The F&TRC Workplace Forum will produce guidance on group pension scheme establishment and contribution collection after advisers voiced concerns about the current processes used by pension providers and software vendors.
The guidance, which will be produced in September, will aim to identify and develop good practice in an effort to reduce costs for employers ahead of automatic enrolment.
F&TRC managing director Ian McKenna (pictured) says: “It is my belief that after a decade and a half of creating electronic processes to operate contribution collection as an industry we should at what lessons we have learnt, what works and what doesn’t.
“Delivering business efficiency to customers shouldn’t be a competitive issue. In reality whilst there might be short-term tactical gains the more variations in processes that exists, the more unnecessary costs are perpetuated.”
Origen head of business solutions Peter Fairweather says he expects the good practice document to be adopted within a “reasonable” time period.
He says: “We anticipate that this group can establish opportunities for firms to function in a consistent manner, to bring about reductions in costs for all involved and that a resulting good practice document will be adopted within a reasonable time period by participants in the market.”