STAR participants met for the first Pensions Working Group in London on Thursday 22 August at the Association of British Insurers (ABI) offices in London.
This was the first of a series of workshops, focusing on personal pensions and SIPPs, and follows the ISA/GIA workshops which have progressed well over the last 3 months.
STAR now has 46 organisations committed to shaping recognised, industry-wide standards to promote good practice in transfers.
The STAR remit is clearly defined and will:
- Define the processes required to complete a transfer
- Specify good practice targets for each of those processes
- Measure, recognise and accredit performance excellence across the industry.
Matthew Dransfield, Commercial and Marketing Director, Criterion
"The first STAR working group on pensions was extremely well attended, with 45 delegates from across the industry. Several stop the clock scenarios were discussed relevant to particular stages and requirements in the transfer process, along with the need for accurate recording and reporting in those areas. The finer detail will be defined by the group during the process of determining good practice and will require approval from the STAR steering group. I was delighted with the level of engagement. Industry collaboration is key to enacting change and to improve the transfer experience for consumers.”