BUILDING THE FUTURE OF SCHEME ADMINISTRATION
Postponed until Wednesday 8 July 2020
Admin & Data Forum
Building the future of scheme administration
Professional Pensions is thrilled to announce the launch of our brand-new event for 2020, the Admin & Data Forum taking place on 8 July. This event sees the return of our incredibly popular Admin Forum but now with an additional focus on the technology and data issues that schemes are currently facing.
According to recent research from the Society of Pension Professionals (SPP), 94% of pension administrators favour member engagement over complete data. However, 45% of SPPs members see data quality as the greatest difficulty facing the pensions dashboard. And with many leading industry experts decrying the quality of member data, this could potentially delay a 2020 launch of the dashboard. This coupled with the Pensions and Financial Inclusion Minister’s recent comments urging schemes to ‘act now’ on equalising GMP sees schemes facing more administration tasks than ever before, begging the critical question, are we heading for a capacity crisis in admin?
This concise half-day event will explore a variety of different issues affecting scheme managers, through a combination of informative presentations and interactive panel debates, including GMP equalisation, the pensions dashboard, the accuracy and quality of members data and the latest trends in scheme administration.
This event is working towards the International Standard ISO 20121 and follows guidance set out by the Sustainable Event Alliance (SEA)
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Who should attend?
Pension Scheme Managers
Pension Scheme Administrators
Pensions Communication Specialists
Chairs of Trustees
Holly Roach, Correspondent, Professional Pensions
The government has committed to introduce the pension dashboard within the coming four years. As part of this, all pension schemes will need to make data available in a set format (still to be decided) for inclusion. This is no mean feat, as pension scheme data is not always complete, accurate or in easily accessible systems so much work will be needed to get scheme data dashboard ready. This session will assess the administration and data work schemes need to do to become ‘dashboard ready’ - looking at the dashboard data standards as well as the administration practicalities of the pension dashboard.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project. Yet, most schemes haven’t yet chosen a GMP equalisation method and are awaiting further guidance and legal clarifications. Things are, however, becoming clearer and the GMP Equalisation Working Group has begun to publish guidance to help schemes resolve the issue. This session will look at where we are now with GMP Equalisation and look at the admin and data steps schemes need to take to complete the project.
The Pensions Regulator (TPR) has just ordered the trustee boards of 400 schemes to urgently conduct a data review as part of its crackdown on poor scheme record-keeping. This crackdown marks the latest phase in a regulatory battle against poor data, an issue that has been systemic across the industry for many years. This session will look at the step’s schemes can take to bring their data up to standard once and for all.
Engaging your members with their pension can be a challenge for employers but with pension freedoms demanding a far higher level of engagement, ensuring sure your workforce understands what’s on offer has never been more crucial. How do you combat the low levels of financial literacy and do you need to establish a more personalised approach?
The administration of DC schemes is notoriously tricky, especially if things go awry. Master Trusts can offer some employers governance with low costs and greater simplicity than a regular employer scheme so can be a good option for Trustees. This session looks specifically at DC admin and asks how and if a move to a Master Trust can help improve quality and reduce costs.
For many schemes, administration has been seen as a cost to be managed downwards. Yet, as issues such as Freedom and Choice, GMP Equalisation and data quality come to the fore, an increasing number of schemes are deciding cheapest isn’t necessarily best and are looking to pay more for their admin. In this session, our panellists will discuss what best in class admin looks like and what the future holds for data quality.