PASA has published the DB Transfers: Good Practice Guidance.
The aim of this guidance is:
1- to improve the overall member experience through faster, safer transfers;
2- to improve communications and transparency in the processing of transfers; and
3- to improve efficiency for administrators.
This Guidance suggests simplified approaches for faster, safer and more efficient transfers which comply with regulations.
As you can read in the Guidance, the main principles are:
The member experience is paramount. Administrators should endeavour to process each step as quickly and accurately as possible and be mindful of the impact of processing times on member perceptions, quality of outcomes and the administrator’s service reputation.
Member communications should be timely, fair, clear, unbiased and straightforward. They should set clear expectations; signpost expected information requirements and provide supporting information where applicable.
Members and, where appropriate, other third parties should be kept informed of delays in processing and the reason for the delay.
When setting internal timescales for each stage of the process, administrators should be mindful of importance of safety and security. Technology should be used where appropriate to improve efficiency of processes and to enhance the member experience.
Working practices should, as far as possible, follow the Guidance and administrators should use the Transfer Template when providing information to member advisers, recognising the vital role the administrator plays in supporting members in making informed decisions.
Administrators should work with other third parties as necessary to meet the Objectives and Principles of the Guidance.
We are proud to be members of the PASA DB Transfers Working Group.