Two voluntary organisations that aim to raise the standards of occupational pensions schemes in the UK are to join forces.
Raising Standards of Pensions Administration (RSPA), which promotes the advancement of knowledge and best practice in pensions administration, and Raising Standards of Trustee Education (RSTE), which supports ‘lay’ pension trustees will be working together more closely going forward.
Both organisations will continue to concentrate on their own aims and objectives but will work together to raise the standards of workplace pensions.
John Reeve, chairman of RSPA said: “Raising Standards of Trustee Education and Raising Standards of Pensions Administration have very similar aims but so far we have engaged different audiences. RSTE has a good following in the trustee community and we have a good following in the provider community. By working together we can make sure that our efforts reach the biggest possible audience and we make the biggest possible improvement across the industry.”
“We have ambitious plans for this year, and working with RSPA puts us in the best position to achieve our aims”, said Bob Campion, chair of RSTE.
RSPA recently launched a General Statement of Administration Standards and an industry-wide survey of customer experience for pension scheme members. RSTE members are currently working to produce guidelines to help improve the communication between trustees and their advisers and service providers. RSTE also plans to provide guidance on how to improve the quality of trustee training and produce information from all sources, which will be made available on its website.