for the Period Ended 31 December 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes | |
| Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2024
Principal activities of the company
Additional information
PASA exists for a single purpose: to promote and improve the quality of pensions administration services for UK pension schemes. We’re a Community Interest Company, set up as a not for profit and a membership-only organisation - run by members for members. PASA members (both corporate and individual) have a passion for improving services for the benefit of pension savers, their scheme sponsors. and those charged with the oversight of pension arrangements. PASA is focused on three-core activities: Defining good standards of pensions administration relevant to all providers, whether in-house, third party, master trusts or insurers Publishing Guidance to support those standards Being an independent accreditation body, assessing-the achievement of good standards for pension savers and scheme sponsors (regardless of provider) PASA's overall objectives are: To maintain up to date Standards, setting-out what fully competent pension administration looks like To maintain an independent Accreditation system through which pension schemes and providers can demonstrate satisfactory attainment of the agreed administration Standards To develop and publish freely available Guidance on specific administration-related topics To work with other industry professionals and bodies to ensure our Standards and Guidance remain appropriate to the needs of all stakeholders To raise awareness of the crucial function of pensions administration to the wider pensions industry and promote the profile of administration as a meaningful career choice and business function through industry engagement, including published articles and social media Work with industry regulators and respond to consultations to ensure legislation supports efficient and high-quality administration processes appropriate to the needs of all stakeholders PASA is unique, there’s no organisation providing these services across pension arrangements. Yet there’s a demand for evidence of service quality from scheme trustees, sponsors, administrators, insurers, pension savers, scheme members and regulators. Review of activities The results for the Company are set out in the income and expenditure account on page 6. No dividends were paid or proposed in the year. During 2024, PASA’s activity was as follows: Review and update of the Accreditation Standards The Standards Committee completed a refresh of the Accreditation Standards. The updates incorporate industry changes and advancements in delivering administration services. These include: Providing MI to support Value for Money assessments Incorporating requirements for master trust authorisation and supervision Transfer Flag reporting Digital delivery MI and controls Adjustments for remote working Incorporation of existing data management guidance from PASA Dashboards considerations Regulatory Engagement and consultation responses Responded to and welcomed The Pensions Regulator’s Compliance and Enforcement Policy for dashboards (Sep 2024) FCA Consultation response October 2024: Value for Money Framework Consultation response November 2024: Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 Membership and Governance We welcomed the following new members: The Tracing Group (January 2024) Tyne & Wear Pension Fund (January 2024) Law Debenture (March 2024) Equisoft (March 2024) WealthOS (May 2024) NHS Business Services Authority (June 2024) IGG (Jul 2024) Lewis Pension Admin (November 2024) Tesco (November 2024) CFH Docmail (December 2024) We appointed Jonathan Hawkins and David Fairs as new Directors in July 2024, adding further strategic expertise to the Board We promoted Lucy Collett to Operations Director, and appointed new employees Helen Taylor as Business Administrator and Hayley Mudge as Branding Identity Manager in February 2024, strengthening operational capacity Guidance issued: Industry Policy Committee Guidance on Normal Minimum Pension Age (NMPA) change (Aug 2024): Published to prepare schemes for the rise in NMPA to 57 in 2028 Collective Defined Contribution (CDC) Focus Group Initial observations on CDC paper (February 2024) Dashboards Working Group Dashboards Toolkit (Oct 2024): First phase released, including trustee questionnaires and Additional Voluntary Contribution (AVC) engagement tools to support dashboard connection readiness Spring 2024: Developed test case matrices, AVC integration guidance, and preparatory materials for query handling and member communications Data Working Group Data Scoring Guidance (Dec 2024): Provided trustees and administrators with practical recommendations for scheme-specific data testing and monitoring, endorsed by The Pensions Regulator Data Accuracy v Data Presence Guidance DC Working Group Governance Watch on Decumulation Master Trust Working Group Master Trust Guidance (Jun 2024): Issued updated support on scheme transitions and migration planning Digital Admin Working Group Digital Admin (Jun 2024): Published a whitepaper assessing the industry’s digital maturity, integration challenges, and future opportunities Expert Partner Appointment: Procentia was appointed as PASA’s Expert Partner for Digital Admin in Oct 2024, strengthening our digital transformation work Conferences and webinars: April – PASA Annual Conference: The Time is Now May – PASA webinar – Data for dashboards May – exhibited at Professional Pensions Live. PASA Chair, Kim Gubler, chaired the Admin stream July – hosted a summer party for PASA volunteers October – exhibited at PLSA Annual Conference, with Kim Gubler as a panel speaker on dashboards December – PASA Webinar: Data Scoring Guidance launch Accreditation Re-accreditations awarded: Spence & Partners and Dalriada Trustees Committees and Working Groups The work of PASA is undertaken by our Committees supplemented by the Working Groups. Our four committees are: Accreditation Industry Policy Standards PR (including the Membership sub-committee) The following working groups were active during the year: Cybercrime & Fraud, Data, Dashboards, DC, Digital Admin, Engagement & Communications, Identity Management, Master Trusts, VFM, CDC, Consumer Duty and Pot for Life. The Directors want to record their thanks to the Chairs of the Committees and Working Groups and all their members for their time, commitment and valuable contributions. PASA Experts The PASA Expert Partner programme was developed to support PASA with specialists to develop Standards, Guidance and technical support in their dedicated areas. Decisions on selection of Expert Partners are made by the PASA Board and both their suitability and relevance are reviewed annually. Our current expert partners are: Data: PwC (previously Isio) Cybercrime & Fraud: Crowe Identity Management: LexisNexis Risk Solutions Dashboards: Lumera Engagement & Communications: Gallagher Digital Admin – Procentia (previously Heywood Pension Technologies)
Directors
The directors shown below have held office during the whole of the period from
1 January 2024
to
31 December 2024
The director shown below has held office during the period of
1 January 2024
to
5 December 2024
The director shown below has held office during the period of
30 July 2024
to
31 December 2024
The director shown below has held office during the period of
20 July 2024
to
31 December 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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| Operating profit(or loss): |
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| Interest receivable and similar income: |
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| Profit(or loss) for the financial year: |
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As at
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| Intangible assets: |
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| Stocks: |
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| Debtors: | 3 |
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| Cash at bank and in hand: |
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| Total current assets: |
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| Prepayments and accrued income: |
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| Creditors: amounts falling due within one year: | 4 |
(
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(
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| Net current assets (liabilities): |
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| Total assets less current liabilities: |
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| Creditors: amounts falling due after more than one year: |
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| Provision for liabilities: |
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| Accruals and deferred income: |
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| Profit and loss account: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2024
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| Average number of employees during the period |
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for the Period Ended 31 December 2024
| 2024 | 2023 | |
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| £ | £ | |
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Total |
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| Debtors due after more than one year: |
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for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts |
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| Amounts due under finance leases and hire purchase contracts |
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| Trade creditors |
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| Taxation and social security |
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| Accruals and deferred income |
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| Other creditors |
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| Total |
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Principal activities PASA exists for a single purpose: to promote and improve the quality of pensions administration services for UK pension schemes. We’re a Community Interest Company, set up as a not for profit and a membership-only organisation - run by members for members. PASA members (both corporate and individual) have a passion for improving services for the benefit of pension savers, their scheme sponsors. and those charged with the oversight of pension arrangements. PASA is focused on three-core activities: Defining good standards of pensions administration relevant to all providers, whether in-house, third party, master trusts or insurers Publishing Guidance to support those standards Being an independent accreditation body, assessing-the achievement of good standards for pension savers and scheme sponsors (regardless of provider) PASA's overall objectives are: To maintain up to date Standards, setting-out what fully competent pension administration looks like To maintain an independent Accreditation system through which pension schemes and providers can demonstrate satisfactory attainment of the agreed administration Standards To develop and publish freely available Guidance on specific administration-related topics To work with other industry professionals and bodies to ensure our Standards and Guidance remain appropriate to the needs of all stakeholders To raise awareness of the crucial function of pensions administration to the wider pensions industry and promote the profile of administration as a meaningful career choice and business function through industry engagement, including published articles and social media Work with industry regulators and respond to consultations to ensure legislation supports efficient and high-quality administration processes appropriate to the needs of all stakeholders PASA is unique, there’s no organisation providing these services across pension arrangements. Yet there’s a demand for evidence of service quality from scheme trustees, sponsors, administrators, insurers, pension savers, scheme members and regulators. Review of activities During 2024, PASA’s activity was as follows: Review and update of the Accreditation Standards The Standards Committee completed a refresh of the Accreditation Standards. The updates incorporate industry changes and advancements in delivering administration services. These include: Providing MI to support Value for Money assessments Incorporating requirements for master trust authorisation and supervision Transfer Flag reporting Digital delivery MI and controls Adjustments for remote working Incorporation of existing data management guidance from PASA Dashboards considerations Regulatory Engagement and consultation responses Responded to and welcomed The Pensions Regulator’s Compliance and Enforcement Policy for dashboards (Sep 2024) FCA Consultation response October 2024: Value for Money Framework Consultation response November 2024: Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 Membership and Governance We welcomed the following new members: The Tracing Group (January 2024) Tyne & Wear Pension Fund (January 2024) Law Debenture (March 2024) Equisoft (March 2024) WealthOS (May 2024) NHS Business Services Authority (June 2024) IGG (Jul 2024) Lewis Pension Admin (November 2024) Tesco (November 2024) CFH Docmail (December 2024) We appointed Jonathan Hawkins and David Fairs as new Directors in July 2024, adding further strategic expertise to the Board We promoted Lucy Collett to Operations Director, and appointed new employees Helen Taylor as Business Administrator and Hayley Mudge as Branding Identity Manager in February 2024, strengthening operational capacity Guidance issued: Industry Policy Committee Guidance on Normal Minimum Pension Age (NMPA) change (Aug 2024): Published to prepare schemes for the rise in NMPA to 57 in 2028 Collective Defined Contribution (CDC) Focus Group Initial observations on CDC paper (February 2024) Dashboards Working Group Dashboards Toolkit (Oct 2024): First phase released, including trustee questionnaires and Additional Voluntary Contribution (AVC) engagement tools to support dashboard connection readiness Spring 2024: Developed test case matrices, AVC integration guidance, and preparatory materials for query handling and member communications Data Working Group Data Scoring Guidance (Dec 2024): Provided trustees and administrators with practical recommendations for scheme-specific data testing and monitoring, endorsed by The Pensions Regulator Data Accuracy v Data Presence Guidance DC Working Group Governance Watch on Decumulation Master Trust Working Group Master Trust Guidance (Jun 2024): Issued updated support on scheme transitions and migration planning Digital Admin Working Group Digital Admin (Jun 2024): Published a whitepaper assessing the industry’s digital maturity, integration challenges, and future opportunities Expert Partner Appointment: Procentia was appointed as PASA’s Expert Partner for Digital Admin in Oct 2024, strengthening our digital transformation work Conferences and webinars: April – PASA Annual Conference: The Time is Now May – PASA webinar – Data for dashboards May – exhibited at Professional Pensions Live. PASA Chair, Kim Gubler, chaired the Admin stream July – hosted a summer party for PASA volunteers October – exhibited at PLSA Annual Conference, with Kim Gubler as a panel speaker on dashboards December – PASA Webinar: Data Scoring Guidance launch Accreditation Re-accreditations awarded: Spence & Partners and Dalriada Trustees
The Stakeholders are primarily the members of the CIC. Regular meeting of the board of directors and subcommittes have taken place.
No remuneration was received
No transfer of assets other than for full consideration
This report was approved by the board of directors on
24 September 2025
And signed on behalf of the board by:
Name: David Fairs
Status: Director