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.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.