Admin / Technology
Industry not convinced by GMP equalisation tax guidance; unanswered questions remain
The pensions industry still has a number of questions following the publication of HM Revenue and Customs’ (HMRC) guidance on tax issues covering GMP equalisation.
HMRC publishes guidance on tax issues arising from GMP equalisation
HM Revenue and Customs (HMRC) has published guidance on the pension tax issues arising from equalising benefits for the effect of inequalities in guaranteed minimum pensions (GMPs).
PASA launches consultation on DB transfers code
PASA’s DB transfers code of good practice is asking the industry to commit to delivering faster, safer transfers. Holly Roach reports
ACA flags concerns over PPF insolvency risk changes
The Association of Consulting Actuaries (ACA) is calling on the Pension Protection Fund (PPF) to review how insolvency risk methodology will change from next year.
Premier attains PASA accreditation
Premier has received accreditation from the Pensions Administration Standards Association (PASA).
Redington launches global pensions data analytics tool
Investment consultant Redington has launched a global analytics and scoring system to compare pension provisions across various defined benefit and defined contribution schemes.
Tech mate: How schemes can win with data
Fragmented data will make it difficult for pension schemes to boost their business intelligence, but this is increasingly important in the fight to engage members, says Emma Douglas.
Dashboards must learn from open banking
Lessons must be learned from open banking in order to make the pensions dashboard a success for the modern saver, says Darren Philp.
Opperman urges schemes to act now and prepare dashboard data
Pension providers must now be proactive and prepare their data in order to be ready for the pensions dashboard, Guy Opperman has warned.
Simpler pension statements must be compulsory
The government must now bow to pressure and allow providers to choose whether to send standardised, simpler pension statements, says Baroness Ros Altmann.
Why the role of scheme secretary needs to evolve
There is a growing need for schemes to improve governance. John Reeve says better trustee support will improve their ability to meet these increasingly onerous requirements
Why communication is vital in pensions
Communication is essential in a pensions environment governed increasingly by defaults, and with more schemes in distress. James Phillips joined a panel of experts to hear how it can be improved.
Penfold secures £2m to fund digital pension scheme for the self-employed
Penfold has launched a digital pension scheme aimed at the self-employed following a successful £2m funding round.
PASA publishes master trust transition guidance
The Pensions Administration Standards Association (PASA) has published its first batch of guidance on defined contribution (DC) master trust transition, as further consolidation is expected.
PMI Student Essay Competition: What the dashboard can learn from open banking, Midata and Fitbit
LCP’s Ella Purkiss was the winner of the PMI's second student essay competition. In her paper, she sets out her ideas as to what the industry can learn from other sectors when designing and delivering the pensions dashboard.
'No excuse' for industry slipping from GMP equalisation timescale targets
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
DWP annual benefit statement consultation questions voluntary adoption
The Department for Work and Pensions (DWP) has launched a consultation setting out proposals for the adoption and launch of simpler annual benefit statements. Holly Roach reports
Trustees still unprotected and vulnerable to cyber risk
There is still no available guidance for trustees on how to incorporate cyber security risks in their investment and stewardship processes, according to NEST.
Data quality is pensions dashboard's 'weakest link'
The quality and availability of data is the “weakest link” for the pensions dashboard, according to the Society of Pension Professionals (SPP).
HMRC GMP equalisation tax guidance confirmed for December
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process
One year on from the landmark ruling on GMP equalisation, Holly Roach looks at how far the industry has come and what remains for schemes to do.
Widespread concern over complexity and cost of GMP equalisation, finds ACA
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
Spend money on data to make dashboard beneficial, says industry
The industry needs to spend a significant amount of money on data and administration to make the dashboard worthwhile, according to pension professionals.
Pensions minister tells schemes to 'act now' on GMP equalisation
Schemes must “act now” to equalise guaranteed minimum pensions (GMPs), pensions and financial inclusion minister Guy Opperman says.
