All Data articles – Page 11
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PodcastsPodcast: The three-step plan to fix the NHS pension scheme
Podcast: The plethora of administrative maladies facing the NHS pension scheme should be addressed by a three stage approach: capping the problem; a reactive process prioritising those closest to retirement; and proactive use of the dashboard, says Peter Glancy, head of policy development at Scottish Widows. He’s joined by Helen Morrissey, corporate PR specialist, long-term savings at Royal London, in an episode also looking at the suggestion of pensions as deposits for first-time buyers.
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News
Sustainability and adequacy still dragging UK's pension system
Data crunch: The UK has fallen one place to 15th in the Mercer CFA Global Pensions Index, despite seeing a marginal improvement in its score, while Covid-19 increases pressure on retirement systems worldwide.
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One in five teachers may have incorrect pension entitlements
One in five teachers may be at risk of receiving incorrect information about their pension entitlements, with discrepancies also likely to be found in other decentralised public sector pension schemes with multiple employers.
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McCloud remedy could take two years to implement, PLSA warns
On the go: The Pensions and Lifetime Savings Association has warned it may take more than two years for the Local Government Pension Scheme to implement the McCloud remedy, casting doubt on the government’s proposed timeframe.
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PodcastsPodcast: Arguments for DC consolidation stronger than for DB
Podcast: The pace of defined contribution consolidation could accelerate on the other side of the coronavirus pandemic, but mergers are a less obvious boon for define benefit, say Squire Patton Boggs partner Kirsty Bartlett and Hadassah Shulman, senior associate at Taylor Wessing.
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News
McCloud to delay LGPS progress on pensions dashboards
The McCloud reform will create challenges for Local Government Pension Scheme funds to provide information for the pensions dashboards, with a delay that could take up to three years.
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Calls for government to clarify dashboard data standards
On the go: The government is facing growing calls to “come clean” about what data is required from pension schemes and providers for the pensions dashboard so that the industry can prepare properly, following conflicting reports.
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PASA issues updated Covid-19 guidance
On the go: The Pensions Administration Standards Association has issued updated guidance designed to help administrators navigate the gradual end of lockdown.
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OpinionThe new normal: should pension firms return to the office?
The pensions industry has proved to itself that homeworking can work. The challenge now is making it sustainable, and rethinking the office as an attractive opt-in addition to most workers’ lives, writes Premier Pensions’ Girish Menezes.
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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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PodcastsPodcast: Schemes cannot eliminate chance of cyber breach
Podcast: Pension schemes hold an extraordinary amount of personal data. Though trustees have done much since the passage of the General Data Protection Regulation to improve data security, it is impossible to remove the risk of breaches entirely. So says ITM director Maurice Titley, joined this week by Aon partner Lynda Whitney to discuss cyber security, McCloud, and Covid-19’s impact on recovery plans.
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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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OpinionCost data collection – is it all worth it?
Data crunch: In the final instalment of his series analysing findings from the Cost Transparency Initiative, Chris Sier of ClearGlass asks what schemes should actually do with their own data.
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News
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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News
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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£4m lost to new forms of large-scale fraud
On the go: Fraudsters are targeting investors with new, innovative and large-scale scams, according to a report by the Investment Association published today.
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Volunteer schemes and providers to test pensions dashboards
On the go: The Pensions Dashboards Programme is planning to start extensive testing with individuals, dashboard providers, and volunteer pension providers and schemes, after it publishes a first version of the pensions dashboards data standards this autumn.
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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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Minister questions schemes on dashboard data readiness
UK pension schemes are being asked by the pensions minister to report on the readiness of their data for the dashboards project, but specialists argue the lack of legislation and data standards could make it difficult to obtain accurate responses.