A new joint initiative has been set up to encourage improved standards for occupational pensions schemes.
Working under the guise of the Joint Pensions Standards Group, chaired by John Reeve of Raising Standards of Pensions Administration (RSPA), a Member Communications Team has set about to raise the standards of communication to scheme members.
The team, chaired by Colin Bell from Scottish Equitable, has published model examples of the main scheme communications documents; it believes to be best practice, following the research of documents in use by a host of schemes.
As part of a continued process over the next few months, the initial stage sees the launch of 3 documents onto the RSPA website including:
The Member Guides are based on current legislation, however the team is working on revised versions following changes post A-Day in April 2006
Moreover, the Member Communications Team is researching best practice examples of annual member statements for both DB and DC schemes to be released over the coming months.
Reeve says several teams have worked on various threads of the initiative to be in a position to launch.
He adds: “I hope and expect that their output will be of use to many occupational schemes in helping them improve the operation of their schemes - increasingly so as more strands are delivered over the next few months.”
Bell adds: “These models will be of great help to trustees and administrators - and should also save time and costs for them while delivering a high standard of communications to their members.”
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