All Administration articles – Page 9
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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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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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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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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.
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NewsIndustry fears another missed dashboards deadline
On the go: The pensions industry doubts whether the pensions dashboards will be delivered on time, as more than three-quarters of respondents to a Pensions Management Institute survey said they thought the project would still not be operational by 2023.
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PodcastsPodcast: Industry ‘irritation’ with TPR’s code of practice could have been avoided
Podcast: The negative reaction of the industry to the Pensions Regulator’s new code of practice shows what can happen if consultations are handled poorly, says Tim Middleton, director of policy and external affairs at the Pensions Management Institute. He is joined by Steven Taylor, partner at LCP, to discuss consultations, collective defined contribution schemes, and flexibility within the defined benefit universe.
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NewsTeachers’ Pension Scheme seeks new admin
On the go: The Department for Education has launched a tender for administration services for the Teachers’ Pension Scheme, as Capita’s contract is due to end in 2025.
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NewsOmbudsman criticises Railways scheme for maladministration
The Pensions Ombudsman has partly upheld a complaint by a member of the Railways Pension Scheme against its trustee and administrator, RPMI, after finding maladministration in the scheme’s decision to suspend a member’s pension between July and December 2018.
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PodcastsPodcast: Covid-19 could have killed the PLSA
Podcast: The Pensions and Lifetime Savings Association “could have died” from the financial damage wrought by the Covid-19 pandemic, and was only saved thanks to prudent long-term planning. Richard Butcher, managing director of PTL, reflects on his tenure as PLSA chair in an episode covering guaranteed minimum pensions guidance, master trusts and bespoke indices for environmental, social and governance investments.
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NewsOmbudsman criticises Aon, Willis Towers Watson over benefits error
The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.
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NewsDWP sets up working group to explore ‘statements season’
On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.
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NewsChallenges of green regulation should not be underestimated
On the go: More than a quarter of defined benefit pension schemes are only aiming for minimum compliance with new rules and regulations around climate change, the challenge of which should not be underestimated, LCP has warned.
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NewsPASA updates GMP guidance in light of Lloyds 2020 judgment
The Pensions Administration Standards Association has updated its guaranteed minimum pension equalisation to account for the Lloyds 2020 judgment, setting out the role of transferring schemes and receiving plans in individual transfers.
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NewsNFU Mutual pension fund hires Trafalgar House as administrator
On the go: The NFU Mutual Retirement Benefit Scheme, with £1.1bn in defined benefit assets and £206.2m in defined contribution assets, has appointed Trafalgar House to provide administration services, effective from July 1 2021.