In a blog published on September 13, 2023, the Regulator has announced it plans to work more closely with pension scheme administrators using its supervision approach to establish relationships with "strategically important pension administrators".
According to the Regulator, developments such as pensions dashboards, together with recent challenges such as COVID-19 and cyber leaks, have highlighted the need for direct engagement with administrators.
Following a pilot exercise with a volunteer administrator in January 2022, the Regulator is now engaging with third-party administrators on a voluntary basis, focusing on systems and processes, data quality, trustee focus and understanding, member engagement and communication, and pensions dashboard readiness. This engagement covers around 10 per cent of the pensions administration market, representing nine million members in 1,500 schemes. The Regulator intends to expand this in due course.
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