Time to delve deeper into the biggest topics in pensions.

Choose your sessions from the below streams:

Stream 4 - Key Themes

All Aboard: Dashboards In Practicality

Connection-ready means being 95% prepared to connect to the PDP ecosystem, which must happen for schemes between late 2024 and October 2026. Additionally, schemes must meet dashboard duties post connection, data matching, view requests at scale, report on data coverage rates, and be running on its integrated service provider. The lack of staging deadlines has deprioritised dashboards for many schemes, but that resourcing challenges within the industry mean action is necessary now. Despite guidance on dashboards, it is ultimately the responsibility of trustees to get data matching processes in order. If trustees address these challenges now, they will benefit from cost and time savings once dashboards are launched.

This session will address:

  • How will dashboards work in practicality?
  • What are schemes doing to get their data ready for Dashboards?
  • What are the challenges with preparing for dashboards and how hard are schemes finding them?
  • What can schemes be doing to overcome these challenges?

Streamlined for Success: How Good Administration Can Aid Your Buyout Journey

Admin takes top priority for many DB schemes seeking to secure member benefits with an insurer. As buyout approaches, trustees must prioritise data readiness to ensure a smooth process. Failing to do so can jeopardize a scheme's market entry and attractiveness to insurers. Inaccuracies in record keeping during de-risking transactions may overestimate liabilities, resulting in unnecessarily high insurance premiums and long-term costs. Trustees, with limited resources, need to prioritise data work over day-to-day tasks or scheme events for successful buyout preparation.

This session will address:

  • What does good buy-out administration look like?
  • How can we ensure a high standard of service?
  • How can inexperience in understanding buyout processes affect administration for insurers, and how can we combat this?
  • If schemes are wanting to run off do we have current skill set in staff to do that?
The Capacity Crunch: Tackling the Resource Shortage

Data degradation occurs for various reasons like relocation, marital status changes, bereavement, or job switches. While some schemes opt for annual data refresh, the industry should improve record keeping to minimise inaccuracies. Inaccuracies not only risk reputation but also result in financial costs through overpayments and error corrections. Pension providers must enhance services to ensure savers receive their entitled benefits. But also, inaccuracy has to be paid for, and it's the member who ends up paying the price.

This session will address:

  • The importance of data to your scheme and your members
  • How can we get members to engage in making sure their data is accurate?
  • What have other schemes found that work well to engage members with their data?

Bells and Whistles: The Growing Value of AI

In 2023, AI gained prominence, becoming a buzzword in various industries, including pensions. Generative AI signifies a transformative technological era with considerable benefits for pensions when implemented securely. Digitalising pension schemes is crucial for aligning services with industry standards, promising increased efficiency, accessibility, and accuracy. This ongoing transformation has the potential to revolutionise scheme operations.

This session will address:

  • How has AI been used thus far within the industry?
  • How do we make best use of AI in admin and data?
  • Will AI be accessible for schemes with tighter budgets with potential integration hurdles and cost?
  • Where do we see AI's role progressing in future?

Fundamentally Important: What Does the Funding Code Mean for Schemes?

The timely release of the Pensions Regulator's funding code is crucial to align with new funding and investment strategy regulations. The proposed schedule aims to present the DB funding code in parliament during summer for implementation in the subsequent autumn. As concerns grow regarding the timing, it's imperative to examine the implications of impending regulations on pension schemes.

This session will address:

  • What does recent regulation and the timing of the funding code mean for schemes?
  • How do the regulations provide greater flexibility?
  • How will these regulations work in practice?
General Knowledge: What You Need to Know About the General Code

The eagerly anticipated general code is set to take effect in late March, following its presentation in parliament on January 10, 2024. Designed to enhance scheme governance, the code introduces new requirements, offering an opportunity for schemes to meet elevated standards. Non-compliance with TPR expectations is unacceptable, and while some governing bodies have embraced the chance to do so, others risk falling short of expectations.

This session will address: 

  • Why is the general code important and what do schemes need to think about?
  • How are schemes dealing with complying with the code?
  • Is there too much regulation, and does it need to be simplified further?
  • What does the launch of the general code mean for schemes in future?
  • What should schemes consider if they can't meet TPR's expectations?