UK - Updating computer systems to cope with changes outlined in the Pensions Bill will cost large providers up to £30m, a management consultant claims.
Accenture says a raft of changes will be needed to comply with the changes, including:
- Rewriting policy administration systems.
- Ongoing monitoring to identify staff who might be affected by the £1.4m savings cap.
- Converting and testing data and buying new software and hardware.
Senior manager in Accenture’s insurance practice, Jason Whyte, said most pension providers had several platforms to support and, while costs would vary, the largest would have to spend up to £30m.
Mercer Human Resource Consulting believes that figure is high but estimates it will spend around £10m on technology.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.