As members of PASA, Criterion’s James Slevin, Business Development Manager, and Nick Green, Strategy and Proposition Director, recently attended its Annual Conference, an event that continues to grow in prominence within the pensions industry. With over 300 delegates in attendance, the conference demonstrated the increasing engagement driven in part by its free-to-attend model this year.
Criterion Standards and STAR discussions
We engaged with fellow attendees about our Life, Pension and Investment (LPI) Standards and the STAR accreditation scheme. Both initiatives are designed to drive improvements in pensions administration, ensuring that members receive the highest level of service and improved consumer outcomes.
These discussions at PASA reinforced the importance of collaboration in driving industry-wide improvements and aligned perfectly with the broader themes of the conference. We were pleased to see growing support for initiatives that can help elevate industry standards and ultimately benefit pension scheme members.
Leadership Changes at PASA
A key development at this year’s event was the announcement of leadership transitions within PASA. Margaret Snowdon stepped down as President, with Kim Gubler assuming the role. Additionally, David Fairs has taken over as Chair, succeeding Kim. These changes signal a new chapter for PASA, with fresh leadership set to guide the organisation through its next phase.
Recognition of industry excellence
Maurice Titley received the prestigious ‘Outstanding Achievement Award’ for his contributions to pension dashboards. The efforts of organisations such as Rothesay Life and Barnett Waddingham were also recognised, as both received re-accreditation. These awards highlight the continuous progress and dedication within pensions administration.
Key industry discussions
The conference was packed with insightful discussions on critical industry issues. Richard Smith’s talk on dashboards stood out with his memorable line: “Get something launched and then iterate forever.” This pragmatic approach resonated with many attendees as the industry moves towards refining and improving pension dashboards over time.
David Walmsley, from the Pensions Regulator, delivered a keynote speech that sparked conversation. He stated the regulator's view that pension administrators should be regulated, marking a potential shift from the previous position of voluntary collaboration with a select group of large administrators. With Minister Torsten Bell earlier this month confirming his intention to introduce a Pensions Bill by summer, many are wondering whether this regulation will be included.
Security, engagement and AI in pensions
Jonathan Hawkins’ infosec panel provided a timely reminder, especially with the MoneyHelper pension dashboard set to go live, regarding the shared responsibility between administrators and members in ensuring data security.
Richard Smith made an impassioned plea for private sector dashboards that integrate pension data into everyday financial services, increasing visibility and engagement for members. Meanwhile, Paul Sturgess’s panel explored how default decumulation pathways, expected in the upcoming Pensions Bill, could use member inertia to drive better retirement outcomes.
Emma Watkins’ panel raised concerns about how members might react to a ‘red’ rating under the regulator’s proposed traffic light-style value for money ratings. Transparency is crucial but framing and interpretation will play a significant role in how these ratings impact member confidence.
AI also emerged as a hot topic during Chris Tagg’s panel. Speakers acknowledged its potential to handle routine administrative tasks efficiently, allowing experts to focus on more complex member issues. While AI’s role in pensions administration is still evolving, there was cautious optimism about its benefits.
Final thoughts
The PASA Annual Conference reaffirmed the industry’s commitment to improving pension administration through leadership, innovation, and regulatory changes. With ongoing discussions around dashboards, engagement, security, and AI, it’s clear that the sector is undergoing significant transformation.
Overall, the conference provided valuable insights into the future of pensions and administration, reinforcing the importance of collaboration in driving progress.
