“I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.”
“PSGS was chosen because of their knowledge of the subject and awareness of our particular schemes.”
“In any major corporate transaction, time is of the essence. PSGS's pragmatic commercial approach helped us manage the pensions aspects of our group re-structure to ensure a positive outcome for all parties. ”
“The team provide an excellent service with practical and commercial input that we have not found with anyone else.”
“In my experience, not all professional trustees are able to cope with tricky or potentially confrontational situations. I find PSGS has massive experience in getting involved, earning the respect of others and resolving such issues. They get stuck in – they are a first rate team.”
“The trustee training was a very well-paced overview which gave opportunity to explore ideas and question more deeply at key points.”
I think now is the time to reflect on the positives that technology (or digitisation) can make so managing pension schemes is more like plain sailing. Digitisation is being looked at by most companies and the pensions industry is no exception, although at a much slower rate of knots.
The Covid-19 epidemic has accelerated the mindset to dip one's toes into the water, as in-house pension teams, third party suppliers and pension trustees have all had to grapple with how to maintain services and continuity of decision making while working remotely. For instance, at PSGS, trustee meetings are now run virtually with great success using virtual board packs and video calls.
Much more could be leveraged out of effective use of technology. If done properly, the effect can be transformative to your pension scheme.
The drivers for leveraging technology in pensions is gathering speed. The reasons include:
Unlocking the potential of people, processes and technology working in synergy will transform day-to-day pensions management. For pensions, technology doesn’t mean physical robots of course but the use artificial intelligence (algorithms), automated routines (programmable macros), data portals and such like.
Take the plunge into the technological sea, the water’s lovely!
From my experience, the positive outcomes that can be achieved through targeted use of technology are significant:
What’s not to love?
I know technology isn’t everyone’s strong point and, for some trustee boards, it can be hard to know where to set sail – or how to set the course – for your digitisation journey. If you’re one of those pensions trustees, the areas I suggest you consider first for your pension scheme are:
There’s help out there if you need it – I’m happy to chat to any pensions managers or trustees interested in progressing their digitisation journey but feeling a bit bogged down by the swell. Yes, there are barriers to overcome; but none of the challenges I’ve seen or heard first-hand are insurmountable. So much is about getting the right mindset.
In the second part of this blog, I’ll look at how to set, sail, navigate obstacles and keep on course in more depth.
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