PASA launches transfers working group

PASA launches transfers working group

The Pensions Administration Standards Association (PASA) has created a new working group to look at the influx of requests to shift pension pots between schemes.

Gary Evans, board director at PASA, will chair the new transfers working group, which will consist of 23 additional members.

Evans of PASA commented: “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.”

Evans cited the example of DB trust schemes, which are “particularly complex in nature and present a number of unique governance challenges”, as well as situations in which administrators will take 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,” Evans explained.

“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.”

Evans added: “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.”

The full list of PASA transfer working group members is as follows:

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

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

Categories: News, UK Pensions

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