Pensions Aspects Edition 57 | October 2024

TRUSTEESHIP & TECHNOLOGY

How can pensions harness AI? How trustees will excel in the AI age

Pensions technology

FEATURE ARTICLES

Technology in pensions: a unique challenge?

Should schemes consider using chatbots?

PENSIONS: RISE OF THE MACHINES

Tim Middleton Director of Policy and External Affairs PMI

I began my career in pensions in 1987, when I worked in the Southend office of Bacon & Woodrow (now part of Aon). The Southend office was home to two enormous Hewlett Packard mainframe computers, which were used to run the firm’s actuarial valuation programs. Staff also used to perform small valuations on first-generation PCs. Drive A would be used to store work and drive B contained the MS DOS operating system (ever wondered why your own PC lacks a B drive?) The software used was Microsoft’s Multiplan, which was the forerunner to Excel. It was primitive but functional.

However, much of the valuation data received came in the form of record cards, whose contents had to be punched manually to create electronic files. Email, the Web and Local Area Networks were still a decade away. Work was exchanged between offices via a daily taxi service, and postal deliveries were of crucial importance.

It is part of actuarial folklore that, towards the end of the fifties, a young actuary named Sidney Benjamin (a future Bacon & Woodrow partner) had delivered a paper to the Institute of Actuaries entitled ‘The Application of Linear Programming to Approximate Valuation’ on the day that he received his Fellowship certificate. This marked a significant landmark in recognising the potential for Information Technology in pensions consultancy.

Today, over sixty years after the innovation of Sidney Benjamin, technology plays a central role in pensions. Computing has now been used for some decades to perform actuarial calculations and to prepare member communications. However, the emergence of the Web has revolutionised the way in which information is exchanged between providers and members. Schemes can use a website to provide generic information, and members can frequently access information about accrued benefits via a scheme website. Many Defined Contribution (DC) providers offer members the option of making fund switches online. In 2026, the emergence of pensions dashboards will revolutionise the way that the public tracks accrued pension savings over the course of a working life.

Today, we are at the beginning of the Artificial Intelligence (AI) revolution, and the wider pensions community is considering how AI could (and indeed should) be used to improve members’ retirement outcomes. Whilst the technological potential of AI to provide high-quality service to members is extremely exciting, there remains a debate about the ethical and legal constraints that should apply. Should an AI algorithm be restricted to the provision of generic information, or could it be trusted to provide regulated advice?

Ultimately, it is important to remember that technology is here to serve society and not the other way around. Human control will always have a vital role to play. Whilst technology will provide an ever-improving method of delivering services, human control will remain essential in determining what those services should be. This will ensure that there will always be a crucial role for the pensions professional. Long may this be so.

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TECHNOLOGY IN PENSIONS – A UNIQUE CHALLENGE?

This article looks at the role of technology, how it has evolved and how it will change the future.

22 SHOULD SCHEMES CONSIDER USING CHATBOTS?

Sackers’ Susan Oakley asks, is technology sufficiently advanced yet?

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EMBRACING TECHNOLOGY IN PENSIONS: BETTER DECISION-MAKING AND MEMBER ENGAGEMENT

Sarah Brennan EPMI takes a deep dive into the value of tech in today’s pensions industry.

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“THE WORD ‘PENSIONS’ IS A RATHER BROAD TERM”

We spoke with John Dovey and Anya Mawdsley from Paragon to discuss digital member communication strategies.

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HOW CAN PENSIONS HARNESS AI?

Travers Smith’s experts on how to harness AI's potential without getting too carried away by it.

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HOW TRUSTEES WILL EXCEL IN THE AI AGE

AI isn’t going anywhere. Stewart Breyer posits how trustees can get the most from it.

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PENSION SCHEME GOVERNANCE: LEVERAGING TECHNOLOGY FOR TRUSTEES

Barnett Waddingham’s Andy Greig FPMI on how best to adopt new or enhanced systems.

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EMPOWERING TRUSTEES BY LEVERAGING MANAGEMENT INFORMATION (MI)

Wonder what developments in tech will mean for Management Information? Andy Greig has the answers. & Technology

A breakdown of PMI Membership grades and programmes.

REGIONAL NEWS

The latest news and notifications from across the PMI’s regional groups.

PRIYA'S STORY

How Priya Patel achieved top marks in her exams.

Find out all about the PMI’s upcoming Secretary to the Trustee training series. PMI ACADEMY

MOVERS & SHAKERS

INTERVIEW WITH ANISH RAV

We spoke with Anish Rav, Director of Global Pensions Policy & Propositions at Capita Pension Solutions.

PROVIDERS

Our regular pensions puzzle.

A comprehensive directory of PMI services.

DASHBOARDS – PLANNING FOR POSSIBLE MATCHES

Heywood’s David Rich talks all things Dashboards in this insightful piece.

TECHNOLOGY TO ELEVATE THE MEMBER’S EXPERIENCE

WTW’s Alice Fletcher and Lou Harris deliver priceless insights on technology and trustee engagement.

Listing the latest upcoming PMI Events. 43

marketing@pensions-pmi.org.uk 38 CROSSWORD

APPOINTMENTS

An overview of openings and career opportunities in the pensions industry,

Contacts

Head office

Devonshire House, 6th Floor, 9 Appold Street, London, EC2A 2AP

Membership: +44 (0) 20 7247 1452

membership@pensions-pmi.org.uk

Learning and qualifications: +44 (0) 20 7247 1452

PMIQualifications@pensions-pmi.org.uk

Commercial development: +44 (0) 20 7247 1452 sales@pensions-pmi.org.uk

Finance: +44 (0) 20 7247 1452

accounts@pensions-pmi.org.uk

Editorial: +44 (0) 20 7247 1452

IS YOUR PMI MEMBERSHIP RENEWAL OVERDUE?

Renew today to remain up to date with relevant industry news, stay connected with PMI’s membership community and enhance your opportunities for professional development.

Have you had confirmation that your membership for the 2024-25 renewal period has been paid?

Does your employer usually settle your renewal, and you are not sure if this has been processed?

We encourage all members to check their My PMI membership portal. A receipt should be available to download if your payment has been processed and your membership expiry date on your record will show 31 August 2025.

To avoid disruption to your membership services please ensure payment has been received and contact us if you require any changes to your record or invoice, you are eligible for a membership upgrade but have not been contacted, or if you have any other questions around your subscriptions contact us at membership@pensions-pmi.org.uk

24/25 Renewal fees

(1 September 2024 – 31 August 2025)

Would you like the PMI to deliver a breakfast briefing or lunch & learn session for your organisation?

We can arrange for representatives from the PMI to share information about existing and upcoming products and services with your team.

Do you want to make sure you and your colleagues have all the key information to enhance your career as well as that of your team?

Perhaps there is an area you and your fellow colleagues need more support with?

We are on hand to discuss your training and development requirements, create bespoke training programmes for your organisation, or simply go over our existing products and services with you to ensure you are kept up to date with all developments in your professional body as well as in the sector.

Contact us today if you would like to find out more.

Let’s celebrate your achievements!

Have you got a success story you are proud of and want to share with the rest of the PMI community?

Complete this short form with the details of your story and you could feature in one of our upcoming member newsletters, social media channels or the PMI website.

PMI Professional Accreditation Programme for Trustees

If you are a trustee and have completed the Certificate in Pension Trusteeship (CPT) and Trustee toolkit you are a few steps away from qualifying for professional accredited status.

PMI accreditation signifies excellence in trusteeship, with all-round thinking and knowledge.

To find out more and to apply today click here

PMI Corporate Membership

Sign up for PMI Corporate Membership and all employees from your organisation will be able to join as PMI affiliate members and receive member benefits including delegate passes for PMI’s flagship conferences, events and webinars, access to professional development courses and much more.

2024 Continual Professional Development (CPD)

Continuing Professional Development (CPD)

Fellows and Associates are reminded that their 20224 CPD will be due on 1st January 2025. Meeting the PMI CPD requirement is compulsory (except where retired/nonworking). Under our CPD Scheme, PMI members are required to record at least 25 hours during the year. Please log on to your member portal and update your CPD record.

If you still need to make up CPD hours before the end of the year, please check our Events and Webinars section on our website as we still have plenty of CPD activities for you to choose from.

If you wish to record a self-declaration for CPD completed under the auspices of another professional institute, please download the self-declaration form and return this to membership@pensions-pmi.org.uk

Affinity Discounts

Have you recently become a non-executive director or board member? Did you know you can receive a 15% discount for training courses with NEDonBoard.

We have partnered with Portfolio Institutional to offer all Associate and Fellow members a free monthly subscription of their magazine. More than 6,000 copies of their print magazine are distributed each month to pension fund trustees, asset managers, investment consultants and related industry readers. To find out more and to request a free subscription click here

All our members can benefit from hundreds of discounts and savings from a range of products and services with a Totum PRO card. Click here to find out more today.

Are you paying too much for your present private medical plan? The PMI have partnered with HMCA to offer all members discounted rates for medical plans, dental plans, hospital cash plans, travel plans, income protection and vehicle breakdown products. Click here to find out more.

PMI REGIONAL GROUP NEWS

SOUTH WEST REGIONAL GROUP

Our annual dinner was held in Bristol on 5 September with guest speaker Stuart Breyer, CEO at mallowstreet. For each ticket sold for the dinner £5 is donated to our nominated charity Age UK Bristol. The total 2024 contribution was £600.

LONDON REGIONAL GROUP

The PMI London Group hopes all our members had an enjoyable summer!

We held our Annual General Meeting in July at the offices of Mayer Brown. We welcomed our new Committee member Dawn Thorne (Head of Pensions, Sainsbury’s Supermarkets), and said goodbye and thank you to two Committee members who stepped down this year – Martin Lacey (Pensions and Benefits Manager, Direct Line Group) and Tony King (Group Pensions Operations Manager, Reach). Once the formal business of the AGM had been concluded, we were given a short update by Anjan Bose (Finance Director, PMI) on PMI’s rebrand.

NORTH EAST REGIONAL GROUP

Thank you to all those members based in the North East that responded to the recent survey that was issued by the Membership Team at the PMI. The responses that you provided have been really helpful to the Committee to help inform the calendar of events that it has planned for 2024. We hope to be able to publish that calendar shortly and we’re looking forward to seeing as many of you as possible at the first face-to-face event that we’ve been able to plan for a long time.

Click here if you want to join your local group’s mailing list.

We were then joined by our guest speaker, Josephine Cumbo – a multi award-winning financial journalist who has covered business and finance for the Financial Times for more than two decades. Josephine spoke about her career to date, and what drew her to pensions as a particular area of focus. She also delved into some of the issues facing DC pension schemes, and what might be learnt from the Australian superannuation system. The PMI London Group would like to thank Josephine for an insightful and stimulating session. It was excellent to see so many of our members afterwards for networking over drinks and nibbles.

Remember to keep an eye out for details of our upcoming social events and business meetings via the PMI London Group LinkedIn Group.

Date for the diary: Wednesday 6 November 2024 for our Annual Pub Quiz.

Click here to book your space

PMI End Game Solutions Conference 2024

29 October | A&O Shearman, London

Trustee Workbench 2024

12 November | Schroders Solutions, London

The Pinnacle Awards 2024

12 November 2024, London

ESG and Investment Forum 2024

4 December | Mayer Brown LLP, London

PMI END GAME SOLUTIONS CONFERENCE 2024

29 October 2024 | 08:30 - 17:00

Are you considering what might happen to end game? If so, your team should attend PMI’s new End Game Solutions Conference.

We will discuss:

• Run-On Strategies: Considerations and best practices.

• Insurance Buyouts: Navigating the complexities and benefits.

• Market Trends: Insights into the latest industry developments.

Venue: A&O Shearman, One Bishops Square, London E1 6AD

Who is this for?

• Trustees

• CFOs

• Consultants

• The conference is for smaller DB schemes up to £175m of assets or 1,000 members

Powered by Spence & Partners

Learn more and book your place here

PMI ACADEMY

HOW PRIYA PATEL ACHIEVED TOP MARKS IN HER EXAMS

"What motivated me was seeing the real-life value that the exams brought to my job. It's hard to see the bigger picture when you're knee-deep in exam notes, but with each exam I passed, I could see how the qualification was making me better at my job and deepening my understanding.”

We had the pleasure of chatting with Priya Patel from LCP, London, who recently passed all her ADRP exams on the first attempt, earning an outstanding score of 98/100 in the PMI's ADRP Reward and Retirement Provision exam.

Priya completed her Advanced Diploma in Retirement Provision in just two years, demonstrating remarkable dedication and expertise. She shared with us:

“The key to success in these exams is definitely time—the more you can dedicate, the better you'll do. This requires sacrifice; there were many evenings and weekends I had to give up, but it was absolutely worth it.”

In addition, Priya mentioned that she uses the Pomodoro technique to study. This method involves choosing a task, setting a 25-minute timer, and focusing solely on that task for 25 minutes, followed by a 5-minute break. After four 25-minute sessions, she takes a longer break of 15-30 minutes.

Priya also ensures that on a very structured study day, she includes something fun in between to stay balanced.

Lastly, Priya told us: “Even if you're studying for this qualification without others in your organisation who take exams, the PMI offers study sessions that I've attended. It's a great community where you can learn from a tutor and also discuss your worries."

Congratulations, Priya, on this outstanding accomplishment! We look forward to seeing the innovations you'll bring to the pensions industry with the PMI by your side.

TRAINING

Join us for the upcoming Secretary to the Trustee training series, designed to equip you with the skills and knowledge needed for a successful role in pension trusteeship.

The Basic series is perfect for those new to the world of pensions.

INTERVIEW WITH ANISH RAV

We recently spoke with Anish Rav, Director of Global Pensions Policy & Propositions at Capita Pension Solutions and Fellow member of the PMI, about his journey and insights into the pensions industry. From his early fascination with pensions sparked by his university dissertation to his role in shaping global pensions policy, Anish shared how his diverse experience has influenced his career. He also discussed the evolving role of technology in pensions and offered valuable advice for newcomers to the field.

Can you tell us about your journey in the pensions industry and how you first became involved in pensions management?

I think I must be one of the few people who wanted to have a career in pensions! My interest in it was sparked by doing my dissertation at university on the mis-selling of pensions in the late eighties and early nineties. It demonstrated first hand why it is so important for us to have a pension industry that gives savers the confidence that we are looking after them and one that we can be proud of.

After completing University, I came across an advert for a graduate trainee job at Mattioli Woods which ticked all the boxes, and luckily, they offered me the job! I started out working on SSAS/SIPP’s and then moved on to working for firms including PWC, Mercer, Hymans , Barclays, and Smart advising Trustees and Corporate clients on DB and DC schemes as well as providing advice to individuals and developing innovative propositions. It is this broad experience that helps me in my current role as Director of Global Pensions Policy & Propositions with Capita Pension Solutions – being able to understand different perspectives is important when considering policy and creating new propositions.

What are the career achievements you are most proud of?

The achievements I am proudest of are:

• Helping to significantly change the pension landscape by being a key member of the team that advised on one of the first modern day Master Trusts as well as setting up the Atlas Master Trust with Capita. I remember joking with a colleague at the time that these will be stories that I will be able to dine out on for a long time!

• Being recognised as a thought leader and someone who’s views are regularly sought.

• However, the proudest and most important achievement is that all the work I do in policy, innovation and creating new propositions, is helping to deliver better outcomes.

How did you start your journey with the PMI?

At Mattioli Woods, I was encouraged to undertake professional exams and was provided with brilliant support. Having done my dissertation I thought I had a head start, but the reality is there is so much to learn about pensions and that learning never stops. That is why it is great that the PMI delivers events and other activities that provide continuous learning.

A colleague (who is now one of my best friends) and I started doing the PMI qualification together at the same time and that really helped me - there was also some friendly rivalry which acted as great motivation!

As a Fellow of the Pensions Management Institute (FPMI), what does this membership mean to you, and how has it helped shape your career?

Being a Fellow means a lot – it demonstrates that you have a obtained a certain level of knowledge and understanding in pensions. It is a badge of honour and without it, I do not think my career would have progressed as it has. For many of the roles I have done having a qualification from the PMI was a pre-requisite, which shows the high regard that the qualifications are held in.

As a Fellow, I can also help the PMI by supporting them and helping others, particularly as a member of the Advisory Council.

In what ways do you think your experience and insight as an FPMI Fellow has impacted your contributions to the Advisory Council?

Having the broad range of experience across pensions and employee benefits means that I can help advise the Board on the strategic direction of the institute. It is important to have diversity of thinking across the Council, and the great thing is that we all share our views based on individual experience and expertise, all with the aim of enhancing the work of PMI.

I am also able to provide industry and colleague feedback to the Council and use my network to promote the work of PMI – the ambassadorial aspect is crucial as is the ability to provide technical expertise.

How is it to carry on the role in the Advisory Council of the PMI?

The role is extremely rewarding - being able to influence and provide insight to the institute is satisfying. It is nice to give something back and at the same time meet new people and learn from my fellow Council members.

How do you balance your strategic responsibilities in global pensions policy with the practicalities of day-to-day pensions management?

We are looking at pension systems across the globe and opportunities in Europe. it is great to be able to understand the pros and cons of each. The balance is achieved by focusing on helping to influence and create the best UK pension system and then thinking about the exciting things happening in retirement systems across the world.

I am a firm believer that we should take the learnings from different countries and see how they can be applied elsewhere. However, it is important that the nuances and cultural aspects of each country is considered – there is no one size fits all solution. There is lots to do in the UK, but I’m also excited by the global opportunities!

What role does technology play in your current role?

Technology plays a big part of my role. Pensions are unique in that we have to hold information for such a long time and against a backdrop of change and innovation.

Modern technology not only helps me do my job better, but it is also at the heart of my thinking when we are developing new propositions. I am particularly excited about how we can incorporate next generation Artificial Intelligence and Machine Learning tools into pensions to drive enhanced decision making, efficiency and most importantly a superior experience for individuals – the key aim of technology must be to deliver enhancements to all stakeholders.

What would you recommend to younger people getting their first qualifications and entering the industry now?

I would say, the pensions industry is a fantastic one to be in! I am biased, but there are very few industries where the work that you do can make such a difference to someone.

Pensions are not boring and are always innovating or having to deal with change. It provides an opportunity for a rewarding and satisfying career. I recommend participating in mentoring programmes like the one PMI has, as well as those within your own organisations.

Ensure you allocate enough time to undertake the PMI qualifications and learn from those that have been in the industry a while – I have worked with many inspirational leaders and have always learnt something different from each of them.

There are so many areas that you can work in within pensions, so it’s important that you find the area that you enjoy and are motivated by.

The other piece of advice I would give is be innovative and share ideas - it’s only by being bold and thinking differently that the industry will continue to evolve.

DASHBOARDS –PLANNING FOR POSSIBLE MATCHES

David Rich Head of Data Propositions

Heywood

Pensions dashboards are set to transform the UK pension landscape by connecting members with their pension information. It’s estimated that over 16 million people will use pensions dashboards—that’s nearly 25% of the entire UK population. That means that it’s essential that schemes are prepared for the expected wave of traffic when the members turn up.

The benefits pensions dashboards will bring are significant. We know from the success of our European counterparts’ dashboards programmes that as well as providing a secure view of pensions information, all in one place, they will help members to plan for retirement, contribute to more informed decision-making and connect members with ‘lost’ pension pots.

As connection dates approach at pace, we’re advancing to the start line in a new world of “Open Pensions”.

Getting to the start line successfully will hinge on accurate data

If your member data is 100% complete and accurate, the user journey should be seamless, and you shouldn’t have too much to worry about. A member will get a match and be able to view their pension information should they have one with you. Perfect.

In the same vein, if the information submitted does not tally with your records, the dashboard will return no match. This could be good but equally very bad if the member does have a pension with you but has failed to match due to your data being incorrect.

Then there is the uncertain territory of a possible match. When some of the information sounds like a match, but not all of it – you might have a pension for this member. This is a possible match, and this is where challenges may start for schemes and administration teams.

Resolving possible matches

Let’s think logically about the next step a member may take after receiving a possible match. There’s a strong possibility they’ll try to contact you to address the issue. Why can’t they find their pension information that they know they have with you? A handful of inbound queries might sound manageable, but what about an influx?

Possible matches will almost certainly create a significant administrative burden for schemes, leading to increased workloads and potentially delayed responses.

Have you thought about how you’re going to manage possible matches? It’s important to note that TPR requires scheme reporting on possible match levels and will investigate where those levels appear too high. You’ll need to have a plan.

The default dashboard response to a possible match is likely to be giving the member contact details for them to get in touch.

There are creative solutions entering the market and ways to resolve possible matches through your pensions dashboards ISP, however. This involves keeping the member online and attempting to either gain a “full match” or confirm “no match”. The first step is to talk to your ISP provider, determine your matching rules, and test, test, test. For that testing to be effective, your data needs to be in good condition.

It’s a familiar message and one that’s been repeatedly echoed by The Pensions Regulator, PASA, and other industry bodies. As a solid foundation, member data needs to be assessed, and any gaps need to be filled, and the data must be as accurate as possible.

As the countdown to dashboards continues, it’s imperative that schemes give high priority to data cleansing and enrichment, prior to testing matching rules. Regularly updating and verifying member data will likely significantly reduce the occurrence of possible matches. It also smooths any work involved in updating records where they have been corrected. Ensure your records are as accurate and up to date as possible by conducting regular data audits and cleansing exercises.

Once it’s on, it’s always on

Once you’re connected to pensions dashboards, you’ll always be connected, so be mindful that as data decays over time, you need to be proactive with your cleansing efforts. A pensions dashboards data cleanse and enrichment project isn’t a one-time task. Not only do you have to get your data in good condition, it’s in your interests to keep it that way.

With the first wave of schemes due to connect to pensions dashboards by 30 April 2025, we are entering a crunch time for pension schemes that have yet to prioritise data accuracy – after all, matching and matching rules will not be as effective without a foundation of accurate data.

The introduction of pensions dashboards presents a significant opportunity to enhance the transparency and accessibility of pension information and deliver a positive member experience. However, once we arrive at the start line and the starting pistol is fired, we must be ready to address the challenges posed by possible matches and data accuracy to ensure a seamless process for all users.

TECHNOLOGY TO ELEVATE THE MEMBER’S EXPERIENCE

Alice Fletcher APMI

Associate Director, Project and Data Solutions WTW

Lou Harris Senior Director, Member Experience WTW

Technology has a huge part to play in empowering trustees, pensions managers and members to make better informed decisions more accurately and faster. From gathering insights about what members need and want, to enabling education and action to be taken online, through to transparency of all pension savings via Pensions Dashboards.

Listen and hear

Proactively listening and hearing allows you to dig deeper into topics such as members’ levels of confidence, beliefs about adequacy and barriers to engagement, to help inform your future priorities for a member experience strategy. This is also in line with the Pensions Regulator’s new General Code which expects those managing schemes to “regularly review member communications, taking account of member feedback”. Using technology to help listen and hear is fast and means that spend is focused on the areas where the highest impact will be achieved.

Technology supports the end-to-end member experience

Listening technologies to hear members' needs.

Trustee and Pensions Manager is better informed to define effective member experience strategy aligned with members' needs.

Develop digital communications which contain information members are interested in, increasing likelihood of engagement and where behaviours are tracked and measured.

Member is better informed which leads to better decisions.

Spend by trustee and company is better value because engagement is more effective.

Employee listening technology, like WTW’s Engage platform, enables instant quantitative data capture, removing the guesswork for trustees and pensions managers. Open text questions are instantly analysed, no longer taking weeks of someone’s reading and collation time. This level of super-fast analysis means that those managing schemes can quickly digest member feedback and build an effective strategy to support members. And participating members can be presented with real time action plans within the platform, which facilitates their decision-making. AI-enabled features can also search the web for useful related resources, saving time and increasing the usefulness of further reading.

WTW Global Research | UK Analysis

WTW runs global research into what employees think about retirement benefits. Here are some key highlights:

• Nearly four-in-ten (39%) older workers (age 50 and higher) expect to work past age 70, a sharp rise from 27% two years ago, and 31% prior to the pandemic.

• Eight in ten workers (79%) admit they are not saving as much for retirement as they should be, and less than half (47%) are on the right track to retirement.

• Employer programmes remain the primary path (70%) for employees to save for retirement.

• Ensuring money lasts in retirement was the most important feature of a retirement plan with 53% ranking it first, followed by 39% ranking protecting savings from drops in value.

How would your membership compare with these WTW insights?

Taking it to another level, listening technology combined with expertise in pensions enables the development of norms where common behaviours or beliefs can be revealed. This level of insight can help schemes set member experience targets, for example, engagement at retirement age, levels of confidence or digital adoption. Taking part in member experience surveys such as the ones WTW provide is the gateway to access such insights and to enable benchmarking with other schemes.

Time can also be slashed to 30 minutes for trustees and pensions managers to gather qualitative feedback ‘in the room’ from members using AI-powered ‘Virtual Focus Group’ technology. Participants collaborate and vote on ideas, and the AI analyses the strongest sentiment within the group and reports back to the focus group host in real time. Trustees and pensions managers can ‘sit in’ and observe with access to the data as it’s being collected.

Enabling online access at a scheme level

92%

of adults in the UK are internet users

*National Office of Statistics

Financial institutions led the move to a digital service model to drive efficiency in their business, and as investment in the customer interface continued and technology became more sophisticated, the online experience for customers has become a service differentiator when attracting customers. Online financial platforms are now simple, straightforward, engaging, insightful and fully empower an individual to take control of their finances from the phone in their pocket.

Pensions are no different. Making the online experience on a par with the retail finance sector is a key differentiator for enabling better decision-making for members and greater efficiency for schemes.

The foundation is a modernised scheme website which is fully integrated into your member experience strategy.

Now, let’s jump forward to the macro level.

Pensions Dashboards

Pensions Dashboards will be the newest part of the elevated member experience supported by significant technology innovation and integration. Now is the time to consider how Dashboards will fit within the bigger picture of what you currently offer, including your scheme website, your member portal, your education and resources, the quality of your data members will see, your administration contact strategy and your communications strategy.

In most cases, an Integrated Service Provider will provide the data digital connection from your administration system to the Dashboards. But what will the interface and member experience be across your scheme website, member portal and the Dashboards? And how can you plan to mitigate any increases in administration queries that could otherwise be avoided?

Mapping the end-to-end member experience is the first step in designing the right digital journey for your members. Whilst the only requirement is to have a link to a scheme website, additional member options may include automated password resets and calculation functionality. Allowing members to ‘self-serve’ where possible is likely to significantly protect the administrator and its service levels from peaks in activity.

To provide a good member experience be prepared, don’t delay your planning!

Three actions you can take forward today

1. Understand what your members need and want by running a survey of the membership. You can use WTW’s ready-made surveys to access comparison insights.

2. Review your scheme website to make sure it meets what your members need such as high-quality education, and build a plan to drive digital adoption.

3. Consider your scheme’s end-to-end digital experience ahead of Pensions Dashboards by having a member experience workshop to help prepare for their arrival.

TECHNOLOGY IN PENSIONS – A UNIQUE CHALLENGE?

Anish Rav FPMI Director of Global Pensions Policy and Propositions

Capita Pension Solutions

Technology is advancing at an unprecedented pace, and if used correctly it has the potential to significantly improve outcomes for all stakeholders, be that the trustee, administrator, adviser and most importantly the saver. As Capita Pension Solutions celebrates its 50th anniversary, this article looks at the role of technology, how it has evolved and how it will revolutionise the future.

The pensions industry thinks of itself as different, and in many ways it is. There are very few examples of where records need to be kept for potentially 40 years or more, against a backdrop of legislative/regulatory change, and constant updates to scheme design – and that’s before we even think about how to communicate complex and important financial information to savers.

Pensions – the technology laggard?

Pensions have been called the ‘laggard of embracing technology.’ Whilst there is some truth in this, it is not entirely accurate. Back in the 70s records were kept manually and we’ve come a long way since then, so to say that the industry has shunned technology is a little unfair – When you look back you can see the positive role that technology has played across all areas of pensions, where it has created greater efficiencies in delivery, improved engagement and delivered an overall better service.

What is important is that technology is used for the right reason. As my colleague Mark Whitby, our Chief Technology Officer says, “Don’t use technology for technology’s sake – use it to make a positive difference to the outcome. With pensions, this means incorporating the right technology at the right time for the right reason.”

What are the Challenges?

Pension schemes do have a unique set of challenges, and technology will make a vital difference in the delivery, operational excellence, and engagement of them. Key areas to focus on are:

1. Data volume, complexity & security: Pension schemes generate vast amounts of data, and being able to manage and secure this to generate the right outputs is important. Questions to ask include what reports are needed and when? Is there flexibility to amend in line with changing needs?

2. Can systems use the latest technology – Many pension schemes still rely on older systems that can be outdated and inflexible. These systems can be costly to maintain and difficult to integrate with modern technologies.

3. The need for flexibility – The Pension sector is subject to frequent regulatory and structural changes. Keeping IT systems compliant with evolving regulations and a dynamic changing proposition is a continuous challenge.

4. Saver needs – The power of ‘technology in the pocket’ means that savers of all generations now demand information in a way that was not even considered feasible 50 years ago. Back in the 70s If someone had said there would be a device which could allow you to answer a call from anywhere, see the person you are talking to, do your banking on and consume the latest news in seconds, this would have been considered even beyond the realms of possibility for the most creative of sci-fi writers. In a world where ‘intuitive, accessible and on- demand’ Is measured in seconds, the pension industry needs to deliver for the saver.

5. Business As Usual - The pension industry does not have the luxury of deciding not to pay pensions whilst modern technology is implemented. Delivering upgrades, enhancements and indeed new platforms all require careful planning, whilst ensuring vital BAU services are maintained.

The future of digital technology in pensions

Mark says he is “excited by the latest technology and the pace of development, as it will revolutionise the landscape," Mark is leading the development of next generation technology, working with Hyperscaler partners such as Microsoft and Amazon on solutions being embedded into our systems to deliver better outcomes for all stakeholders from colleagues to trustees and the saver. Highlighted below are just some of the key areas of focus for Mark and his team and include using next generation Artificial Intelligence (AI) and Machine Learning (ML) to drive enhanced decision-making, efficiency and a superior member experience.

1. Automation transformation

Implementing automation technologies that will streamline administrative processes (for example benefit calculations) and increase accuracy as well as helping with fraud detection. This includes automated data entry, processing and reporting, allowing colleagues to focus on doing tasks ‘that humans can do better and add real value.’

2. Advanced analytics

Next generation advanced and predictive analytics tools will provide valuable insights into member behaviour, the quality of user journeys and operational efficiency. This will help identify trends and potential issues before they arise, and enable data-driven decision-making, strategic planning and continuous improvement.

3. Proactive and personalised member services

Technology will allow the delivery of next level proactive and personalised member services from voice technology that can sense sentiment, to a superior set of agent assist tools and highly personalised individual portals for savers accessible from any device.

4. Augmenting older Systems with newer technologies via APIs

Older systems, while often robust and reliable, can be inflexible and challenging to integrate with modern technologies. Application Programming Interfaces (APIs) offer a solution by enabling legacy systems to communicate with newer applications and services. APIs act as intermediaries that allow different software systems to interact, exchange data, and perform functions seamlessly.

5. Co-creation & collaboration

The use of new and innovative technology helps facilitate co-creation and collaboration, allowing us to work with our clients, users and partners to create better journeys and experiences.

Summary

Technology has come a long way in the 50 years since we started administering our first scheme, and whilst embracing technology across the industry may have been slower than in other sectors, the intricacy of pensions does present a particular challenge that means technology must be deployed thoughtfully. The pace of change and the technological tools now available mean that there is an amazing opportunity to accelerate how technology is used in pensions, and one which we are leading on. We look forward to continuing to be at the forefront of innovation for the next 50 years!

SHOULD SCHEMES CONSIDER USING CHATBOTS?

Susan Oakley Associate Sackers

As the use of artificial intelligence (AI) in day-to-day life becomes increasingly normal, trustees are starting to consider whether they should be utilising new technologies such as AI chatbots for dealing with member enquiries. Is technology sufficiently advanced yet, or do schemes need to err on the side of caution?

Cast your mind back to the early noughties, when business was conducted by letters, checkouts were manned solely by humans, and accessing the internet required us to disconnect our telephone (“Apps” hadn’t even entered our vocabulary yet). With all its flaws, technology has come a long way since then, and we are now reliant on the internet for daily life.

With that in mind, pension scheme websites have become a valuable tool, providing members with quick access to pensions information that would historically have involved a discussion or exchange of letters. But should pension schemes go further in embracing technological progress to simplify access to scheme information (and benefit from cost savings in the process)? A trustee client was recently debating the introduction of a chatbot to their scheme website. Though their conclusion was ‘not yet’, it is likely more schemes will be having this discussion as technology improves.

AI chatbots, in short, are computer programs designed to simulate conversations with people. They vary in complexity, with the simplest versions following pre-programmed options, and more advanced versions learning to interpret and answer questions using data made available to them (the likes of ChatGPT are trained using vast amounts of internet data, as well as data from third parties and users so that they understand language and find patterns to generate their own content). However, the more complex the chatbot, potentially the higher risk of something going wrong, including an increased risk of cyberattack. It is possible for ‘data poisoning’ to occur, where data is manipulated to compromise performance, as well as ‘AI hallucinations’, where chatbots essentially invent information.

Members are becoming increasingly techsavvy, and chatbots could be beneficial for answering basic member queries instantly. From an administration perspective, that saves on resource that schemes would otherwise have used to respond. However, unless schemes can be sure that any chatbot response is accurate, as trustees are responsible for member information, a cautious approach is needed, particularly for more substantial member queries.

As a result of the increasingly widespread use of AI and associated risks, the EU recently introduced its Artificial Intelligence Act, the first of its kind in the world, prohibiting certain types of AI system, and imposing regulatory requirements on the rest following a risk-based approach. UK laws look set to follow suit, with the King’s Speech in July announcing the Government’s intention to place requirements on developers of “the most powerful” AI models.

Schemes must therefore proceed with care. For those looking to enhance their member experience, alternative options could be to improve website content or search functions, as well as focusing efforts on pensions dashboards connectivity.

HOW CAN PENSIONS HARNESS AI?

Susie

Partner and Head of Pensions

Travers Smith

Partner in Technology and Commercial Transactions

If artificial intelligence (AI) was a horse, few would deny it has bolted. It is too late for the pensions industry to close the stable door. So what can and can't AI do? How will trustees and regulators use it and approach its use by others? We explore how to harness AI's potential without getting too carried away by it.

Daykin

James Longster

Travers Smith

We spoke recently at the PMI's Annual Conference about the use of AI in pensions. The debate was engaging and lively. A topic which just a few years ago many in pensions would have ignored, been baffled by, or perhaps just dismissed as fanciful, is starting to take centre stage.

Unsurprisingly, service providers to trustees are already starting to consider how AI can be used in the delivery of services. Some obvious "use cases" are already emerging. The human "minute taker" at a trustee board meeting may soon be a thing of the past. AI is also innovating how members might more efficiently interact with and get information from schemes; will chatbots soon be a standard feature of any administration interface?

From the member perspective, it seems inevitable that more tech savvy members might also start deploying AI, to help them to understand their pension benefits or to communicate or complain.

Regulators are also embracing AI. We know that the Pensions Regulator has been using machine learning in its review of data for a few years. One might expect ever more sophisticated AI tools to be continually under consideration, particularly with the increasing swathe of valuation and covenant data that the Regulator will be receiving from schemes once the new funding regime beds in. We may in future see other public bodies, including the Pensions Ombudsman and the Pension Protection Fund, consider AI tools to help with their remits and work – for example assessing jurisdictional or eligibility requirements.

So how should trustees consider using AI, and what do they need to consider when they, or others, do?

The questions are, in many ways, no different from how trustees would assess the use of any other new technological product before adopting it. And they are exactly the same questions that any potential business user of AI would ask:

"Does this technology allow me to do something better?"

"What is the risk/cost/benefit analysis of using this technology?"

More specifically, in light of the range of pension trustees' legal duties, doing something better could mean achieving a range of outcomes, such as better decision-making, improved cost efficiency, or reducing risk.

There is, in the UK, no specific regulatory framework for using AI. This in contrast to other jurisdictions, including the EU, where specific regulations apply. The approach taken in the UK is that our pre-existing legal and regulatory frameworks are sufficient to address any potential harms that might result from the use of AI. These include GDPR governing use of data, equality legislation prohibiting discrimination, and of course trust law and pension law and regulation which provide trustees with a framework for decision-making.

So if trustees use AI to help communicate with members, review or process data, write meeting minutes or other documents, make a decision or implement a project or a change, then all the same legal duties apply – as the human user of AI – as if AI had not been used at all. Importantly, trustees cannot delegate decisions to AI – any decision that might have involved any AI use is still the trustee's and it will be for the trustee to demonstrate that it was made properly.

And it is the trustee oversight that will be critical when considering AI use. Unlike other types of technology, the resulting outputs of AI are not formula-driven in a way that always easily lends itself to external data testing and verification. Indeed that is the whole point of AI – it is intentionally more than just a form of technical programming. Much AI is a 'black box', which means its outputs cannot be interrogated or analysed. Different methods will therefore be needed to test whether AI is performing the task set for it and the quality of its output. This will be particularly key where trustees have to demonstrate how a decision has been made, including the factors which have been taken into account. This suggests that the use of AI in discretionary decision-making would need very careful thought.

There are other effective ways of managing other risks that are inherent in AI in the design itself. For instance, by limiting datasets, restricting the AI from capturing new data (including personal data from members), or limiting the functions that AI can perform, or can perform without further human intervention.

Although the law itself around AI is not yet changing, legal practice is. We are already helping to update contracts for trustees to reflect the use of AI by service providers and clarify the responsibilities around this.

So returning to our original questions – does AI allow you to do something better? What is the risk/cost/benefit analysis? The questions are likely to remain continually in flux as AI use continues to develop. But, acknowledging that the AI horse has well and truly bolted, we might at some point soon need to add a third question – can you justify not using AI?

(No AI was used or harmed in the making of this article.)

HOW TRUSTEES WILL EXCEL IN THE AI AGE

Stuart Breyer CEO mallowstreet

In my conversations with pension fund trustees who are early adopters of Artificial Intelligence (AI) tools, I’m hearing the same thing – “AI isn’t going to immediately solve all my problems, but it’s a great new set of tools available for us to use.” And I agree with them, AI has arrived and isn’t going anywhere.

AI isn’t going to replace trustees – it is those trustees who understand how to use AI tools throughout their jobs every day that are going to become indispensable to the schemes they serve. A lot has to happen behind the scenes to make this happen, but at the end of the day, we are working in this industry to make sure that members get their pensions paid in full and on time.

Identifying and building use cases

Trustees started getting in touch with us about SOFI because they have lots of meetings – so we built SOFI to help accurately and succinctly summarise a discussion, surface the key action points, and identify the questions in a meeting. We created a tool that understands the language we use in our industry, understands the context, and nuances of the discussion.

What I find incredibly encouraging is that several trustees I speak to are now starting to identify additional ‘use cases’ for AI – or put another way, starting to specify the exact problems they want to address when using it. And their approach is right, because before jumping headfirst into adopting AI, it is essential to identify use cases.

Pension funds using SOFI continue to suggest new use cases for us. For example, can SOFI produce a draft set of minutes, flash action points, map the conversation to the agenda, identify if we are hearing from everyone around the table? Every week we get more ideas, and get to work building a new feature that will provide the solution trustees are looking for.

As a result, trustees and pensions funds that are adopting AI solutions are achieving several things, like making more streamlined and robust workflows, enhancing schemes’ governance, and most importantly, saving time. This time can be deployed to tackle the bigger discussions that require attention, debate, brainstorming and creative thinking. In essence, you are leveraging the power of AI to help you achieve your goals as quickly and safely as possible – with all resources focused on the right places.

Constant innovation and improvement

We spend a lot of time researching and developing different tools and features that never make it into SOFI. We test ideas and hypotheses, challenge our assumptions, and continue to innovate to create elegant and easy-to-use features to solve problems. It was a big learning for me; to understand that not everything we try is going to work, and to be open to trialling multiple tools until you find the one that is right for you.

One trustee board using SOFI has been working towards a buyout. This involved meetings with the scheme actuary, investment consultant, asset managers, insurance companies and various individual committees. The pension fund had 15 meetings over the course of 3 weeks. They asked us, “how can we quickly and easily make sense of this?” This ‘use case’ led us to create Multi-Vertical Analysis – the ability to look through a series of meetings simultaneously and pull out similar threads across all the discussions, as well as the areas of agreement, disagreement, ambiguity, or common purpose, plus the issues of shared greatest concern and agreed next steps.

Instantly, the trustees could see where there was alignment and identify the common questions and concerns that had been raised through the process. Now they clearly understood where they needed to get more information, and where they still required answers to outstanding questions. This objective analysis provided perspective for the entire trustee board, allowing them to make the right decision for their pension fund.

Start implementing solutions today

What has stunned me is the phenomenal speed at which AI has arrived on the world stage. Some context is important. It took Netflix about 9.5 years to reach 100 million users. Instagram did it in about 2.5 years. ChatGPT did it in about 60 days. Never have we seen such widespread adoption so quickly.

What excites me is the fact that we now have a new set of tools which can transform the way we work together to achieve this objective. I encourage all trustees and pension funds to start trialling and testing AI tools that are going to help in your day jobs.

The more time we can save, the more intellectual firepower that can be deployed to ensure we all achieve our respective goals. Putting the pensions industry at the forefront of innovation will ultimately help us ensure every member we are working for achieves the best outcome in retirement.

PENSION SCHEME GOVERNANCE: LEVERAGING TECHNOLOGY FOR TRUSTEES

Andy Greig FPMI Partner Barnett Waddingham

The Pensions Regulator’s (TPR) General code of practice, along with advances in technology, means that now is an opportune time for trustees to review how their scheme is managed, and adopt new or enhanced systems.

Streamlining governance with software

Done properly and using appropriate technology, ongoing scheme governance and risk management can be enhanced in a way that is compliant with the code, whilst at the same time streamlined to ensure focussed discussion on the important issues, leading to valuable insights and just as importantly, action.

Adopting new software, together with the right oversight, is one way in which scheme governance and risk management processes can be streamlined. That software is already out there.

Within the secretarial function, meeting management and governance software can take a lot of the hassle out of scheduling meetings and building meeting packs through shared workspaces. It can also provide the functionality to collaborate effectively through a secure platform for both meeting preparation and decision-making, streamlining and reducing correspondence around the meeting cycle.

Scheme governance documents and meeting papers can be made available to specific groups, reducing the need to worry about redacting specific content. More recently, the use of artificial intelligence (AI) within such software has even introduced the ability to generate draft meeting minutes. Governance platforms usually provide a library function where key documents and policies can be referred to during the course of a meeting if something needs to be checked to reach a decision.

Within the risk management function, specialist risk management software can be used to log and track risk, with sophisticated reporting and data interrogation methods enabling the trustees to quickly and effectively focus on the areas that matter most. Risk management dashboards within these systems give full visibility to trustees and their advisers.

Integrating systems for better insight

Integration of existing systems can also be achieved through technology. Our BW CORE offering at Barnett Waddingham (BW) is one such example, integrating various governance and risk management processes in a way that facilitates another process, the new Own Risk Assessment, with minimal additional effort.

Maximising the benefits of technology

As with any technology, the true value comes from how the output is interpreted and used by humans – in this case the trustees, pensions managers and their advisers.

Robust arrangements to support understanding of the software, its purpose, limitations, source data and any reporting, together with processes that drive actions, will be fundamental to unlocking the full potential of the benefits it can deliver.

Beware an over-reliance solely on technology, and ensure that a sufficient level of knowledge and understanding is maintained by users.

Looking ahead: balancing tech and expertise

It’s an ideal time to implement new or improved systems. Those systems should incorporate the appropriate use of technology, supported by a robust framework for those who remain firmly in the driving seat: trustees, pensions managers and their advisers.

EMPOWERING TRUSTEES BY LEVERAGING MANAGEMENT INFORMATION (MI)

Andy Greig FPMI Partner Barnett Waddingham

In the ever-evolving landscape of occupational pension schemes, trustees have a myriad of responsibilities. Therefore, they need to be kept abreast of all aspects of the services being provided by their advisers, and how this impacts the decisions they make.

However, did you know that 75% of pension scheme decisions are based on data that is over three months old? Outdated information can lead to costly mistakes, so there is a growing need for more immediate access to real-time data.

Trustee meeting packs have been the staple diet of many trustee boards for many years. Whilst this is essential reading to aid those all-important discussions, is there anything else that can be done within the industry to enhance the knowledge and understanding of the services impacting their scheme and the quality of their decisions?

The importance of up-to-date MI

The trustee meeting packs include essential statistics such as membership numbers, transfer values paid and movements in and out of the trustees’ bank account – this information is great, but it can quickly become outdated.

How many times do trustees discuss administration reports and the statistics which are months out of date? How many decisions do those trustees make off the back of such information? For example, a strategic decision on transfer values based on the numbers during that particular period.

As schemes continue to mature, bigger decisions are being made – whether to run on, whether to go to the bulk annuity market, how to reduce risk, and so on. The decisions trustees are making can depend on aspects such as data quality.

Whilst the data is in the hands of pension administrators, other advisers rely on this for their own analysis and trustee recommendations. There have been plenty of articles written around improving the quality of pension scheme data and the importance of holding accurate information. Perhaps, less has been written about how to access the data and how vital it is for trustees and advisers to have up-to-date information to make their decisions.

Getting ‘bang for your buck’

Service standards, especially within pension administration, are often used as an important gauge for trustees to understand whether they are truly getting value for money.

This could lead us to lots of discussions regarding the most effective way of measuring service delivery. I, for one, don’t believe that Service Level Standards (SLA) focussing on timelines of service should be the only way trustees measure the apparent success of their administration providers. However, we will park this topic for another day!

The key point is that trustees will benefit from having instant access to more up-to-date information on certain performance statistics such as key performance indicators (KPIs).

How can data extraction be achieved?

The ease of extracting data from administration systems will depend on the platform being used and whether specific development is required to achieve this. Most of the effort is at the outset, understanding what data to extract, where to take this from and where to send it. The type of interface is important, but that tends to be more manageable.

Other challenges could be how the data is held. Does the administrator hold all their scheme data on the same system, or are there legacy systems in operation? Are all services provided from the same place? Or for example, is the payroll data held separately to the administration data?

With Pensions Dashboards around the corner and schemes gearing up to be ready for their staging dates, this will help with some of the data cleansing aspects and how data is connected from the administration system to the Pensions Dashboards ecosystem.

Understand

what’s possible

Trustees should talk to their administrator to understand how this information can be shared with them.

Consider what it is that would be most valuable to the Trustee board. Is this around service standards, scheme membership, financial movements, membership age profiles or member activities? In an ideal world, it would be good to have access to all of this information, but clearly that’s not always possible. In the absence of having everything, work with your administrator to find out if the information that’s important to you can be accessed more readily.

Protecting data

With great data comes great responsibility. We all know that pension schemes contain vast amounts of important information and data which is relied upon in all areas of managing a scheme. Of course, holding so much data comes with risks attached.

Cyber threats are very real, and the consequence of a successful attack is hugely detrimental to the scheme, the advisers and more importantly the members.

Protecting this data is paramount, yet it’s an ongoing challenge for trustees and administrators to be vigilant and take the necessary steps to ensure it’s shielded from the cyber criminals who operate at large.

We are already vastly dependent on technology in our day-to-day lives and pensions is no different. We need to find a proactive way to ensure that the data held by administrators is made available in the easiest way. From talking to clients who have access to their data through Insight, it’s clear that this is beneficial to them in making decisions and setting strategy.

THE TRUSTEE'S HANDBOOK

Unlock the complexities of pension fund management with The Pension Trustee’s Handbook, the ultimate guide for trustees and pension professionals. Authored by Robin Ellison, a leading expert in pensions law with over 30 years of experience, the Pension Trustee’s Handbook is an essential guide for both new and experienced trustees. Covering everything from trust law basics to advanced investment and governance strategies, it provides practical, legally sound advice to help trustees manage pension schemes with confidence.

Robin Ellison’s “Pension Trustee’s Handbook” is a masterpiece – packed with everything a trustee needs to know, yet written in simple, clear language. It’s not just a book to read, but a vital tool to dip in and out of, offering invaluable insights and even some sharp, humorous commentary on regulators and politicians. A must-have for any trustee.

Mark Tennant Trustee of the Country Landowners Pension Fund and Director of Unit Trust of India International

Peppered with pearls of wisdom that emanate from years of trusteeship knowledge, this is a brilliant blend of past, present, and future trusteeship requirements and challenges. A must-read for all prospective and present trustees.

Roger Mattingly Trustee Director Independent Governance Group (IGG)

EMBRACING TECHNOLOGY IN PENSIONS: BETTER DECISION-MAKING AND MEMBER ENGAGEMENT

Sarah Brennan EPMI

Professional Trustee

Dalriada Trustees

Love it or hate it, we all use technology to varying degrees every day. From our alarm clocks that wake us up each morning, laptops to help me write this article*, to self driving cars that I remember laughing at when I was a kid watching the Jetsons (is that still on?!).

In the world of pensions, technology has advanced massively since I started out in the industry over twenty years ago, some of which I’ll take a deeper dive on, exploring the pros and cons, and crucially, looking at what value it is adding to our members.

Timely, relevant and accurate information helps trustees and sponsors to not only work collaboratively to make strategic decisions relating to the overall end game for the scheme, but also helps us to deliver.

If you’re targeting buy-out for example, you need a system that monitors the funding level on that basis. To be truly meaningful you need that to be based on current assets (not investments from 3 months ago), and liabilities (not based on your member data from your last valuation which could be 3 years old). Just the other day a sponsor commented on the challenges of obtaining sign-off for a possible transaction with an insurer, as the figures in front of them were already several months old.

Timely information helps to manage expectations and reduce the surprise element. This is really important at valuation time when information from six months ago may have indicated an improvement in funding and a surplus, but changes in market movements have made the position worse and a discussion is now required around deficit contributions.

Whilst the new funding code has come into force, the key principles and process of preparing for a triennial valuation are tried and tested and should be as automated as possible – including the provision of member data and cashflow generations to help with investment strategy discussions. The more your systems can talk to each other, the less need for manipulation and less chance of human error. Having a system that your actuary can quickly obtain up to date membership data from for example (without the need for admin to update/export), helps speed up the valuation process and reduces costs. We have seen the costs of running actuarial valuations fall materially in the last few years as a result of the increasing use of technology.

It would be remiss of me not to mention the shift towards virtual trustee meetings in recent years. When I look back, the technology to hold virtual meetings was there well before the pandemic, which forced us into a new way of working. It opened up options for us and enabled the meeting of faces across screens that you otherwise may not have seen. I often wonder what was holding us back from using it in the first place. We shouldn’t be afraid to be innovative, to seek new ways of working. Yes, virtual meetings may not always be appropriate (there’s always someone that can’t find the mute button), but we now have the choice.

*Disclaimer – written by me and not a bot (although quickly goes to see what chatbot comes up with in case there’s some good ideas).

Weighing up the cost of enhancements to your own systems may in the long run help you make better decisions – which in turn will help you provide certainty to members on the security of their pension.

I’ve mentioned membership data above, but my comments have not really done our administration colleagues justice, despite being at the core of every scheme. I remember when I worked in admin there was a running joke about a magic button that did everything for you. I never found it. A robust and modern admin system should enable our administrators to easily help our members, and put their benefits into payment. Freeing up time to focus on projects such as GMPE and Dashboard integration. Of course, we now have a multitude of online services for our members, from online portals to fully integrated mobile phone apps – most of which offer a degree of self service for members and the option to obtain quotations. QR codes have been a great invention, making online access more accessible by doing away with lengthy URLs.

It is however important to remember the end user, our members. Obtaining feedback from them is key to helping you decide on what services to offer – be that asking members online, to consultations in a face-to-face environment, listening is key. It is quite easy to base an opinion or decision on your own bias.

One glaring obvious change I immediately thought of when I was asked to write about technology in pensions that I could not fail to mention, is the good old A3 paper HMRC schedules – I bet that sends shivers down a few spines. Advances in being able to reconcile contractingout data and Guaranteed Minimum Pension details online, and having a system to communicate electronically, is a massive help and step in the right direction.

Advances in technology do however introduce risk, risk that needs to be continually managed. As fast as developers work with creating and enhancing our systems, those with ulterior motives work even quicker. It’s the responsibility of each provider, sponsor, scheme, trustee to have systems and processes in place, and people with the right expertise that continually road test our technology.

A bit of a long article so thank you if you’ve read this far – if you have just skipped to the last bit, my take-aways are:

• Embrace enhancements in technology,

• Check your own technology – is it fit for purpose?

• Check your costs – are you getting value for money, is it market competitive?

• Consider the user, our members, take them on the journey – consider what is appropriate for your membership

• Be aware – continually manage and road test your technology.

“THE WORD ‘PENSIONS’ IS A RATHER BROAD TERM”

John Dovey

Client Relationship Director Paragon

Anya Mawdsley

Business Development Executive Paragon

The PMI spoke with John Dovey and Anya Mawdsley from insight partner, Paragon, to discuss digital member communication strategies.

How do you define member communication?

Anya: The modern financial environment demands a shift from viewing member communications as merely transactions to seeing them as a vital part of the member journey. Effective communication should prioritise personalised, transparent and timely interactions that cater to each member’s unique needs and preferences throughout their pension experience. This approach will ensure that members are confident in understanding their pension benefits, and feel empowered to make informed decisions about their retirement planning. Doing so will also help members remain engaged with the scheme throughout their working life and, finally, into retirement.

What is the first step when developing more innovative pension communications?

John: The word ‘pensions’ is a rather broad term. As employee demographics differ across separate sectors, from e-commerce to mining and construction, all schemes must understand how their members prefer to digest and engage with information at all stages of their journey. The fundamental goal is the same for all pension schemes and providers – to achieve stronger retirement outcomes for every member, but the methods can differ scheme-to-scheme.

How do you see AI and automation changing the future design of communication strategies?

John: Development in machine learning and AI is underpinned by data, and much of its success will rely on the quality and accuracy of member data at all times. The more data that can be consolidated into a single view, the greater the opportunity to offer stronger personalisation in the journey. Like so many innovations in recent years, it’s still about achieving the right blend of both human and technology-driven design which go hand-in-hand.

For example, in content design, pensions need to be communicated from one human to another and translated to the member, authentically. For global schemes, cross-jurisdiction requires localised language remediation that meets cultural expectations, and not just software translation from one language to another.

What role does behavioural psychology play in shaping pensions communications?

Anya: Behavioural psychology is vital for effective pensions communications. It helps Paragon understand how members make decisions, and why they might delay or avoid taking actions. Understanding common behavioural biases, such as the tendency to focus on immediate gains over long-term goals, helps Paragon design communications for our clients that better resonate with their members.

For example, many people exhibit present bias, meaning they often prioritise immediate gratification over saving for retirement, which can seem distant and irrelevant. To counter this, Paragon create communications utilising framing effects. Instead of simply telling our clients’ members how much they should be saving for retirement, we focus more on relatable, short-term benefits, such as the peace of mind that comes from knowing they are on track with their retirement goals.

What changes in the industry do you think will support younger members?

John: At policy level, lowering the minimum age for enrolment will support those entering the workplace at a younger age, as they do under other systems like Australia’s Superannuation system. I also believe that the minimum earnings threshold trigger for automatic enrolment should be lowered, not only to bring lower earners into the system, but also to support those with several part-time jobs which prevents them from qualifying.

At product level, pensions need to complement, rather than compete against other savings vehicles like cash products, which are accessible for current needs and emergency access. The sidecar trials are a good example of this. So are product incentives, including cashback and competitive bonus rates on transfers and top-ups for ISAs and some banking products, which encourage savers.

Are there any areas of pension communication that you are seeing a higher demand for?

John: Without doubt, digital pension communications have increased dramatically and will continue to do so.

DC and DB schemes should both be leveraging automation to send more regular ‘stay in touch’ and targeted messages in the right way and at the right time.

Anya: Alongside the digital growth that John mentioned, one in five people in the UK has an accessibility requirement. All schemes must therefore provide seamless digital experiences that are fully accessible in the design. I think we will continue to see demand in this area due to increasing legislation across Europe, and because there’s a growing awareness and demand in our society.

How do you see print communications evolving in a digital world?

John: Although pension providers are switching more investment into digital, print remains critical. When digital channels fail to engage or motivate members to take action, print provides a degree of trust and authority to the communication experience.

At Paragon, we deliver a multichannel pension experience under one platform, because it avoids disparate and isolated channels being managed under separate environments.

Digital and non-digital channels can work very well together. For example, automated bounce-to-print emails or an ‘unknown at this address’ (goneaway) mailing switch to digital. Paragon have also used print campaigns to trace lost members or to re-engage non-active members to sign back into their online account.

CROSSWORD

Across

1. Identifying irregularities in pension data (7,9)

5. Anticipating patterns (11)

6. Space on a social feed (4)

11. Set recipe (7)

13. Virtual web assistant (7)

14. Turn off and on again (6)

17. The key requirements of pensioners (5,5)

19. Excel (6)

20. Unmoving (6)

23. Literary genre concerning the future (3,2)

24. Access point (7)

27. Unfairness in AI (5)

28. Software's step-by-step instructions (9)

29. Holistic (3,2,3)

30. Building intelligent machines (7)

31. Demand (7)

Down

2. A network's core (9)

3. Neural network layers (4,8)

4. Potential danger (6)

5. Anticipating problems (9)

7. Degree of adaptability (8)

8. AI's decision-making (8)

9. Level of difficulty (10)

10. Central point (3)

11. Flagship leader (10)

12. Morally instructive code (6)

15. Short audio or video clip (5)

16. Using game elements to encourage engagement (12)

17. Data dispenser (6)

18. Fancy (5)

21. Mental plan (10)

22. AI discovering patterns in pensions data (4,6)

25. Distilled quality (7)

26. Data protection (7)

27. Structure designed for signalling (6)

Edition 55 Answers

Across

1.Neurodivergent 8.Apposite 12.Readable 16.Subscription 18.Joint 21.Navigable 23.Confluence 26.Provision 27.Minority 29.Groupthink 30.Instruct 31.Parity 32.Paramount 33.Awareness

Down

2.Egalitarian 3.Representation 4.Dissertation 5.Gated 6.Needs 7.Authentic 9.Transcript 10.Retort 11.Pertinent 13.Bias 14.Complexity 15.Inequitable 16.Scalable 17.Broaden 19.Wellbeing 20.Collectivist 22.Heard 23.Comms 24.Endorse 25.Braille 28.Broad

To advertise your jobs within Pensions Aspects or on pensioncareers.co.uk, please contact:

adam@insidecareers.co.uk or call 0203 915 5940

Copy deadline: 18th November for December 2024 issue

Operations Analysts - De-Risking

Excellent Salaries & Bonuses – London/Hybrid

Leading specialist de-risking insurer

Various roles in key operations team, including senior

Must have excellent data and Excel skills

DB/de-risking specialist background

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373

Governance / Secretariat Associate

Circa

£55,000 + Bonus & Package – London

Respected consulting firm

Expanding governance and trustee secretariat practice

Secretary to trustees experience a big advantage

Exposure to TPA and client work also useful

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG153427

Research, Technical and Policy Assistant

To £35,000 + Benefits – Manchester or Glasgow

Min 3-5 years occupational pension scheme experience essential

Excellent opportunity to move out of day-to-day administration

Supporting the implementation/onboarding of new clients

Strong project and stakeholder management skills are desirable

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH154713

Snr Consultant - Outsourced Scheme Management

To £80,000 + Bonus and Package – From Home

Highly respected and fast growing consulting firm

Specialist outsourced scheme management service

Consultants, Scheme Managers and Client Managers welcome Admin, governance and secretariat experience needed

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG152493

Associate Trustee Consultant

To c£60,0000 + Benefits – Hybrid/UK Wide

Opportunities in Independent Trustee and Consulting spaces

Excellent career progression into trusteeship/pension consulting

Requires min 3-5 years’ DB admin/consulting/actuarial exposure

Progress toward APMI or equivalent helpful

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH154384

Pension Manager – Outsourced Services

To £80,000 + Benefits – UK Wide/Hybrid

Exposure to work for flagship national/multinational client schemes. Genuine progression with support toward Professional Trustee Accreditation. Opportunity to manage and develop a team of pension professionals

In house pension management experience highly advantageous

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH154529

We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.uk

London

Tel: 020 7481 8686

Leeds Tel: 0113 202 1577

Birmingham

Tel: 0121 616 6096

Manchester Tel: 0161 233 8222

Find your next job with...

live opportunities – get in touch for more details!

Christine Brannigan: christine@branwellford.co.uk

Hayley Brockwell: hayley@branwellford.co.uk

At Flint Hyde we are currently working on a number of different assignments across the pensions sector, from inhouse roles to working with niche providers. Below are a selection of current roles we would be happy to discuss with any interested candidates.

Trustee Director – Manchester or London - leading PT firm – up to £150k

Trustee Director with PRT experience – Manchester or London – leading PT firm – up to £150k

Professional Trustee – Manchester or London – leading PT firm – up to £110k

Pensions Executive (pensions management) – leading PT firm – up to £75k

Senior PRT Actuary – big 3 consulting firm – up to £130k

Nearly/Newly Qualified Actuaries – UK Wide – mid tier consultancy – up to £70k

Head of Corporate Actuarial Consulting – UK wide – package on request

To discuss these and other opportunities we are currently working on please contact our dedicated pensions team of Andrew Carrett (andrew@flinthyde.c.o.uk), Lewis Campbell (lewis@flinthyde.co.uk) and Samuel Leat (samuel@flinthyde.co.uk). READY FOR YOUR NEW ROLE?

Leading recruiter for Pensions Professionals

www.sammonspensions.co.uk

pensions@sammons.co.uk

01277 268 988 / 020 7293 7022

A member of the Sammons Recruitment Group

A member of the Sammons Recruitment Group

Leading recruiter for Pensions Professionals

www.sammonspensions.co.uk

Leading recruiter for Pensions Professionals

Sammons Pensions Annual Salary Survey, we need your help

pensions@sammons.co.uk 01277 268 988 / 020 7293 7022

www.sammonspensions.co.uk

pensions@sammons.co.uk 01277 268 988 / 020 7293 7022

Sammons Pensions Annual Salary Survey, we need your help

Technical & Quality Assurance Analyst

Hybrid/Offices Countrywide

Now in its 23rd edition, our survey provides a source of information for employers and employees benchmarking salaries and benefits in the UK’s pensions industry, trends and opinions across remuneration, most valued benefits and employment factors, reasons for moving employers and views on the pensions industry’s current key challenges.

s your salary in line with the market?

£excellent

Join this leading consultancy integrate a quality-first approach, aiming to elevate the service delivery standards and providing expert technical advice to the operations team

Secretary to the Trustees

Now in its 23rd edition, our survey provides a source of information for employers and employees benchmarking salaries and benefits in the UK’s pensions industry, trends and opinions across remuneration, most valued benefits and employment factors, reasons for moving employers and views on the pensions industry’s current key challenges.

In-house Head of Pensions Operations 6 mth FTC

Hybrid/2 days a week from one of the UK offices £attractive package

Pensions Director, Ops & Comms, In-House

Hybrid/Scotland c.2 days per week

This offers a varied and challenging interim role for a skilled Senior Pensions Operations Manager, leading operations for a £multi-billion pension fund Ref: 80995 SB

£6 figure

Your contribution is invaluable. All respondents receive a copy of the survey published early 2025 and entry into a prize draw. Access the survey via www.sammonspensions.co.uk.Contact us for more information or to discuss previous years’ findings.

2023 Salary Survey now published.

Exceptional senior appointment with a highly skilled team supporting £multi-billion Pension Fund. Ref: 79999 SB

Transitions Manager

Hybrid/Nottinghamshire to £45000 per annum

Your contribution is invaluable. All respondents receive a copy of the survey published early 2025 and entry into a prize draw. Access the survey via www.sammonspensions.co.uk Contact us for more information or to discuss previous years’ findings.

Senior Pensions Executive, leading Trustee firm

Hybrid/c.3 days a week London office

Hybrid/London office c.3 days per week

£excellent + bonus

Pensions Project Specialist

You will ideally have a strong technical understanding of DB pension scheme arrangements, able to confidently and proactively support the Scheme Secretary with all duties. Ref: 81075 NMJ

Pensions Project Specialist

Hybrid/London or West Midlands

Comprehensive insight into current salaries and trends in the pensions industry.

£superb package Manage delivery of the implementation phase for de-risking transactions for this financial services specialist. Ref: 68293 SB

Varied, challenging and progressive opportunity as you provide secretariat, governance, pensions and project management with this highly respected Professional Trustee specialist. Ref: 58338 SB

Director, Risk Transfer Consulting

Hybrid/UK Wide offices

Director, Risk Transfer Consulting

£competitive benefits & bonus potential

Hybrid/London or West Midlands

Pensions Administration Team Leader

Ref: 81483 JW

you would like to discuss our findings or specific benchmarking, please contact us.

Hybrid/2 days a week West Yorkshire office to £44000 per annum

£competitive benefits & bonus potential Ref: 81483 JW

Pensions Calculations Analyst GMPe

Do you thrive under pressure, with the ability to prioritise and delegate a varied workload? Would you like to join this Pensions service during an exciting period of growth? Ref: 81165 JW

Pensions Calculations Analyst GMPe

Hybrid/UK Wide

Hybrid/UK Wide to £50000 per annum

Assistant Scheme Secretary

Work from home

Hybrid/UK Wide offices

Head

Audit Partner

of Pensions, in-house

£six figure Ref: 80830 SB

Home-based

£six figure package Ref: 80830 SB

Senior Pensions Manager & Professional Trustee

Senior Pensions Manager & Professional Trustee

Ref: 81595 JW

To £50000 per annum Ref: 81595 JW

Hybrid/2-3 days a week Berkshire office £competitive + bonus Fantastic opportunity to take your career forward leading this in-house Pensions function. Ref: 80721 SB

£6 figure

Hybrid/UK

Highly successful and ambitious Pensions Audit Specialist business offering a diverse and interesting opportunity. Ref: 80428 SB

Hybrid/UK

c.£95000 per annum Ref: 80225 SB

c.£95000

Ref: 80225 SB

In-house Pensions Manager – Trustee Secretary

Senior Benefits Technician

Assistant Trustee Executive

Assistant Trustee Executive

Hybrid/London or Hertfordshire to £50000 per annum

Hybrid/London or Hertfordshire to £50000 per annum Ref: 73740 NMJ

Professional Trustee

Client Director/Trustee/Trustee Executive

Professional Trustee

Hybrid/London 2-3 days per week to £44000 per annum

Excellent opportunity to become part of an in-house pensions team, delivering a comprehensive benefits administration service Ref: 81168 JW

£excellent open to candidates with existing Trustee focused work or those looking to move across from other areas, good DB technical knowledge required. Ref: 73044 BC

Senior Technical Administrator

Senior Technical Administrator

Ref: 73740 NMJ

Hybrid/London or North West

Hybrid/London or North West

Hybrid/3 days South Yorkshire office £comprehensive package Progressive, varied opportunity on offer, with a collaborative in-house Pensions team managing a £multi-billion pension fund. Ref: 81135 SB

Hybrid/various offices UK £attractive compensation

£six figure

£100000

Ref:70402 SB

Ref:70402 SB

Support ongoing business growth whilst taking on a highly varied client portfolio Ref: 73266 SB

Senior Pensions Trustee Executive

Senior Pensions Trustee Executive

Hybrid/Buckinghamshire

Part-Time Client Account Manager

PPF Principal Pensions Administrator

Remote Working

Ref: 81534 NMJ

Hybrid/Buckinghamshire to c.£50000 per annum

Outsource Pensions Consultant/Trustee Manager

Remote Working

Work from home

Professional Trustee

£excellent

To c.£50000 per annum

Ref: 81534 NMJ

£75000 - £95000 per annum

Hybrid/Worcestershire or Bristol to £42000 per annum

ybrid/London up to £55000 per annum

Take your DB experience forwards and assist with the administration of schemes entering the Pension Protection Fund Ref: 34961 NMJ

Pensions Analyst

Pensions Analyst

uild and nurture client relations for this award-winning Pensions specialist. Ref: 80468 BC

Hybrid/Staffordshire

Hybrid/Staffordshire

c.£45000 per annum

c.£45000 per annum

Part time Pensions Administrator

Ref: 81271 JW

£75000 - £95000 per annum Ref: 59729 SB

Ref: 59729 SB

Hybrid/London or North West 2-3 days

DB Pension Scheme Transition Manager

Niche Consultancy looking for pensions professionals to provide Outsourced Trustee services and manage governance projects Ref: 70444 BC

DB Pension Scheme Transition Manager

Hybrid/London

Ref: 81271 JW

Hybrid/London

£70000 - £80000 per annum Ref: 62473 SB

Pensions Executive

£75000 - £80000 per annum Ref: 62473 SB

£6 figure package Superb opportunities with this highly reputable Professional Trustee business, for skilled Pensions professionals seeking a progressive career move. Ref: 70402 SB

Hybrid/Manchester or London

£65000 per annum

ensions Administration Manager

Hybrid/Surrey or Work from home to £35000 per annum

Pensions Pre-Deal Manager

Secretary to the Trustees

Secretary to the Trustees

Pensions Pre-Deal Manager

Hybrid/Nottinghamshire

Hybrid/East Yorkshire

Hybrid/Nottinghamshire

£in line with experience you have a strong working knowledge of DC & DB pensions administration, legislation and regulations, excellent opportunity to this in-house pensions team. Ref: 72969 JW

Excellent opportunity for a Pensions Administrator looking to work part time on a flexible basis supporting the Pension Specialist. Ref: 80994 JW

Hybrid/London

Work on a portfolio of clients and deliver market-leading governance and independent pensions executive services. Ref: 81092 BC

Hybrid/London

£excellent Ref: 81600 BC

Senior Communications Manager, In-House

£competitive

Ref: 81075 NMJ

£competitive Ref: 81075 NMJ

£excellent Ref: 81600 BC

Hybrid/Scotland 2 days a week

Pensions Officer

Pensions Officer

Pensions Administrator

Hybrid/London

Project Manager

Client Manager

Project Manager

Offices Countrywide

Hybrid/Scotland or London

£superb Drive communications strategy to enhance and develop Pension Scheme member engagements. Ref: 80395 SB

£in line with experience

Hybrid/London

Hybrid/London, Surrey or Scotland to £35000 per annum

£competitive

£competitive

Ref: 81607 JW

Offices Countrywide

c.£70000 per annum Ref: 80915 BC

Ref: 81607 JW

Excellent opportunity to join a growing Pensions Consultancy and deliver exceptional client services. Ref: 81086 BC

c.£70000 per annum Ref: 80915 BC

Senior Pensions Administrator

Join this market-leading team of Independent Data Consultants, working in specialist projects, you will need an understanding of DB pension scheme arrangements and a keen eye for data Ref: 81137 NMJ

Pensions Administrator

Pensions Administrator

Hybrid/West Yorkshire

Hybrid/Belfast/Manchester/Glasgow to £40000 per annum

Pensions Administrator

£in line with experience

Hybrid/Belfast/Manchester/Glasgow to £40000 per annum

Ref: 81438 MV

Take your DB Pensions knowledge forwards as you gain exposure to complex schemes and client-facing opportunities. Ref: 79608 NMJ

Pensions Trustee Executive

Pensions Trustee Executive

Senior Manager – Trustee Services

Pension Analyst

Hybrid/Edinburgh or Bristol to £32000 per annum

Pension Analyst

Hybrid/Hemel Hempstead

To £35000 per annum

Pensions Consultant (In-House)

Broaden and develop your career within pensions with this leading consultancy, with full study support. Ref: 76264 MV

Hybrid/Hemel Hempstead to £35000 per annum

Pensions Trustee Consultant

Pensions Administrator

Ref: 80608 MV

Work from home/London to £44000 per annum

Pensions Trustee Consultant

Ref: 81438 MV

Senior SIPP Administrator

Hybrid/London or Greater Manchester

Hybrid/London or Surrey

£in line with experience

£excellent Ref: 81092 BC

Hybrid/London or Greater Manchester

Hybrid/Hampshire or London

£excellent Ref: 81092 BC

Trustee Manager

£excellent

Excellent opportunity for a technically astute DC pensions specialist good regulatory knowledge of the Mastertrust world. Ref: 80617

Work from home

Looking for a career that will give you plenty of opportunities to develop your pensions knowledge? Our client offers opportunities, support and rewards that will help you to achieve those goals. Ref:80647 BC

Trustee Manager

Work from home

Senior Pensions Project Manager

£competitive Ref: 81046 BC

Ref: 80608 MV

£competitive Ref: 81046 BC

Senior Pensions Data Consultant

Pensions Administration Manager

Hybrid/Hampshire

£competitive

Hybrid/Offices Countrywide

Excellent opportunity to join an in-house team working on a £billion closed DB scheme and an open DC scheme. Ref: 79651 JW

Hybrid/Bristol 2/3 days per week

Senior Pensions Data Consultant

£competitive

Hybrid/Scotland to £35000 per annum

Hybrid/Scotland to £35000 per annum

Ref: 81548 NMJ

Office Based/Kent with some flexibility to £31000 per annum

£excellent Ref: 71182 BC

Hybrid/Offices Countrywide

Exceptional Financial services Project Manager needed to work leading financial services provider. Ref: 80307 JM

Excellent Senior level role within the Administration function of a marketleading Consultancy. Ref: 81158 BC

Ref: 81548 NMJ

£excellent Ref: 71182 BC

Pensions Trustee Specialist, in-house

Pensions Administrator

Associate DC Consultant

Join this leading supplier of services and software to public and commercial sector organisations across the UK, widening your exposure to complex pension schemes. Ref: 79622 MV

Hybrid/Croydon/Reading/Manchester/Edinburgh

Hybrid/Kent

Pensions Administrator

To £30000 Ref: 81335 MV

Pensions Administrator

£competitive you from an admin or analytical background and keen to take the in your pensions career within a growing team? Ref: 73178 NMJ

Hybrid/Croydon/Reading/Manchester/Edinburgh to £30000 per annum

Hybrid/South Yorkshire 3 days in office

Pensions Administrator

Hybrid/London or Winchester

£excellent benefits

Join a leading independent employee benefits specialist, where you will be fully encouraged to develop your pensions knowledge. Ref: 65417 MV

Pensions Administrator

To £30000 per annum

SAS Client Manager

Pensions Administrator

Hybrid/London or Winchester to £30000 per annum

Pensions Administrator

Ref: 64877 MV

Hybrid/Multiple office locations across UK £competitive an established team and have responsibility for managing a high value SSAS portfolio Ref: 34976 JM

Hybrid/London or West Midlands

Associate Consultant

Senior Communications Consultant

Pensions Trustee Specialist, in-house

£excellent benefits package & bonus Ref: 81485 JW

Hybrid/London

Ref: 81335 MV

Hybrid/London or West Midlands

Remote Working

Communications Consultant

£competitive

£excellent benefits package & bonus Ref: 81485 JW

Work from home

Communications Consultant

£doe Ref: 72005 BC

Ref: 64877 MV

£excellent

Fantastic opportunity to take your DB pensions knowledge forwards in this client-facing role, supporting in the delivery of secretariat, governance and consultancy services for both new and ongoing occupational pension schemes Ref: 81117 NMJ

Lead on delivery/strategic direction and use your experience and skillset to communicate pensions in a creative and inspiring way Ref: 73170 BC

Work from home

Senior Pensions Operations Analyst

£doe Ref: 72005 BC

Governance and Project Specialist

Pensions Technical Manager

Hybrid/Bristol to £30000 per annum

Pensions Administrator

Hybrid/South Yorkshire to £30000 per annum

Ref: 65417 MV

Independent company of actuarial, consultancy, investment and administration services to the pensions industry, is looking for a bright individual to join their team Ref: 81149 MV

Hybrid/South Yorkshire to £30000 per annum

Pensions Technical Trainer

Hybrid/London to £60000 per annum Ref: 81379 JW

Ref: 65417 MV

Senior Pensions Operations Analyst

Remote/Merseyside

Hybrid/London

Hybrid/Bedfordshire to £60000 pa You will be responsible for making a high-quality contribution to the governance, compliance and risk management of the Group’s UK Pensions Plan, both DB and DC and lead key governance projects Ref:80727 JW

c.£55000 per annum

You will be responsible for technical aspects of the services provided by the company pensions schemes to its various customers Ref: 72733 JW

to £60000 per annum Ref: 81379 JW

Pensions Specialist, In-House, West Yorkshire, 4 days office.

Low to mid £50’s

Your new exciting role for this in-house pension department (outsourced administration) will be to assist the Pensions Manager to support the Company and Trustees in managing and developing their pension schemes. You will be responsible for ensuring good governance of both pension schemes, whilst supporting members with their pension benefits. You will provide a vital role in supporting the Pension Team and two Boards of Trustees (one defined benefit, one Defined contribution). You will help co-ordinate the running of both schemes, including scheme secretarial duties. Be a key support for employees and members with their benefits in the pension schemes. Support the Pension and Benefits Manager with the development of the pension schemes. Complete administration processes and governance tasks to ensure compliance, and all legal and regulatory requirements are met.

Pensions Analysts, Flexible Working on offer

£30-55k, based on experience Ref: 15772CE

If you have a good background in DB Pensions administration and are seeking a fresh new challenge this could be the role you have been waiting for! Working closely with Project Managers, Business Analysts and Developers you will be asked to predominately work on client projects and therefore will have the opportunity on take on a varied range of duties and roles. With a good analytical mind, strong communications skills and also very good Excel experience, whether you are seeking a move into this type of role or maybe you are already performing this role in your current job, please do get in touch to learn more.

This award-winning pension's provider will support you in your continued development and provide you with the career path that rewards success.

Vacancies for Senior Pensions Administrators & Team Leaders

£depending on experience up to £50k Ref: 15789TD Bristol - Leeds - Surrey - Hertfordshire - Suffolk - Manchester - Edinburgh

Are you an experienced senior pensions administrator seeking a new challenge? We have several openings for knowledgeable DB and DC administrators, including opportunities up to Team Leader level. A solid understanding of DB and DC pensions administration is essential. We have vacancies available within General Admin teams and also within Scheme Events teams so whether you love the day to day work or are looking for a role that ’s more project based we can help you secure your next career move. Hybrid working with as little as once per month in the office is available for some roles so please email your requirements or call to discuss further.

Tasha Davidson tasha@abenefit2u.com

in your current job, trudging through each day without any excitement or passion? It's time to break free from the monotony and find a new job that has you flying to get to work!

A place where you will

thrive

Barnett Waddingham is a place where talent thrives. Why join us?

• Generous benefits: 8% pension contribution, up to 30 days holiday, private medical cover.

• Work-life balance: Up to 50% fitness membership subsidy.

• Professional growth: Continuous learning among award-winning expertise.

• Inclusive culture: Rated one of the UK’s Top 100 Best Large Companies to work for.

With over 1,750 people across nine UK offices, we’re large enough to offer diverse opportunities while still valuing individual contributions.

Ready to shape the future of pensions while advancing your career?

Explore our Careers portal and discover your next move.