Let's be nice to each other!

Let’s be nice to each other.

Those of you who know Cosan will know that our mantra from the day we started the business has always been for providers and suppliers to work together to resolve issues. Instead of creating a blame culture or changing providers we would suggest that trustees and sponsors work collaboratively with their providers. After all we are all here for the same purpose – to help members have a better retirement.

At the present time this message is more important than ever.

So let’s start by celebrating the great things that Administrators, in-house and third parties, throughout the country are doing to ensure that pensions continue to be paid and member queries are answered. Most have moved relatively easily to remote working with skeleton staff in the office. This is testament to the work that has happened in recent years with automation and workflow management. When this is over we can look again at what has worked well. Those with high levels of automation and good workflow systems will almost certainly come out better. However now is not the time to analyse this. Doing the best with what we have must be the aim.

We have seen a proliferation of papers and checklists from Consultants looking to help Trustees ‘assess their providers readiness’ for the new way of working. Whilst these have some value, many of them continue the ‘them and us’ mentality.

Instead of asking your administrator:

“Are you ready for…”

“What are you doing about…”

“What happens if…”

We suggest that Trustees and sponsors offer a helping hand. 

“How can we help you…”

“What should we do differently to make the situation more manageable for you?”

“How can we help get the appropriate messages to members?”

Moving away from Administration, the business of the Pension Plan still needs to be managed and again we are seeing some great work to keep business as usual as far as possible. The increased use of online Meeting Management Technology such as Board Effects and Pension Pal has undoubtedly helped to keep Trustees informed. Furthermore, I know I am not the only one to be finding Video Meetings a blessed relief from the long commutes to London. Once again those with good systems will be best placed but it is for the Trustees to work with their advisers to minimise the disruption.

Finally, it is great to see the care that most employers in our industry are taking to ensure the wellbeing of their staff. Whilst care for their physical wellbeing is a given, it is great to see how many are looking to ensure continued engagement and virtual team meetings to ensure their employees’ mental health is considered. 

Whilst we seem to be adapting well to the new world of remote working, I suspect that the next challenge will be dealing with more stretched resources. If, as expected, we see an increase in those actually ill with the virus, or caring for those that are ill, then everyone will have fewer people to provide the services. This is where flexibility, technology and patience will be important. Trustees will need to work with their administrators to try to manage members expectations at a stressful time for everyone (not least the members). Trustees and advisers may need to call on their professional networks to help ensure that business as usual is maintained as far as possible. 

Stuart Goldsmith, someone who is leading the think as to how live performers adapt to the new world, has referred to this time as ‘the great pivot’ –that moment when the way we work pivots to a new model. I suspect (and hope) this will be the case for our industry as well. Let’s make sure that the new model is a co-operative one, with Trustees working more closely with advisers and advisers working more closely together to improve member outcomes.