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STAR initiative joins PASA DC Transfer Working Group

News

STAR joins PASA DC Transfer Working Group

The STAR initiative, backed by the regulators and the government, is the only cross industry solution bringing together platforms, providers, life companies, service providers and transfer / asset managers. The initiative has galvanised the industry to create long-term solutions to improving customer experience of transferring pensions, savings and investments between companies, by setting and measuring against a good practice framework.

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, recently unveiled details of its DC Transfer Working Group. Its scope will cover transfers between DC to DC arrangements; to Trust and Contract-based schemes, both UK and overseas.

STAR has joined the PASA DC Transfer Working Group at the early stages of the initiative. Transfers between trust-based DC schemes is a key, and growing, part of PASA’s remit, so the formation of a DC Transfer Working Group, with a key objective of driving improvement in this area is an obvious move. The time taken, and the processes followed, vary hugely, with a resulting detrimental impact on the service offered to consumers, and the trust placed in the trust-based DC community.

Participation on the Working Group will ensure that the initiatives complement one another’s and there are clear differences:-

  • STAR is the accreditation of companies
  • PASA is aiming to define high level best practice
  • STAR covers all products – ISA/GIA, Occupational Pensions, SIPP/PPP and Fund Managers
  • PASA will limit any work to DC Pensions
  • STAR is monitoring and reporting on how companies are performing and PASA is not


In addition, collaboration will help PASA members understand STAR reporting requirements.

“We welcome STAR representation on the working group. It is important that the schemes complement one another. We look forward to working towards a shared goal of improving consumer’s experience.”

Kim Gubler, PASA Chair

“STAR is a voluntary framework and due to the significant organisations participating, represents a significant cross section of the financial services industry. We are delighted to be represented on the PASA Working Group and help PASA members understand STAR reporting requirements. We look forward to collaborating.”

Andrew Marker, Head of Retail Pensions, Vanguard and STAR Chair

© 2022 CT Holdings and Services Limited (CTHS), a joint venture between TISA Exchange Limited and Criterion Tec Limited.

All rights reserved. Company number: 11700872.

SERVICING AGREEMENT

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A problem was detected in the following Form. Submitting it could result in errors. Please contact the site administrator.
1. APPLICANT COVERED BY THIS REGISTRATION.
Please note this registration will not be processed if Step 1 has not been completed.
If your organisation is acting only as an affiliate, you do not need to complete Step 2.
2a. CHOOSE YOUR BRAND
STAR manages the administration of third-party access to the portal, rather than the member firm. This allows for a smoother transition for the member firm and allowing immediate access to the supplier to submit MI on their behalf. STAR will hold an approved list of users per supplier, which will be allocated to your account at the point of registration. This ensures each ‘external’ user has the same access across all their client accounts. Supplier access is restricted and they do not have any ability to see any company information for any client other than what they submit on your behalf. You as the member control access for any other users within your organisation. We will include a more detailed description about the user access on your welcome email and it is clearly defined as part of the User Guide.
STAR RELATIONSHIP MANAGER FOR FIRST BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2b.
STAR RELATIONSHIP MANAGER FOR THE SECOND BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2c.
STAR RELATIONSHIP MANAGER FOR THE THIRD BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2d.
STAR RELATIONSHIP MANAGER FOR THE THIRD BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
3. INVOICE INFORMATION
Invoices are sent by email as standard, if a printed invoice is required please note the address and your requirements in the additional information section.
4. DECLARATION
Before we can process your Brand Registration a STAR Servicing Agreement needs to be signed. Your signatory must be duly authorised for and on behalf of the organisation named in this application.
We only need one signed STAR Servicing Agreement which will cover all brands that you wish to register.
STAR will email the servicing contract to the signatory email address (provided below) through our electronic platform Yoti. This declaration must be signed in order for your application to complete, once we receive the signed agreement we will instruct our finance department to issue your invoice.
You have already supplied a STAR Servicing Agreement, we will be in touch if we need anything else.

Application submitted successfully

Thank you for applying to join the STAR accreditation scheme. We will endeavour to respond as soon as possible using the contact information you’ve provided to us.