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Pensions administrators must improve

Tuesday, November 17, 2015

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Pensions administrators need to "raise their game" in order to meet expectations of members in line with freedom and choice changes, according to the managing director of pensions specialist Trafalgar House.

Garry Wake, said administrators are often a scheme members' first port of call, so getting it right is essential.

"It is now almost six months since the new freedom and choice changes came into force – changes that were good for many members - but with these changes comes new requirements." he said.

"Members have more decisions to make and they need help to make sure they are fully informed to do so, which is a huge responsibility."

Wake said an online presence and customer service must be the priorities and that tools and information must be easy to understand.

"It's no easy challenge considering the number of ways we communicate with members from writing to email, phone and more and more often online," he said.

"It is online that the industry could be considered to have fallen behind and the vast majority of schemes don't have a website for members – those that do only provide static information."

Trafalgar House provides a variety of services, including administration, payroll, accounting and treasury, and trustee secretarial services to occupational pension schemes of varying types and sizes.

The organisation says its leading approach to technology offers members benefits that set it apart from the usual administration service.

Wake says a technically savvy approach is essential for the industry.

"We need to provide access to technically competent people who know about their scheme and choices, rather than being routed through impersonal technology or speaking to people who do not understand their needs," he said.

"Members deserve better than they've generally had in the past and they will certainly need more in the future – as an industry we must respond to these evolving needs."

"If the recent changes don't stir some life into providing first class online information for members then we have failed them – the right mix of technology and expert people is the only way to move forward."

First published 12.11.15

Lindsay.sharman@wilmington.com