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.”
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point