All Administration articles – Page 14
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NewsPensions administrator suffers ransomware attack
Pension companies have been warned to be on their guard against ransomware attacks, after industry insiders confirmed to Pensions Expert that at least one administrator was subjected to a ransomware attack in the past week.
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Covid-19 forces half of DC schemes to review objectives
The coronavirus pandemic has compelled more than 50 per cent of defined contribution schemes to review their objectives and 20 per cent to alter their short-term plans, according to a report by Aon.
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Nest eyes 2026 breakeven amid increased revenue
On the go: Master trust Nest has seen its income rise 75 per cent over the course of last year while its expenditure fell by £20m, leaving it well placed to weather the effects of the coronavirus pandemic, according to its latest annual report.
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NewsGovernment ponders solutions to £17bn McCloud problem
The Treasury has set out two proposals for ending the discrimination between scheme members that resulted from its 2015 public sector pension reforms, with costs of unwinding its scheme changes estimated to cost £17bn.
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LGPS faced with huge McCloud admin challenge
On the go: Local Government Pension Scheme administering authorities urgently need to carry out impact assessments to clarify how many of their members fall under the scope of the McCloud judgment, according to Aon.
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Working group issues guidance on GMP equalisation data
On the go: Trustees of defined benefit pension schemes must make considered decisions about whether data they may need for guaranteed minimum pension equalisation is cost-effective to obtain, according to new guidance on the process.
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NewsData poses difficulties to Surrey admin outsourcers
A London borough branch of the Local Government Pension Scheme is to bring its administration back in-house from 2021, as current outsourced provider Surrey County Council continues to struggle with legacy data issues across its client base.
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DB trustees spend 3,000 days a year processing inefficiencies
On the go: Defined benefit pension scheme trustees cumulatively spend 3,000 days each year monitoring processes that could be avoided by adopting a technology-led approach, new analysis shows.
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Lockdown spikes fears of democratic deficit in LGPS
As the Covid-19 crisis unfolds, there could be a worrying governance and democratic deficit in some local authority pension schemes, with only 27 per cent of councils having virtual pension committee meetings.
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New insolvency laws could impact healthy DB schemes
On the go: New insolvency laws introduced in parliament, designed to prevent companies being forced to file for bankruptcy due to the Covid-19 crisis, could cause new hurdles for defined benefit schemes, a law firm has warned.
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PPF beats 2022 target for online transactions
The Pension Protection Fund has shifted the majority of its member transactions occurring online, beating its target set for 2022, as the lifeboat adapts its services to cater for a large influx of members.
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FeaturesDoes lockdown shift leave pensions exposed to cyber crime?
Analysis: Covid-19 is not the only invisible threat looming over some of the UK’s most vulnerable citizens.
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Teachers scheme renews with Capita
On the go: The Department for Education has renewed its contract with outsourcer Capita for the administration of the Teachers’ Pension Scheme.
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Debenhams’ trustees working with TPR as retailer eyes administration
On the go: The trustees of the Debenhams pension schemes are working with the Pensions Regulator and the Pension Protection Fund, as the company filed a notice of intention to appoint an administrator on Monday.
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TPR urges trustees to work flexibly with administrators
On the go: The Pensions Regulator has updated its Covid-19 guidance for trustees, highlighting that the pandemic “is placing huge pressures on the administration of pension schemes”.
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Northumberland and Tyne and Wear schemes plan merger
The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year.
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PASA to tackle cyber crime and fraud with new working group
On the go: The Pensions Administration Standards Association has created a cyber crime and fraud working group, aimed at creating standards to better protect pension schemes and their members.
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OpinionPensions technology hampered by underinvestment in data
We shop and bank online, receive our Amazon deliveries by drone and sign up to challenger banks like Monzo via apps. Comparatively, pensions administration remains steadfastly behind the curve, writes the Pensions Administration Standards Association’s Girish Menezes.
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Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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MPs question TPR’s action on Norton pension schemes
On the go: The chair of the Work and Pensions select committee, Labour MP Stephen Timms, has written to the Pensions Regulator questioning its action over the case of Norton Motorcycles and the three pension schemes invested in the company.