All Pensions Administration Standards Association (PASA) articles – Page 3
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NewsPASA to launch DC transfers working group
On the go: The Pensions Administration and Standards Association announced on Tuesday more details about its forthcoming defined contribution transfers working group, which has the goal to speed up and lower the risk of transfers between trust and contract-based DC schemes.
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PASA rejects single provider approach to dashboards digital identity
On the go: The Pensions Administration Standards Association has objected to the proposal by the Pensions Dashboards Programme for a “central digital identity”, arguing that it would create a “single point of failure”.
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TPR: 'Greater need’ for schemes to reconcile data due to Covid-19
On the go: Due to the current pandemic, there is a “greater need” for accurate data reconciliation, according to Louise Sivyer, policy principal at the Pension Regulator’s regulatory policy directorate.
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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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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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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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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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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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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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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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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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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.