Wednesday, March 11, 2009

Full marks for the Scorecard!

Tired of non-responsive Pension Fund administrators? Inefficient Principal Officers? Incoherent admin personnel? Well, there's good news for the Pension Fund Member.

The Pension Funds Adjudicator (PFA) has introduced an admin scorecard to rate a Fund's performance in responding to and resolving Member complaints and queries.

The PFA will use 5 indicators to rate the Fund's actions. Each indicator comprises 2 tiers, the first one being the time taken to deal with the complaint and the second tier the actual indicator.

The Indicators are:
  • type of complaint
  • procedures followed
  • quality of response
  • willingness to conciliate or settle
  • outcome of the complaint
The aim of the scorecard is to change the way Funds and Administrators handle complaints.
It will promote efficiency and transparency and highlight those Funds and Service Provides which do not handle complaints well.

Members will be able to use the scorecard to assess their trustees, and the financial press will no doubt be reporting on Funds which underperform in this important area of client service.

While the mere lodging of a complaint does not guarantee the result a Member might desire, the efficient handling of a complaint is a vital part of pension law and practice and a right to be enjoyed by each and every Member.

Further information may be obtained from the PFA's website:

Clive Hill
Financial Services Manager


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