All Administration articles – Page 11
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News
PPF reveals 23% ethnicity pay gap
On the go: The Pension Protection Fund has published its latest ‘Diversity pay gap report’, which reveals it has an ethnicity pay gap of 23 per cent.
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NewsConcerns remain as DWP’s climate change consultation closes
Despite welcoming the government’s proposed measures on climate risk, industry experts have highlighted several outstanding concerns as the new rules need more clarity and risk a “herd mentality when it comes to metrics and targets”.
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NewsFraud Compensation Fund to begin processing cases within 18 months
The Fraud Compensation Fund could begin processing cases through to settlement within 12-18 months, a meeting of the Transparency Task Force was told on Monday.
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NewsLPPA embarks on data journey and reaps rewards of digital tracing
Case study: A renewed effort to ramp up digital tracing and mortality screening has been a boon to the Local Pensions Partnership Administration, with the exercise having the potential to cut costs, save time and improve actuarial valuations.
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News
Dashboards preparation should begin immediately
On the go: New guidance from the Pensions Administration and Standards Association encourages all schemes to begin preparing for the introduction of the dashboards straight away, after the passage of the Pension Schemes Act set a series of events in motion.
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News
TPR puts £25m anti-avoidance case to bed
On the go: The Pensions Regulator has agreed a £25m settlement in its anti-avoidance case against the owners of bed manufacturer Silentnight, a sum not big enough to prevent its defined benefit scheme plunging into the Pension Protection Fund.
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OpinionWhy purpose, personalisation and pace must shape modern pensions
It is no secret that few people engage with their pensions. More than half of UK workers do not know the size of their pension pot.
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OpinionSchemes should take a practical approach to GMP transfers
In November 2020, the High Court handed down a ruling on the equalisation of past transfers with guaranteed minimum pensions, which means trustees will now have to revisit 30 years of transfer data.
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News
Quarter of schemes don’t have adequate cyber crime breach plan
On the go: A quarter of trustees have confessed their scheme does not have an adequate cyber crime breach plan, despite considering cyber crime as a top risk, according to a new report from Crowe.
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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?
A recent industry survey on member self-service and pensions technology had to be withdrawn.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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News
USS extends Capita administration contract
On the go: Capita Pensions has been awarded a five-year contract extension by the Universities Superannuation Scheme to deliver pension system and administration support.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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News
Civil service scheme extends MyCSP admin contract
On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
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NewsPIPAs on hunt for Covid-defying performances
Pensions Expert’s annual awards are open for entries, with judges imploring providers that have not hid behind Covid excuses and managers that have truly set themselves apart on sustainability to come forward for consideration.
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News
How schemes can navigate the post-Covid recovery
Defined benefit schemes should use the post-Covid recovery to conduct a thorough postmortem of the effects of 2020’s events on their portfolios and strategies, according to Barnett Waddingham.
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PodcastsPodcast: New powers in Pension Schemes Act could cause bankruptcies
Podcast: New criminal provisions in the Pension Schemes Act are so broadly drafted that they could strangle legitimate business activity, potentially resulting in unnecessary bankruptcies. So says Arc Pensions Law partner Jane Kola, who, along with Society of Pension Professionals president James Riley, warn about the potentially dire consequences and call for more clarity from the regulator. More cheerfully, this inauguration day episode also covers the future of actuaries, small pots, and Donald Trump’s pension.
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News
Flat fees ban is a ‘sticking plaster’ on small pots wound
The Department for Work and Pensions’ proposed ban on flat fees on pots under £100 should be seen as a temporary stopgap, not a permanent solution to the small pots problem, industry figures have warned.
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OpinionTrustees must take action to prevent admin operational issues
A scheme’s financial covenant is the trustees’ primary concern, but contingency plans should also be in place for managing ongoing administration should an employer fail.