92% of pension professionals say administration is as important as investment and strategy, XPS polling finds
More than nine in ten (92%) pension professionals believe administration is as important as investment and funding strategy in running a well-governed scheme, according to new polling by XPS Group.
The findings are based on responses gathered during a recent XPS webinar examining the evolving role of pension administration amid growing regulatory focus.
When asked whether administration is a core pillar of the pensions industry infrastructure (145 responses):
- 92% agreed it is as important as investment and strategy
- 8% somewhat agreed
- 0% disagreed
Respondents also indicated that raising standards is seen primarily as an industry responsibility. When asked which area has the greatest impact on achieving high standards of administration (121 responses):
- 79% cited investment in people and technology
- 20% pointed to collaboration across providers
- 1% selected increased regulation
Views on formal regulation were more mixed (132 responses):
- 25% said administration should be regulated more like other financial services
- 50% said possibly, but not as formally
- 20% said the current regime is sufficient
The central role of administrators in shaping member outcomes was also clear. When asked who they turn to for advice on member interests and interaction (130 responses), 64% said their administrator – ahead of communication specialists (18%), actuaries (9%) and legal advisers (4%).
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