Sept 2024
The Pensions Administration Standards Association (PASA) appoints Procentia as its Expert Partner for Digital Administration.
PASA, the independent body committed to improving pensions administration standards, has appointed Procentia as its Expert Partner for Digital Admin. This appointment underscores PASA’s ongoing commitment to pioneering excellence in digital transformation within the pensions industry.
PASA Chair, Kim Gubler, remarked:
“Driving the digital admin journey to define best practice is one of PASA’s key strategic objectives. As demand for digital functionality continues to rise across the pensions industry, it’s vital our Expert Partner is able to lead this charge with us – Procentia is ideally positioned for this. They bring not only deep technical expertise but also an understanding of the industry’s diverse needs. Procentia’s involvement will be critical in ensuring we develop best practices to cater for the needs of all stakeholders, including those who may be less digitally engaged.”
Liam McGrath, Procentia’s Group CEO, has also been appointed Chair for PASA’s Digital Admin Working Group (DigWG), taking over from Heywood’s Sian Jones.
Liam said:
“We’re thrilled to join PASA as their Digital Admin Expert Partner. We’ve been designing ‘PenTech’ solutions to help schemes and insurers provide lasting value for their administrators and members for over twenty years. This is an opportunity to use our expertise, insight and research to lead the Working Group and the administration sector through a digital transformation journey. We’re excited to build on the progress already made and demonstrate how digital administration can drive the industry and individual schemes forward, improving engagement, efficiency, and outcomes for savers.”
PASA states that the purpose of the DigWG is to create clear guidance on ‘what good looks like’ in terms of eAdmin for savers, trustees, and administrators. Its key focus of the DigWG is to develop best practices on how technology can be adopted to improve the end-user experience. Digital admin depends on good quality data and quality communications, the DigWG will work alongside other PASA Working Groups to ensure complementary output.
Procentia will be collaborating with PASA on several activities to help inform schemes on how to make step changes toward a digital-first approach and member-centricity.
Liam continued by saying, “A complete overhaul of a scheme’s technology isn’t necessarily the answer. Transitioning to an advanced calculation engine, or shifting to a fully automated payroll system may be all that’s needed to make a significant difference to user and member experiences, especially for smaller schemes.”
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