THREE-QUARTERS of pension scheme administrators feel undervalued by trustees, Xafinity Paymaster says.
The third-party administration firm said its research – conducted among members of the Pensions Management Institute – found 73pc of administrators believed their work was not recognised highly enough.
Xafinity Paymaster head of client development Lesley Carline told PP that trustees must have more communication with administrators and echoed the Pension Regulator’s belief that "administration is the glue that holds pension schemes together."
Carline said: "Administrators have an important role to play and must not be overlooked.
"Trustees need to have better communication with administrators and learn more about processes and issues which are raised within the scheme membership and understand the members more."
Carline explained that when new legislation came through, trustees would talk to their advisers but often forget to talk the administrators.
She said: "To not discuss the legislation with the administrators is ludicrous.
"Trustees have to sit down with the administrators straight away and talk about the implications. They need to explain how procedures will be altered and when changes to systems will be implemented."
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