The ViaNova working group are announcing a new project to support the automation of corporate pension transfers.
Since 2005 the ViaNova working group has been responsible for developing market practice standards for the corporate pensions industry. The standards produced under the group’s name have been adopted throughout the UK and around the world for the automation of funds orders and publication of prices, fund holdings and valuations. Many billions of pounds have been transacted using our automation standards.
The ViaNova are confident that now is the time to build on their success and bring automation to Corporate Pensions Transfers, and take advantage in the reduction of risk and increased speed of processing that this will bring.
The group has based this new project on work produced by the Transfers market practice group of the UK funds market practice group (UKFMPG). The UKFMPG have built a comprehensive practice for transfers, capable of transferring many types of financial instruments in many scenarios. The ViaNova transfers project uses a subset of this existing practice and will result in the corporate pensions industry having solutions compatible practices in the wider financial services industry.
Whenever customers’ money is moved between firms it is vital that both parties are clear on their responsibilities and that clear service level agreements are defined. We have agreed that in the case of corporate pension transfers due diligence alone is not enough. It has been agreed that we need a more structure approach to the relationships between firms, to this end our pilot project will be run under the rules established by the TeX contract club.