All Administration articles – Page 12
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NewsDWP to ban flat fees for small pots
The Department for Work and Pensions is to ban the charging of flat fees on pension pots under £100 in an attempt to stop their erosion by charges and administration costs.
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Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.
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PodcastsPodcast: Economic uncertainty, DC consolidation, ESG to mark 2021
Podcast: Economic uncertainty from the pandemic and the aftereffects of Brexit, solving the small pots problem and consolidation in the defined contribution universe, and yet more environmental, social and governance regulation are the themes to watch out for this year. These are the predictions for the pensions industry in 2021 from Marc Hommel, senior pensions adviser at EY-Parthenon, and Sue Pemberton, head of technology and DC consulting at Premier Pensions.
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Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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Now Pensions members’ data leaked by service partner
On the go: Master trust Now Pensions has confirmed that some of its members have had their personal data shared online by a service partner.
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Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.
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Schemes call for extension of regulatory easements
On the go: The majority of pension schemes have said that Covid-19 is not having a detrimental effect on their day-to-day operations, but have called for an extension of regulatory easements, according to new research.
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PodcastsPodcast: Trustees advised to self-certify before Christmas
Podcast: Jo Myerson, trustee director at Ross Trustees, tells Pensions Expert it is important that trustees comply with the Competition and Markets Authority’s self-certification rules early in order to avoid a mad, post-Christmas dash to meet the January 7 deadline. She is joined by David Rae, head of strategic client solutions at Russell Investments, in an episode also covering insolvencies, superfunds and the fallout from the reform of the retail price index.
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Unsuspecting schemes to pay DB transfer top-ups
On the go: Schemes that thought they might be unaffected by a recent court ruling could still owe savers more than £500 each in top-up payments on their defined benefit transfers, analysis has found.
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Mad December dash to include GMP top-ups in 2020 accounts
On the go: Around one in six companies face the unwelcome prospect of having to include the cost of guaranteed minimum pensions adjustments in their 2020 annual accounts, according to analysis by LCP.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
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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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Data error leads Cornwall Council to overcharge hundreds of employees
Hundreds of workers enrolled in the Cornwall Pension Fund could be due a rebate after an administration error saw Cornwall Council overcharge them for their pension contributions.
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Doctors’ admin saga rumbles on as compensation issued
Doctors are up in arms over a long history of serious pensions administration shortcomings in the lumbering NHS Pension Scheme, some of which are still surfacing.
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OpinionReducing business risk from data breaches
Cyber crime is now a major threat to the pensions and savings industry, with growing incidences of data breaches being reported in the press.
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OpinionHow schemes can improve member communication during pandemic
The current global pandemic, which has trapped thousands of people at home, divided families and closed offices all over the world, has put great strain on the ways in which we communicate.
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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.