UK - Pensions administration must reach new levels to meet demands in a period of increased complexity, a leading industry group claims.
The Raising Standards of Pensions Administration project – launched in January 2002 – warns that the coming year will bring a “significant amount of change” with the Pensions Bill and tax simplification.
Chairman Michael Goy is confident the changes will ultimately lead to simplification but believes the implementation period will see increased complexity.
He said: “With many DB schemes closing or underfunded, an unclear investment outlook, and continuing moves to DC, there are huge implications for administration resources.
“These changes make good administration more important than ever and the challenges greater.”
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.