Focus on the pension member not process

Bill Jangra, a member of the Society of Pension Professionals (SPP), emphasizes that pension decisions must focus on the member, not just on process. This approach challenges traditional methods inherited from the past.

Jangra compares this to repurposed historical objects in London, like iron cannons used as street bollards. He sees value in respecting inherited systems but adapting them for new purposes.

With nearly three decades in pensions, he acknowledges that many historical rules and processes were effective. However, he argues that past success does not guarantee future relevance for modern members.

The Member as the Core of Trustee Decisions

The modern pensions system involves complex governance, data analysis, and professional advice. This sophistication is progress, but it can create a risk.

The risk is that the process becomes more visible than the person it serves. A trustee might focus on metrics rather than the member’s actual experience.

Retiring members do not experience a governance framework. They experience whether their benefits are accurate and paid on time, if communications are clear, and what their pension means for their life. They should not need to understand the meetings, advisers, and controls behind the scenes.

This leads Jangra to a practical test: “What does this actually mean for the member?” He calls it the ‘so what?’ test. It questions if a 10-page letter helps the member or is just tradition. It asks if a process still protects or if its purpose is gone.

The Value of Different Perspectives

Jangra’s own career began in pensions administration. This background shapes his assumptions and questions. What seems obvious to one person might be questioned by another, based on different experiences.

This diversity of perspective is valuable. It can prompt someone to ask a question others missed, bringing the discussion back to the member’s needs. Experience builds curiosity about the right questions.

He defines good stewardship as understanding why something exists, if it still works, and if it continues to serve members well.

Two Questions for Trustee Meetings

Jangra suggests two questions for any trustee meeting. First, “What does this mean for the member?” Second, “If we were designing this today, would we still do it this way?”