The volume of legislative changes is the main obstacle for administrators – Law and regulation

Conducted by OMB Research for the pensions regulator, the survey of 203 administrators showed that while new regulations were of concern to 66% of all respondents, that number rose to 72% for internal teams , compared to 43% for third parties. -party administrators.

The research, conducted between November 2020 and January 2021, also showed that recruiting, training and retaining staff is a concern for 37% of respondents, followed by system restrictions or lack of appropriate technology (32%).

In addition, two-thirds of administrators (66%) agreed that recruiting skilled and experienced pension administration staff was a challenge, and about one-third (37%) felt that retaining such staff was a challenge. problem.

Nonetheless, the majority (64%) felt they had enough resources to provide the administrative services that plan trustees/managers needed.

When it comes to plan administrators’ and plan managers’ engagement with administration, 43% of respondents believe it has increased over the past 12 months.

Data quality (69%), equalization and rectification of guaranteed minimum pensions (63%), business continuity (59%) and scams (54%) were the topics that dominated engagement at the over the past year, the research found.

Although more than nine in 10 administrators use electronic systems/software to maintain their active and deferred membership records, about half also used non-electronic methods, typically paper records kept in the office.

With regard to pension dashboards, although lower on the commitment scale for trustees and plan managers (15%), the majority of administrators are aware that plans will be required to provide data to savers via dashboards (73%).

However, awareness was lower among smaller administrators, covering schemes with less than 1,000 members. 39% of them had never heard of dashboards and 23% were aware of them but not the obligation to provide data to savers.

The research also showed that the top challenges administrators expected to face when preparing dashboards were knowing what was required (49%) and software compatibility (48%). This is followed by concerns about capacity (33%), cost (33%), data availability (25%) and data accuracy (22%).

TPR was generally expected to inform administrators of the requirements (80%), although many also expected to learn more about it from other sources such as the pension dashboard program (54 %), industry bodies (44%) or the Department for Work and Pensions (30 per cent).

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