The Pensions Regulator (TPR) recently announced that it will be expanding its engagement with administrators to help drive better saver outcomes. See here for details.
TPR will be focusing on seeking input from a selection of the largest administrators who cover the highest number of memberships to maximise its reach.
Last year, TPR launched a pilot initiative aimed at addressing risks related to data management and trustee engagement, which yielded positive results and led to actionable improvements. Moving forward, TPR plans to collaborate with 10 to 15 key administrators to foster a more secure and innovative market. This expanded effort will concentrate on four key areas: financial sustainability, risk and change management, cyber resilience and technological innovation.
HPW supports this drive to improve member experiences. We are an independent provider with no outside shareholders, committed to ensuring smaller schemes can access administration services of a high standard. In this article we explain how we do this.
Our approach to pension scheme administration
A dedicated, experienced team
At HPW, we pride ourselves on having a highly experienced team of pension administrators. Our people come to us with strong industry experience and thrive in the ever-evolving world of pensions. We foster a collaborative environment, working together as a close-knit team to support each other. We also encourage professional growth, with most of our team being members of the PMI (Pensions Management Institute) thanks to our support in their exam progression.
Personalised service
We specialise in working with small to medium sized schemes, which allows us to build close relationships with both members and trustees. Every scheme is assigned a dedicated point of contact with a direct phone number and email, ensuring quick, personal responses when needed. For routine requests, we aim for a 5- to 10-day turnaround, but for urgent matters, like handling the pension of a deceased member, we reach out within 24 hours to offer guidance and support during a difficult time. We are always committed to keeping members informed and updated on the progress of their requests.
We have more stringent service standards than most. We aim to achieve at least 95% of all tasks within the timescales.
Our performance against these standards is shown below.
As an indicator of the robustness and reliance of our administration infrastructure, when the COVID-19 pandemic hit the UK, our March 2020 achievement against targets was 97%.
Clear, accessible communication
Clarity is at the heart of everything we do. Our goal is to make pension information as easy to understand as possible and we encourage members to reach out if they need anything explained. Whether it's retirement options or specific documentation requests, we're here to help every step of the way.
The table below highlights feedback from our clients gathered in our most recent administration survey. We value feedback and continuously look for ways to improve our communications based on member input.
Administration surveys
All communications were easy to understand and all points were explained well.
HPW communicated with us at the right time and often enough.
Any enquiries were dealt with promptly.
The responses to any enquiries were provided to a high standard.
If asked, I would recommend HPW's administration services to other trustees.
Valuable client feedback
Our commitment to personalised service doesn't go unnoticed. Here’s what some of our members have said:
• “My face-to-face meeting was extremely helpful; I’ve received excellent service!”
• “The process was easy, with prompt action and payment.”
• “Communications were handled professionally throughout.”
• “All communications I had with HPW were outstanding”
• “Can’t fault the process 10/10”
• “The process was very easy, efficient and professional, all as I expected from HPW”
Maintaining high-quality data
Good data is the backbone of effective scheme management. When we take on a new scheme, we conduct a thorough health check of all received documentation and data, reporting our findings to the trustees. We also run regular checks and tracing exercises to ensure member data is as accurate as possible, ensuring smooth administration and informed decision-making for trustees.
Proven systems and strong security
HPW is proud to hold ISO 9001 accreditation, which reflects our high standards in processes and quality control. We are continually improving, using both internal and external feedback to enhance how we work. Protecting our clients from fraud is a top priority, and we’ve committed to The Pledge to Combat Scams, aligning with our rigorous fraud prevention measures.
Additionally, all staff undergo Cyber Essentials training, ensuring robust data protection and GDPR compliance. Our systems are secured with multi-factor authentication, firewalls, and anti-virus protection to safeguard member information. As we continue to innovate, we are working towards Pension Dashboard connectivity and are excited to launch our member portal in the near future.
Please contact us if you have any questions or you want to know more about our services.