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OPDU Report 24 - May 2008
Trustee Risk Management Recent surveys of industry professionals have encouraging shown that the work of Raising Standards of Pensions Administration (RSPA) is becoming better known. John Reeve, Senior Consultant at Premier Pensions Management Limited and Chairman of RSPA, outlines some of the recent activity and immediate plans for the future. RSPA is a voluntary body staffed entirely by volunteers from the industry working to raise the standard of pension administration throughout the occupational pensions industry. We have now been established over 5 years and, in this time, we have become the leading voice of administration and related matters.
Over the last 12 months we have launched a free, industry-wide, on-line member survey. This survey allows trustees or their advisors
to measure the level of satisfaction of their own members and to
compare this with the industry average. Earlier this year we issued
the first results of the survey and those who used the survey are
now analysing their own results to see what action they should take.
We are delighted with the take-up of the survey but we would like to
encourage every Board of Our other key initiative over the last year has been the General Statement of Administration Standards.This document has quickly become the benchmark for good service and the most widely recognised statement of how trustees and administrators should work together to deliver outstanding service to members. Seventeen of the leading Third Party Administrators have now signed up to the Statement and we are talking to several others. We are now keen to talk to trustees and others working in administration to see how that can adopt the principles of the General Statement of Administration Standards in what they do. A copy of the General Statement along with a very useful checklist and a summary of the key principles can be obtained from our website. In addition to the Member Survey and the General Statement of Administration Standards, RSPA has also been working closely with the Regulator on its plans to work more closely with the industry to improve administration standards. We have also created a partnership with Raising Standards of Trustee Education (RSTE) to help to promote their work in ensuring that Trustees have all of the help they need to fulfil their duties. Looking to the future, RSPA will continue to consult with the industry to find out how we can best help to improve standards of member service. The pensions world has changed dramatically since RSPA was first formed in 2002, partly due to our efforts and partly due to the different regulatory environment which has been created. We would welcome ideas and comments as to how we can best help the industry. As always, we would also welcome volunteers who would be willing to work with us.
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