Executives are being urged to review the technology supporting their workplace pension scheme, amid concerns that providers’ ageing legacy systems are expensive, delivering members a poor user experience and making scaling up tricky.
The limitations of incumbent systems have become a discussion point as finance directors and pension scheme managers future-proof their businesses. It comes against a backdrop of emerging risks, such as vast regulatory changes and an increasingly difficult economic climate.
Smart Pension, a global platform provider with its own UK master trust, is urging those responsible for company pensions to review their incumbent provider’s technology and ask whether it offers the service, efficiency and resilience their scheme requires.
“Most pension administration systems were written at least 15 years ago, in programming languages that people don’t use anymore. It is expensive, unreliable and isn’t scalable,” says Will Wynne, co-founder and group managing director of Smart. “In today’s world, there