All Administration articles – Page 8
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NewsFormer TPR director served with summons over Section 75 debacle
On the go: Alan Pickering, formerly a non-executive director of the Pensions Regulator and former chair of Plumbing Pensions, has been added to the summons in an employer’s £256,000 claim against the scheme’s trustee over its mishandling of Section 75 debt.
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NewsOpperman not rushing CDC, defends statements season
Pensions minister Guy Opperman has confirmed there will be no regulations on multi-employer collective defined contribution schemes before the end of next year, set out targets for Pension Wise uptake, and become embroiled in a spat with former pensions minister Sir Steve Webb over the effectiveness of the proposed “statements season”.
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NewsPPF 7800 surplus remains ‘solid’ in October
On the go: The aggregate surplus of the 5,318 schemes in the PPF 7800 Index remained “solid” in October, narrowing to £103.2bn from £108.8bn at the end of September, while the funding ratio decreased to 105.9 per cent from 106.4 per cent during the same period.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsThird of BT Pension Scheme members sign up to online portal
On the go: One in three BT Pension Scheme members are now managing their pension through the scheme’s new online portal.
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NewsSEI acquires Atlas Master Trust
On the go: Wealth management company SEI has announced the acquisition of Capita’s defined contribution master trust Atlas, subject to regulatory approval.
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NewsWarwickshire County Council hires pensions admin
On the go: Warwickshire County Council has hired the West Yorkshire Pension Fund as pensions administration provider for the Warwickshire Firefighters’ Pension Scheme.
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NewsCalls for an inquiry over teachers’ 7-year contributions gap
Councillors have called for an independent inquiry to determine how 14 members of the Teachers’ Pension Agency found they were missing seven years’ pension contributions from their employer.
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NewsTPR urges schemes to get GMP equalisation done
On the go: The Pensions Regulator is urging schemes to engage with their administrators and complete guaranteed minimum pensions equalisation, as there is a sense of urgency for older members.
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NewsTeachers’ Pension Scheme pays £21m to Capita for McCloud admin
On the go: The Teachers’ Pension Scheme has awarded a £20.6m extension to Capita’s current third party administration contract to deal with the implementation of the McCloud remedy.
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NewsIsio snaps up Premier Pensions
On the go: Isio has announced the acquisition of Premier Pensions, subject to approval by the Financial Conduct Authority.
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NewsTPR warns small schemes: Prove value or wind up
On the go: The Pensions Regulator has warned smaller defined contribution pension schemes they will need to demonstrate their value to members or wind up, as more stringent rules come into force next month.
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NewsInsurers called to protect trustees against GMP claims
The lack of statutory protection afforded to trustees means the insurance industry will have to shield these professionals against claims related to guaranteed minimum pension equalisation in cases where benefits are secured with annuity providers, legal experts have warned, while uncertainty about trustees’ obligations remains.
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NewsRegulators propose DC-wide ‘value for money’ framework
The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.
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NewsStatements season could cause mayhem for admins, PASA warns
On the go: The creation of a statements season could cause “significant difficulties, additional and unnecessary costs, and adverse implications” for schemes and administrators if a route of a common valuation date is chosen, the Pensions Administration Standards Association has warned.
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NewsSPP warns dashboards figures will need to be illustrative
The Society of Pension Professionals has warned that pensions dashboards will have to provide illustrative figures to defined benefit members, as it will not be possible to have accurate quotations due to the complexity of current benefit structures.
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NewsKent Pension Fund breaches LGPS regulations
On the go: Connection trouble with a third-party pensions administrator’s systems has caused staff productivity at the Kent Pension Fund to suffer, while poor record management by Kent Police led to a breach of Local Government Pension Scheme regulations.
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NewsBig schemes turn to fiduciary managers during pandemic
Data crunch: The average size of a pension scheme taking on a fiduciary manager rose by around 80 per cent during the Covid-19 pandemic, suggesting the flexibility afforded by the model was particularly attractive in turbulent market conditions, according to research from IC Select.
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NewsPublic sector schemes wary of TPR’s new code of practice
Public sector schemes should press on with implementing the Pensions Regulator’s new code of practice, Aon has said. However, schemes are concerned about the new rules and have asked for more clarity from the watchdog.
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FeaturesGuidance ‘stronger nudge’ could lead to poor member experience
The proposed rules requiring trustees and scheme managers to “nudge” individuals to obtain guidance when accessing their pension will cause administration mayhem and could lead to poor member experience, industry experts have warned.