What does the future of pensions administration and data need to look like? The two go hand-in-hand and will always be inextricably linked. But there is growing evidence that a conscious uncoupling may bring the best outcomes for members, trustees and providers, whilst creating room for innovation and specialism to bring real progress.
Admin & Data Forum Event 2021
Data and admin need a conscious uncoupling to provide best outcomes for schemes and members
Should we separate admin and data to achieve more?
Data has always been seen as an admin ‘problem’. Wherever data is involved, the responsibility to handle it falls to admin, and even on an ongoing basis, admin are expected to keep a handle on data.
But, objectives aren’t truly aligned. Admin’s key tasks are directed towards day-to-day admin. So data is only looked at in respect of those objectives.
That’s where schemes have come a cropper – with projects like GMP equalisation – where the data requirements are different from day-to-day admin.
Perhaps, by splitting the two, and using the specialisms that exist in each area, we can deliver better, more innovative approaches to some of the biggest opportunities…
To separate and specialise?
Some larger schemes and funds are already looking at whether it’s best to enlist specialists for each of these areas. It’s a good way to get ‘best in class’ for each element, which ultimately could lead to better outcomes for members. It requires strong oversight to pull it off well, but we think it’s a wise move towards better outcomes.
We’ve given it a lot of thought and would be happy to bounce ideas if this is an approach you’re considering.