All Administration articles – Page 6
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NewsHMRC to address GMP conversion tax issues ‘in the coming weeks’
The government has promised supplementary guidance on guaranteed minimum pensions conversion “in the coming weeks” and confirmed it is working on legislative changes, as the debate on the second reading of the pension schemes (conversion of GMPs) bill concludes in the House of Lords.
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NewsGovt admits errors in almost 20,000 NHS GP pension records
Health minister Edward Argar told parliament in March that there were nearly 20,000 NHS GP pension records in error, prompting the British Medical Association to call for an end to the outsourcing of NHS pensions administration.
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OpinionA data with destiny
Jemma Jurgenson, head of administration at Quantum Advisory, asks whether the industry is ready for the arrival of pensions dashboards.
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NewsPASA covers crossovers, tax and death benefits in GMP guidance
On the go: The Pensions Administration and Standards Association has launched guidance tacking frequently asked questions around guaranteed minimum pension equalisation, including tax implications, death benefits, commutation, and the ‘look-back’ approach for crossover members.
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NewsRegulator’s CDC plans risk strangling the sector at its birth
The Pensions Regulator’s draft code of practice for collective defined contribution schemes is unnecessarily strict and risks severely hampering growth in the sector, industry bodies have warned.
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NewsPlumbing Pensions to use member funds to fight section 75 claims
The Court of Session in Edinburgh has granted Plumbing Pensions permission to use member funds to defend against legal claims from employers over its pursuit of section 75 liabilities.
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NewsLGA calls for 2025 dashboards deadline amid capacity crunch fears
The Local Government Association has called for the staging date by which the Firefighters’ Pension Scheme is to join the dashboards to be set back, arguing that it is not feasible to expect the scheme to join before 2025.
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NewsGovt’s dashboard proposals cause widespread industry concerns
The Pensions and Lifetime Savings Association has recommended three thresholds that must be met before pensions dashboards are launched to the public, but there is widespread industry concern around liability for incorrect or misinterpreted information, and significant doubts whether its launch is achievable by the government’s preferred dates.
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NewsGovt to compensate judges for additional McCloud tax bills
The Ministry of Justice has announced it will compensate judges who incur additional tax liabilities as a result of the immediate choice they will take later this year, while other departments left their proposals largely unchanged following consultations on phase one of the McCloud remedy.
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NewsTPR’s web-based scheme return questions cause industry mayhem
Actuaries, trustees and consultants are disappointed with a new method introduced by the Pensions Regulator for scheme returns, pointing out that a web-based form with additional questions implemented this year has increased the risk of providing wrong information.
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NewsTPR not ruling out ‘value for money’ league tables
On the go: The Pensions Regulator is considering league tables as a way of implementing a new value for money framework for pension schemes, though it is not “leaning towards” them at present.
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NewsDashboards’ staging deadline too ambitious for LGPS
The government’s timetable for dashboards’ integration is likely to be too ambitious for the Local Government Pension Scheme, with administering authorities bogged down by other challenges, its pensions committee has warned.
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NewsDC focus turns to member outcomes but retirement uncertainty remains
Data crunch: Despite almost half of defined contribution schemes now stating their main aim is to deliver adequate retirement income for members, 63 per cent do not know what is the expected outcome for a typical member at retirement, according to new research.
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NewsLawsuit against USS to proceed as High Court overturns dismissal
On the go: A lawsuit against Universities Superannuation Scheme directors over their handling of the scheme’s 2020 valuation is to proceed, after the High Court ruled against attempts to deny the legal action.
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NewsHigh Court resolves Merchant Navy ill-health pensions conundrum
The High Court has approved a settlement over ill-health benefits in the Merchant Navy Ratings Pension Fund, which will see members compensated via lump sum arrears and increased pensions to those who had not been treated in accordance with scheme rules.
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PodcastsPodcast: Universal charges could harm master trust competition
Podcast: The intent behind universal charges on default funds is sound, but the method — such as the introduction of flat fees — risks harming the master trust sector and restricting access to pensions, according to The People’s Pension’s director of policy Phil Brown. He his joined by his colleague, head of pensions policy Tim Gosling, to discuss charge structures, decumulation solutions, and baffling pensions jargon.
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NewsBuck launches ‘gap analysis’ governance solution
On the go: Buck has launched a new “gap analysis” governance tool designed to help schemes navigate the Pensions Regulator’s forthcoming combined code of practice.
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NewsWeir scheme and Capita to pay member after GMP blunder
The Weir Group Pension and Retirement Scheme, along with its former administrator Capita, have been ordered by the Pensions Ombudsman to pay a member £2,000 over the poor handling of his transfer value information.
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NewsGPs can file late applications to cover tax bills after pressure
On the go: NHS staff have been given the option to make a late application to have their scheme cover annual allowance tax bills after the industry warned that many GPs would not have completed paperwork in time.
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NewsAviva apologises after sending pension transfer email in error
On the go: Aviva has apologised to financial advisers and their clients after it sent an email in error about an “impending pension transfer”.