From solitaire to online banking: How technology can enhance our experience

From the early days of playing solitaire for hours (just me?!) to the ability to check bank balances and make payments online, technology and its use has grown significantly over the past few decades. In some cases this has been echoed in pension scheme management, with members and administrators being able to access information online, and many trustees and advisers using online systems to support meetings or document storage. But what further steps can be taken to support additional efficiencies? And how do we protect ourselves from some of the challenges of technology –most notably the risk of cyber-attacks?

Increasing the efficiency of pensions management

When we think of pension schemes like businesses – with stakeholders to work with and keep informed, capital to manage and goals to deliver – it is surprising we don’t do more to efficiently deliver the day-to-day management. With this in mind, and a focus on risk management and control, we have been increasing our use of technology within Citrus to deliver better outcomes and drive more effective working.

In practice, this has involved using several different pieces of technology to deliver the best outcomes for our members, schemes, and employers. 

• Knowa provides a governance platform accessible by the Trustee, its advisers, and the employers who oversee Citrus, to ensure everyone has secure access to all the information they need at any time. Meetings can be efficiently managed, and decisions recorded securely on any aspect of Citrus, from de-risking to member discretions.
• wini supports the ongoing management of Citrus, storing core data such as invoices and budgets, providing access to ‘live’ documents such as the risk register, business plan, actions lists and conflicts policy, and will also enable efficient delivery of the general code of practice. wini can also be accessed through Knowa, resulting in a single secure site for all ongoing scheme governance.
• Discover is an online covenant tool, providing insight into changes in covenant and drivers behind covenant ratings. A system which can be used by the Trustee and sponsors alike, Discover enables the Trustee and employer to understand the covenant rating in more detail and work together to get the right outcomes for all members of Citrus.

Each of these systems are powerful, purpose-built tools in their own right, and when combined they enable best practice governance and management in an efficient way for all stakeholders of Citrus.  But how do we ensure we remain secure?

Just like a bank: focus on security and risk management

When managing a pension scheme, it is vital we consider the security of the information we hold, the risks we face and how we mitigate or manage those risks.  IT and cyber security are ever changing areas of specialism, and therefore we consider:

• Cyber essentials as a standard to deliver, requiring those who manage more sensitive data to strive to achieve ISO27001.
• Appropriate controls and questions to ask prior to using technology.
• As a minimum, annual cyber checks across advisers, working with them to ensure they are protecting us as much as possible.

Unfortunately, nobody is immune to a cyber-attack.  But what we can do is make sure we reduce our risk and have a clear plan of action if one occurs.

So, is solitaire all bad?

We’ve come on leaps and bounds in the delivery and security of technology in pensions.  But that doesn’t mean we should forget everything that went before.  Enhancing the member experience is key, and sometimes technology is not the best option.  Giving members the choice to speak to a person rather than a screen, receive post rather than an email, or to sit and discuss a complex issue around a table rather than by video call can be invaluable.  Just like a quick lunchtime game of solitaire!  So let’s keep our focus on changing the face of pensions management for the better, technology enabled not overridden.

For further information please get in touch.

This blog is general in nature, it does not provide a definitive analysis of the subject matter covered and may be subject to change. It is not specific to the circumstances of any particular employer or pension scheme. The information contained herein is general in nature, not to be construed as advice and should not be considered a substitute for specific advice in relation to individual circumstances. Where the subject of this blog refers to legal issues please note that Citrus Pensions is not legally qualified to give legal opinions therefore you may wish to obtain legal advice. Citrus Pensions accepts no liability for errors or omissions.