Origo contributes to the latest PMI Master Trust report
The latest report from the Pensions Management Institute (PMI) focuses on Master Trusts and overcoming barriers to deliver improved service to members.
Anthony Rafferty, Managing Director, Origo says:
"Origo is delighted to have participated in the PMI Master Trust Working Group, contributing to the publication of the PMI’s latest report Addressing the Barriers to Good Service Delivery for Master Trusts.
“The PMI report shows the progressive nature of the Master Trust market – highlighting that most Master Trusts will support future collaboration to deliver improved service to members.
“The report also discusses the transformative impact that Pensions Dashboards will have on Master Trusts, with 53% of survey respondents believing that Pensions Dashboards will drive their adoption of technology.
“Monday’s publication of the Department for Work and Pensions’ Feasibility Report into delivering Pensions Dashboards for the consumer makes specific mention of Master Trusts. It suggests that Master Trusts need to be ready to deliver data to dashboards as they represent “…. a good opportunity to maximise coverage over a relatively short period of time*.” Auto-Enrolment has seen Mater Trust enrolment memberships rising from 270,000 to nearly 10 million in 2017** and due to the nature and size of the schemes, digital services are already being provided to members, which means that they are generally in a better position to participate in Pensions Dashboards.
"I am certain technology can be an enabler for Master Trusts, helping to reduce processing costs and increase efficiencies. Origo's experience is that technology, when implemented effectively, can significantly improve outcomes for consumers. Such improvements are demonstrated through the Options Transfers service - used by Master Trusts - where transfer times for pensions average 11 calendar days. The service also enables Master Trusts to transfer members in bulk, where such transfers have taken just 5*** calendar days to complete.
"Origo has a collaborative approach to effecting change which has helped the industry not only become more efficient, thereby improving competitiveness and cutting costs, but importantly, has considerably improved outcomes for members.
“The call from the PMI for Master Trust collaboration and now the establishment of their Master Trust Working Party will help enable the sector to tackle industry and importantly servicing issues together.”
Further information on PMI Master Trusts and their published publications can be found on their website: https://www.pensions-pmi.org.uk/home/