Admin / Technology

The UK pensions sector is in dire need of a technology revolution – and there are plenty of forces at play to push and pull the industry into the 21st century.

After a year that took everyone by surprise, experts tell Professional Pensions what could be on the horizon for technology in 2021.

The Pensions Dashboard Programme (PDP) has published key data standards which will underpin the initial technology used to allow savers to view their pensions.

When was the last time you received a bank statement in the post? Or visited a branch to pay a bill? In which year did you most recently queue up at a supermarket checkout with a cheque book and pen in hand?

Pension administration firm Trafalgar House has launched a pensions technical team to provide clients and members with dedicated specialist resources.

Lane Clarke & Peacock (LCP) has warned that an “unwelcome year-end headache” is looming following last month’s GMP equalisation ruling, as XPS Pensions Group revealed schemes owe members up to £32,000.

The pensions industry still trails behind others with its use of technology, writes Holly Roach.

The days of paper-based banking are numbered, and the way we interact with our finances is increasingly digital. The pensions industry is struggling to catch up with technology.

Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.

Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.