Pensions administration systems….yesterday’s tech?

Nov 11, 2016

Maybe a bit of an unfair headline, but it’s fair to say that the heyday of (trust based) pensions administration systems has probably passed. Consolidation, poor outcomes, lack of investment, inflexible pricing and an industry resistant to change has meant that most pensions admin systems are starting to show their age.

In the age of tablets, smartphones, digital first ecommerce, clouds (does anybody reading this really know what that buzzword truly means?) a dusty old pensions admin system running on a dedicated piece of kit in a corner somewhere, last updated 5-10+ years ago looks like an antique. I mean who still has an iPhone 3G? (Apple last week marked the iPhone 4 as ‘vintage and obsolete’).

Even the underlying technology of some of these admin systems is probably complicated and expensive compared to what it needs to be.

Add to that, what business really wants to be forking out a king’s ransom biennially to ‘upgrade’ their kit…who last noticed that an app updated itself on your iPad? No? I’d like my business software to work like that too. Please?

OK, Apple and Google have massive reach and deep pockets, but I believe there’s plenty of ways to make running pensions admin software smoother, reduce cost, keep our users and members happier, safe and better serviced.

With over 84% of respondents to a recent survey of in-house administered schemes, outsourced schemes, independent trustees and TPAs (undertaken on behalf of ITM) agreeing that pensions administration software pricing models have not changed since the 1980s there is clearly a lack of innovation and customer choice.

I believe the industry has to address this dusty, unloved elephant in the room.

ITM are looking at this seriously… shaking up the way pensions software is sold and delivered, revisiting how to give members the information they want, to cut cost and processing time, and deliver better service.

It’s time for some new thinking…

As seen on Jonathan Hawkins LinkedIn post: https://www.linkedin.com/pulse/pensions-administrations-systemsyesterdays-tech-jonathan-hawkins?trk=prof-post

Jonathan Hawkins Client Development Manager

SIMILIAR NEWS

GMPe Transfers: How far do you go? GMPe Transfers: How far do you go? Sep 28, 2021 How far should schemes go when it comes to past transfers and equalising GMPs? How far is it even possible to go?! With audit trails and data quite possibly not in the best shape, it’s no wonder
Press Release: ITM signs agreement to acquire Profund Press Release: ITM signs agreement to acquire Profund Apr 16, 2021 Exciting News! ITM signs agreement to acquire Profund Independent Transition Management Limited (ITM), the leading provider of data management and technology services to the pensions and financial
Tackling increasing pension fraud Tackling increasing pension fraud Mar 8, 2021 It always feels very strange and cold to talk about mortality, as though the people and their lives boil down to a stat. An even stranger term is ‘excess’ deaths – as though there is an
Processing...
Thank you! Your subscription has been confirmed. You'll hear from us soon.
ErrorHere