“They are very proactive and full of new ideas, they've brought better scheduling and better minute sets.”
“Gillian goes above and beyond, she is very responsive to the whole team and delivers outstanding work. ”
“We now have a very collaborative approach between trustees and employer.”
“Clare Owen has been a really excellent scheme secretary”
“Excellent communication - the trustee training course facilitators were clearly knowledgeable and very experienced in their field and able to convey concept and information in a way I was able to understand. ”
“I found the trustee training really beneficial, highly recommended. I am not a trustee, I represent the employer and I think it will be valuable for me in future, having a better understanding of the trustees' perspective.”
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.
The Pensions Regulator has launched a new campaign calling on trustees, providers and...
Part 1 of this blog looked at some positive outcomes that can be achieved by a pension scheme...