The pensions industry has long been notoriously slow to embrace new technology, but is finally grasping the nettle.
As Straight Through Processing becomes the norm, complexity is being reduced and ever more providers are enabling paperless transfers.
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Unburdened by complex legacy systems, in many cases it is the pension world’s smaller players who have proved more agile and more able to adapt to new technology.
As a result, such technology hasn’t just leveled the playing field – it may even have tipped it in favour of the smaller operators.
And in a world where speed and quality of service can prove decisive for time-pressed and margin-squeezed advisers, these advances could prove decisive.
John Fox is managing director of Liberty SIPP
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