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PASA publishes guidance on administration transfer exit agreements

United Kingdom |  Publication |  September 2022

The Pensions Administration Standards Association (PASA) Exit Agreements Working Group (ExWG) has published guidance on administration transfer exit agreements. PASA has noted an increase in concerns surrounding the smooth transfer of administration services, such as delays, unreasonable charges and a deterioration in the service provided during the notice period. The guidance reviews and reproduces PASA’s Code of Conduct on Administration Provider Transfers to highlight these issues in administration transfer situations.
 
Two specific changes will be made to PASA’s code of conduct with effect from January 1, 2023:
  • New administration appointments – an administration contract should include a clause setting out the terms in the event of a subsequent transfer of services.
  • Existing appointments – administrators should have a clearly stated policy on transferring schemes to a newly appointed administrator which can be followed when existing contracts are silent on the issue. The policy should be available to trustees on request.
PASA hopes the guidance will support trustees, administrators and scheme managers in planning and managing a transition, ensuring a smooth handover. It should also enable swift resolution of any problems identified during the exit process.
 

 


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