be taken into consideration. For example, DB trust schemes are particularly complex in nature and present a number of unique governance challenges and, elsewhere, administrators will be taking appropriate steps if scam activity is suspected. This can of course be frustrating for the member, but it is important to remember that these steps are taken solely for their protection. If we work together to help people understand this and manage expectations when a transfer is requested, we will go some way to easing these frustrations.
“There is definite room for improvement in the process however, with the lack of clear guidance presenting a real issue for administrators, IFAs and insurers alike – all of whom will understandably have different priorities. Our working group will be looking closely at all aspects of the supply chain to work through issues and produce solutions, as well as guidance to act as a reference point and create a smoother, more positive experience for all involved.”
