All Administration articles – Page 13
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News
Quarter of schemes don’t have adequate cyber crime breach plan
On the go: A quarter of trustees have confessed their scheme does not have an adequate cyber crime breach plan, despite considering cyber crime as a top risk, according to a new report from Crowe.
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News
Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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OpinionAre we pension Luddites?
The Pensions Administration Standards Association’s board director, Girish Menezes, suggests a seven-step strategy to bring the pensions industry into the 21st century, as members will expect a transition to online par with other financial industries.
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News
USS extends Capita administration contract
On the go: Capita Pensions has been awarded a five-year contract extension by the Universities Superannuation Scheme to deliver pension system and administration support.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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News
Civil service scheme extends MyCSP admin contract
On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
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NewsPIPAs on hunt for Covid-defying performances
Pensions Expert’s annual awards are open for entries, with judges imploring providers that have not hid behind Covid excuses and managers that have truly set themselves apart on sustainability to come forward for consideration.
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News
How schemes can navigate the post-Covid recovery
Defined benefit schemes should use the post-Covid recovery to conduct a thorough postmortem of the effects of 2020’s events on their portfolios and strategies, according to Barnett Waddingham.
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PodcastsPodcast: New powers in Pension Schemes Act could cause bankruptcies
Podcast: New criminal provisions in the Pension Schemes Act are so broadly drafted that they could strangle legitimate business activity, potentially resulting in unnecessary bankruptcies. So says Arc Pensions Law partner Jane Kola, who, along with Society of Pension Professionals president James Riley, warn about the potentially dire consequences and call for more clarity from the regulator. More cheerfully, this inauguration day episode also covers the future of actuaries, small pots, and Donald Trump’s pension.
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OpinionTrustees must take action to prevent admin operational issues
Cosan Consulting director Philip Dickinson warns trustees about the importance of having an administration contingency plan in place as this task, either performed in-house or outsourced, could suffer with the current pandemic and financial crisis.
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News
Flat fees ban is a ‘sticking plaster’ on small pots wound
The Department for Work and Pensions’ proposed ban on flat fees on pots under £100 should be seen as a temporary stopgap, not a permanent solution to the small pots problem, industry figures have warned.
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NewsDWP to ban flat fees for small pots
The Department for Work and Pensions is to ban the charging of flat fees on pension pots under £100 in an attempt to stop their erosion by charges and administration costs.
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PodcastsPodcast: Economic uncertainty, DC consolidation, ESG to mark 2021
Podcast: Economic uncertainty from the pandemic and the aftereffects of Brexit, solving the small pots problem and consolidation in the defined contribution universe, and yet more environmental, social and governance regulation are the themes to watch out for this year. These are the predictions for the pensions industry in 2021 from Marc Hommel, senior pensions adviser at EY-Parthenon, and Sue Pemberton, head of technology and DC consulting at Premier Pensions.
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News
Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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News
Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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News
Now Pensions members’ data leaked by service partner
On the go: Master trust Now Pensions has confirmed that some of its members have had their personal data shared online by a service partner.
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News
Schemes call for extension of regulatory easements
On the go: The majority of pension schemes have said that Covid-19 is not having a detrimental effect on their day-to-day operations, but have called for an extension of regulatory easements, according to new research.
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News
Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.