Pension administration improving but industry must do more, says TPR

The Pensions Regulator (TPR) has told trustees and administrators to work more closely to deliver better administration and improve outcomes for pension savers. 

TPR shared findings from a year of speaking to 15 pension administrators, showing progress in the sector but also areas that still need work.

Research found administrators are now more strategic and resilient; however, challenges remain with changes to regulations, technology, staffing, data and cyber security.

Julian Lyne, interim executive director of market oversight at TPR, said: “Administration remains central to good saver outcomes and so we welcome these improvements. 

“But more work is needed to reach the standards we expect.

“Investing in technology and new skills, improving data, pushing for better governance and transparency, and strengthening resilience to cyber-attacks, should help reduce risks and improve outcomes for savers.”

Lyne added: “We expect administrators and trustees to reflect on these findings and work together to identify ways to improve administrative practices to better serve savers. 

“As the market evolves, trustees must take greater responsibility and accountability for ensuring those improvements happen.”