Pensions - Articles - Nothing to fear from the emergence of robotics in pensions

The Pensions Administration Standards Association (PASA) says that far from fearing the implications of the growing emergence of robotics, it should be embraced by the pensions industry.

 Margaret Snowdon, Chair at PASA, commented: “The increasing use of robotics in the pensions industry is an opportunity to be seized. Evidence from outside our sector has shown that rather than reducing employment, automation and the development of robotics simply changes the jobs that people do. And as we are seeing already, as robotics move increasingly into areas like pensions administration, fantastic initiatives using technology such as gamification and voice biometrics are being developed and delivered for the good of members.

 “Central to the success of robotics in our industry will be to listen to members and understand how they want to engage so that we ensure that where they want interaction with a person they have it. If we juggle this fine balance in the right way then skilled pension professionals can be freed up from repetitive tasks to instead focus on providing the service and the help that members truly want and need.”

 Snowdon added: “Critical to the success of robotics is that the volume of poor data is addressed, as data must be good enough to allow the technology to follow an automated pathway and to help members make more appropriate decisions. This will no doubt pose a hurdle for many, but should already be high priority for schemes in preparation for the new GDPR regulations. If we commit to getting this done and the incorporation of robotics is managed in the right way, then we have the potential to restore confidence in the industry and in saving for retirement overall. It could help avoid the spectre of pensioner poverty and greatly enhance members’ retirement outcome potential.”

Back to Index

Similar News to this Story

Rising female State Pension Age led to higher employment
Between 2010 and 2018 the female state pension age (SPA) increased from 60 to 65. This has increased employment among affected women over 60, althou
PASA launches latest round of GMP guidance
The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today ann
TPR and the FCA publish joint pensions strategy
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have today launched a joint regulatory strategy aimed at strengthening their re

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.