Pensions - Articles - DWP response on consultation on trustees and governance

Maurice Titley, Commercial Director, Data and Dashboards at Lumera, said: “The Government’s decision to introduce mandatory minimum standards for pension administrators is a welcome and important step. It is particularly encouraging to see the focus on accurate records, operational resilience and the ability to transfer administration services effectively. These are exactly the areas that become increasingly critical as the pensions market consolidates and administration is concentrated among fewer providers.”

 

“The detail will now matter. Minimum standards should translate into measurable expectations for data quality and consolidation readiness, covering the full administration data chain, from the accuracy and completeness of member records through to the reconciliation of DC member holdings with investment managers, as well as the controls needed to migrate that data safely between administrators. The objective should be to make consolidation safer and more efficient, rather than allowing poor legacy data and technology to become barriers to it.

 

“The proposed registration and supervisory framework also needs to remain proportionate. Regulation should raise the quality and resilience of pension administration rather than simply create another compliance exercise. Investment in modern technology, strong operational controls and better data management will ultimately be what turns these new standards into better outcomes for members.”