The Pensions Administration Standards Association (PASA) has launched a code of conduct on administration provider transfers to improve accountability and reduce delays when pensions are transferred, particularly after mergers and acquisitions.

The code will apply whether an administrator is a ceding or newly-appointed administrator. It applies to third party administrators (TPAs) and in-house administration teams.

Margaret Snowdon, chair of PASA, said: 'A change of pensions administration provider can be triggered by a variety of circumstances. Mergers or acquisitions might lead to internal rationalisation of in-house teams, or the decision to outsource partially or completely from in-house to an external provider.

'The transition should be managed in a professional manner between the providers to ensure that the interests of the client and the scheme members remain paramount, that the transfer is not unnecessarily delayed, frustrated or rendered ineffective, and that service to members can be maintained.'

The Pensions Regulator provided technical input on the Code.

Snowdon said: 'The adoption of this code by the industry will significantly help raise standards when administration moves from one provider to another. It will give clarity to all participants in relation to their responsibilities and accountabilities, as well as mitigate the potential for delays.'

The Code of Conduct is available HERE