Follow up Covid-19 guidance for pensions administrators
6 Aug 2020
The Pensions Administration Standards Association (PASA) has issued follow up Covid–19 guidance designed to highlight best practice for administrators as they navigate their way out of lockdown and businesses adopt new ways of working
6 Aug 2020
The guidance covers a number of issues, including visibility and accessibility; digital workflow; KPIs and projects; offshoring; face to face meetings; identity verification; investment managers and AVCs; homeworking; wellbeing and productivity; and recruitment.
PASA’s aim is to provide an infrastructure which will set, develop, guide and assess administration standards. The independent body had previously published guidance as lockdown began on 23 March, but said that it was now clear it was necessary to look at how pensions administration can adapt and evolve in response to the changes the pandemic has produced.
Kim Gubler, PASA chair, said: ‘All administrators should have learned something new during the last few months, whether about their people, their technology or their members. PASA has pulled together these learnings to shape our guidance, we hope organisations can use this to learn from each other’s experiences as they look to implement their plans for the future.’
Gubler pointed out that many administrators had already anticipated the need for some form of remote working and had triggered their Covid-specific business continuity plans as soon as the lockdown was confirmed.
‘In our initial guidance, we stated administrators needed to be resilient in the face of lockdown’s challenge.
‘As we move forward this is even more critical. Lockdown was a onetime measure imposed on us all, at the same time.
‘However, the rate and way administrators react and respond to the easing of lockdown will be very different, driven by how their own organisations implement their office return plans.
‘Each will have to map their own path according to a huge number of factors. As administrators move forward, they need both flexibility to accommodate different ways of working, and the differing needs of members,’ she said.