Covid-19 and the crucial role of the Pensions Administration

Covid-19 and the crucial role of the Pensions Administration

By Keith Martin, Head of Business Applications

 

In the unprecedented times we currently find ourselves in, making sure that the most vulnerable are protected is key and this doesn’t just mean those people in the health care system. The Pensions industry also has a responsibility to look after the most vulnerable by providing pensions payments to new and existing pensioners, as well as death benefits to dependants. It is crucial these are correctly calculated and paid on time, whatever the economic or social conditions. This is also the advice given by both The Pensions Regulator (TPR) and the Pensions Administration Standards Association (PASA) to pensions administrators and trustees.

 

Whether a pension scheme is administered in-house or via a third-party administrator, ensuring members’ security is not breached and ensuring accuracy in record keeping are both paramount.

 

With more administrators than ever before now working remotely, it is essential that Pensions administrations have the correct work management platform in place to ensure these standards are adhered to and responsibilities are met.

 

That’s where AiM’s dataChain comes into its own. A fully secure, automated end-to-end integrated platform that allows work to be auto-categorised and managed regardless of whether your administration team members are all in the same office, across multiple offices, or as in the current environment, working remotely at home. With dataChain, team leaders and managers can clearly see through a single pane of glass the current and future state of workloads, and where future pinch points may be found through real time dashboards and reports.

 

Work types can be prioritised and quickly moved around virtual teams to ensure members’ expectations are met and resources are best utilised.  Activities can easily be checked with all documentation available at the touch of a button including confirmation that all stages of the task have been completed. Furthermore, dataChain has full audit logging to ensure both regulatory and scheme compliance in all administration activities.

 

DataChain, this year celebrating its 10th birthday, can be easily integrated with dataTrove, our electronic document management tool.

 

For more information, please get in touch.

 

Click here to find out more about dataChain.