Administration – such a simple word. Trustees could be forgiven for thinking overseeing administration is the easy part of governance. But times have changed. Whether you’re a trustee of a Defined Benefit (DB) or Defined Contribution (DC) scheme – technology underpins how benefits are delivered to your members. Innovations in technology mean that many members can now interact with their schemes online. Even with DB schemes, enriched functionality is allowing people to transact and engage online with their schemes. Administration platforms are now largely cloud-based which helped enormously during lockdown when remote working was forced on the nation. Similarly, biometric identity verification (IDV) means people don’t have to post precious certificates in order to receive their benefits; they can prove conclusively who they are simply by using a mobile device.
It is one of the verities of the Covid-19 pandemic that it has accelerated existing trends – in technology, home-working, internet shopping and so on. We have all had to learn new skills, or hone existing ones, to master Zoom meetings etc.
Pensions is more than just investments, at least for me!
My first stint with the pensions industry started in the year 1997, when music from Elton John, the Spice Girls and the Backstreet Boys were topping the charts!
Our first consultation on Defined Benefit (DB) funding closed last month (September). It ran for six months and we wanted the industry’s help to shape the foundations of how we regulate DB schemes for years to come. I’m delighted that we received about 150 responses.
The second essay in a series of six produced by the PMI’s Master Trust Innovation Workstream looks at what we can expect Master Trust investment propositions to look like in five years’ time.
