All Pensions Administration Standards Association (PASA) articles – Page 3
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News
Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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OpinionAre we pension Luddites?
The Pensions Administration Standards Association’s board director, Girish Menezes, suggests a seven-step strategy to bring the pensions industry into the 21st century, as members will expect a transition to online par with other financial industries.
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News
GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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News
Cyber security awareness lags as attacks jump threefold
On the go: A third of respondents to a poll by the Pensions and Lifetime Savings Association confessed they did not know their organisation’s cyber security plans, despite cyber crimes surging by 86 per cent in a single quarter this year.
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OpinionShaming those who cop to breaches sweeps cyber problem under rug
The pensions industry has long been criticised for its reliance on paper communications and siloed systems, but times are changing and pensions administration has joined the 21st century.
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News
Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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News
Industry leaders’ plea to ministers over FCA advice trap
Leaders of pensions industry representative groups have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see helpful trustees deemed to be giving regulated financial advice.
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News
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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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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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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News
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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Features
E-admin hopes dashed by data quality
Data crunch: Pensions administrators and open finance enthusiasts may have one eye on the ‘e-admin’ future of full dashboard compliance, modelling and targeted engagement, but a survey of trustees reveals the perennial roadblock – poor-quality member data.
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News
PASA launches guidance for master trust consolidation
On the go: The Pensions Administration Standards Association has launched guidance for master trusts to follow when considering consolidation.
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OpinionGMP issue still needs more input from government
Looking back at the Pensions Administration Standards Association’s priorities over 2019, David Pharo says there are still questions around the treatment of certain member classes when undertaking guaranteed minimum pension equalisation.
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News
PASA president warns over data costs
On the go: The president of the Pensions Administration Standards Association has warned that the poor quality of pension scheme data could frustrate the efforts of pensions dashboards.
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NewsFCA's move to shrink IFA market poses trustee challenges
The Financial Conduct Authority defended its increase to the compensation limit on Wednesday, accepting that the financial advice market was shrinking but reaffirming that it will help protect consumers.
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News
Minister tells schemes to quicken transfer pace with PASA guidelines
Ten weeks should be the maximum time limit for defined benefit transfers, said industry-wide guidelines published on Monday by the Pensions Administration Standards Association.