Welcome to the Admin and Data Forum hosted by Professional Pensions. Please ensure you arrive with plenty of time to get settled and enjoy some refreshments before the opening remarks commence!

In the year leading up to June 2023, the pensions sector witnessed a staggering 4,000% surge in reported cybersecurity breaches to the Information Commissioner's Office (ICO), underscoring a concerning trend of escalating and increasingly perilous attacks. Numerous pension schemes have fallen victim to these breaches, prompting The Pensions Regulator to advise that organisations should anticipate cyberattacks as an inevitability rather than a possibility. Consequently, cybersecurity has become a prominent concern across the industry, highlighting the importance of prevention strategies, incident management, member communications, and post-incident evaluations.

This session will address: 

• What scam tactics are we currently seeing in the market?
• What have we learnt from recent breach activity in the industry?
• How can schemes ensure they have sufficient technical protections in place against cybercrime?
• How to best manage your scheme’s cyber resilience
• How best to respond when an attack occurs

The recent uptick in interest rates and last year's Mini Budget crisis has significantly improved funding levels of numerous schemes. Many are now on the brink of endgame, eyeing buyout or buy-in transactions within the next five years.

While failure to keep track of members has been somewhat previously overlooked, it has a profound effect on defined benefit schemes looking to de-risk through buy-in or buyout transactions. Inaccuracies in fund record-keeping during de-risking could inflate liabilities, leading to unnecessarily high insurance premiums and substantial long-term costs. Ensuring a seamless endgame demands meticulous attention to member data accuracy and comprehensive record maintenance.

This session will address:

• How can schemes ensure they have the best delivery model for their needs?
• How can schemes ensure their administration supports their derisking plans?
• What does it look like in practice for administration and data to be "buyout ready"?
• What key changes to administration delivery and member experience will there be after a buy-in/buyout

Let’s look at the numbers: On average, more than 10% of the population relocates. Approximately 300,000 people emigrate. Half a million pass away every year. There are 250,000 marriages each year, with 50% ending in divorce.

Changes of personal circumstances & member life events are leaving pension scheme records outdated, leading to inaccuracies and, at times, lost pensions. In 2020 alone, the Association of British Insurers (ABI) reported a staggering 1.6 million unclaimed pension pots, collectively worth nearly £20 billion.

This session will address:

• What are other financial service sectors doing to manage customer records that pensions can learn from?
• How can schemes adapt their processes to ensure records are as up to date as possible?
• How can we make sure scheme data stays up to data in future?

An ideal opportunity to connect with fellow trustees and relish refreshments, for first class company and a second to none experience!

The landscape of pensions technology is evolving rapidly, with the pandemic accelerating the digitisation of administrative practices within pension schemes.

However, as we venture deeper into the digital age, new challenges and opportunities are emerging for schemes and their trustees. So, how can schemes navigate this and optimise their administrative efficiency, especially with an administrator skill and capacity shortage?

This session will address:

• What is the role of AI in pension administration?
• Does utilising AI risk personalisation?
• How can we ensure the quality of scheme data whilst using AI?
• What training and development programmes are needed to boost the pension administrator skillsets?

The administrative landscape is under immense strain, sparking growing concerns. With ongoing projects like GMP equalisation, dashboards, and looming buyouts, the finite pool of staff faces burnout risks. The industry not only grapples with stretched resources but teeters on the brink of a potential crisis where all types of resources are stretched thin. Is there a chance for salvation if proactive measures are taken now?

This session will address:

• The struggles within the admin market
• How can we encourage and support new starters into the industry?
• Planning for the future, and how we can resolve these issues
• Should schemes be paying discretionary increases if funding levels have increased?
  

This is your chance to mingle, connect, and replenish your energy amidst the Admin and Data Forum's vibrant atmosphere. Join us in savouring a spread prepared to elevate your midday experience. Whether you're networking, sharing insights, or simply taking a moment to unwind; Take a plate, and enjoy!

In our data-driven landscape, society hurtles forward into a digital era, enabling personalised solutions through member information like never before. Yet are pension schemes lagging in member engagement? Concerns mount about post-retirement member disengagement in a world where online interaction is second nature. How do we align with these evolving expectations, especially when efficiency is paramount in resolving issues? Adapting swiftly to this online environment is not just a necessity; it's the key to overcoming challenges and ensuring robust member engagement in the digital age.

This session will address:

• What help can members get from admin providers?
• How will using data impact how we engage and provide solutions with scheme members?
• How can we use data to improve investment outcomes for members?
• What boundaries can we push by using unconventional data sources?
  

The Pensions Regulator continues to collaborate with third-party administrators, with notable progress reported by Cliodhna Judge regarding the successful pilot project on 'administrator relationships'.

Currently, there is growing emphasis on enhancing data quality, member engagement, fostering trustee understanding and cooperation, alongside refining systems and processes, and dashboard readiness. Despite ongoing delays of the pensions dashboard, schemes are continuing efforts toward the launch, aiming for a new connection deadline of October 31, 2026. However, with other projects to juggle alongside this, such as GMPE and Endgame, schemes must be prepared. Considering these deadlines, what proactive measures should schemes be undertaking to prepare for the challenges ahead?

This session will address:

• What challenges are administrators currently facing and how can we best combat them?
• How can schemes promote best practices to avoid the risks associated with poor administration?
• What will schemes need to address before the dashboard launches and why is delay not an option?
• How can schemes best prepare for other projects such as buyout and GMPE?
• What new regulation is on the horizon for schemes?