Pensions Administration

Members are at the heart of everything we do. Our online member platform portal Benefit Options allows members to access their pension information and scheme documentation at the click of a button. This system integrates directly with our pensions administration system via an intermediary database and can be used for defined benefit and defined contribution schemes. It allows members to engage directly and gives access to member information at any time, including educational materials, payslips and benefit statements.

Being cognisant of the ever-challenging need to better engage members and personalise their experience, Benefit Options includes:

• a white labelling option enabling clients to fully brand the platform so they can deliver our innovative technology to members with a familiar look and feel
• general scheme information
  
• online electronic nomination forms, to enable members to quickly see and easily amend their expression of wish forms
  
• member communication choices, empowering members to select how they receive scheme communications – post, email or phone
  
• additional options for clients to communicate with members at key life events to increase member engagement
  
• publicly available documents.
  

All clients have a dedicated client manager, and each team is made up of administrators who communicate using jargon-free English. Members can also speak directly with the team without navigating automated switchboards. 

Quantum Advisory has signed up to the Pensions Regulator’s pension scam pledge to help protect members from scam activity. By making the pledge, Quantum is committing to the following principles:

• Regularly warn members about pension scams
• Encourage members who ask for cash drawdown to seek impartial guidance
• Learn the warning signs of a scam and be knowledgeable on best practice for transfers
• Carry out appropriate due diligence measures on pension transfers and fully document these checks
• Warn members about transfers that have been identified as being high risk
• Report actual and potential pension scam activity to the relevant authorities.

Some pension scheme members may be targeted by scammers attempting to persuade them to transfer their pension funds to ‘safe havens’. Fraudsters promise high returns and low risk, but pension savers who are scammed can be left with nothing. To help members understand the risks involved in making a transfer, the ScamSmart leaflet produced by the Financial Conduct Authority and the Pensions Regulator can be found here.

The leaflet sets out what to watch out for and the implications of falling victim to a scam. Anyone can be the victim of a pension scam, no matter how savvy they think they are, and it is important that everyone can spot the warning signs.