All Administration articles – Page 12
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NewsMcCloud funding impact ‘minimal’ but MHCLG needs to step up
On the go: The funding impact of the deferred choice underpin on the Local Government Pension Scheme is expected to be minimal, but the government needs to provide much more information to put minds at ease, according to speakers at the Pensions and Lifetime Savings Association’s Local Authority Conference.
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NewsDC schemes to send two-page ‘simpler statements’ in 2022
The Department for Work and Pensions is consulting on regulations that would see schemes required to send simpler annual benefit statements to their members from April next year.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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NewsCost Transparency Initiative sees 23% spike in schemes’ uptake
On the go: The Cost Transparency Initiative has recorded a 23 per cent increase in uptake during the past year, with 79 per cent of pension schemes now making use of its framework.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsNortel Networks secures buyout with L&G
On the go: The circa £156.1m Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, the second transaction of this type with the insurer.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.
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NewsBarnet Pension Fund back on track following change in administrators
Barnet Council’s pension fund has largely recovered from an era of errors under Capita, with its new administrators overseeing significant improvements in the handling of member data.
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NewsPASA to launch DC transfers working group
On the go: The Pensions Administration and Standards Association announced on Tuesday more details about its forthcoming defined contribution transfers working group, which has the goal to speed up and lower the risk of transfers between trust and contract-based DC schemes.
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PodcastsPodcast: Illiquids not necessarily the answer for DC
Podcast: Illiquid asset classes might seem attractive in theory, but there would be difficulties establishing them in a defined contribution pension portfolio, even if all the regulatory burdens were removed. Brian Henderson, partner and director of consulting at Mercer, is joined by Shola Salako, professional trustee at Dalriada, to discuss alternatives, putting the S in ESG, and fixing the problems with chair’s statements.
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NewsTPR, PPF propose tiered approach in asset information reform
The Pensions Regulator and the Pension Protection Fund have issued a joint consultation into proposals to change the asset class information TPR collects via the scheme return.
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NewsDWP admits DC chair’s statements fail policy objective
The Department for Work and Pensions has acknowledged that the introduction of chair’s statements has failed to meet the policy objectives set out by the department in 2014.
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OpinionProtecting pensions against pandemic-enhanced cyber criminals
Premier Pensions head of administration Girish Menezes details how the pandemic has made pension fund data vulnerable to cyber attacks, and explains what schemes and administrators can do to better protect their members’ information.
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NewsCloud-based data recovery service wins industry praise
A new cloud-based service promising independent data backup facilities for pension schemes has won praise from industry experts, who hailed it as an “innovative solution” to the rare but worrisome prospect of administrator failure.
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PodcastsPodcast: Treasury admin fund could help tackle McCloud
Podcast: The Treasury should create a fund to help schemes cope with the administrative load of the McCloud remedy. So says Ray Martin, director at HS Sole Trustees, who is joined by Pensions Administration and Standards Association chair Kim Gubler to discuss TPR’s new climate change agenda, the NAO’s warning about the burdensome McCloud judgment, and a bizarre proposal for a national pension fund.
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Dashboards milestone reached as PDP looks for architecture supplier
On the go: The Pensions Dashboards Programme has issued an invitation to tender for a supplier to provide digital architecture.
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NewsBridging pension option smooths Rolls-Royce scheme restructure
The introduction of a bridging pension option in the Rolls-Royce UK Pension Fund has helped smooth the transition for its members following a scheme restructure announced in May 2020.
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PASA rejects single provider approach to dashboards digital identity
On the go: The Pensions Administration Standards Association has objected to the proposal by the Pensions Dashboards Programme for a “central digital identity”, arguing that it would create a “single point of failure”.
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Third of schemes had data breaches in the past year
On the go: One-third of pension schemes have had their data breached in the past 12 months, according to new research.
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HMRC sets final GMP reconciliation deadline
On the go: HM Revenue & Customs has set July 31 as the final deadline for defined benefit schemes to request their final guaranteed minimum pensions reconciliation data cuts.