October PASA published their framework for the award of pension administration accreditation, effectively a “kite” mark.
Framework for the award of pension administration accreditation
The framework covers a wide range of issues such as service agreements to data integrity and staff training.
Any drive towards an improvement in administration standards is to be encouraged and welcomed. However there is nothing particularly radical contained in the framework and there is an argument that all administration providers would say that they include all the points made already and always strive to provide the highest possible standards. Indeed the household names in the industry have said that they welcome the move by PASA and would want to be part of the accreditation.
I am sure that trustees would welcome a way of distinguishing between the good and, how shall I put it, the not so good. The success or otherwise of this will be determined over a period of time but without doubt it is an area that needs some focus and maybe PASA will bring the often neglected world of administration into a higher profile.