UK - Rating agency Standard & Poor's believes its new pension service is on the brink of its first client win.
The service looks at the credit rating of a sponsoring employer and measures it against its scheme’s actuarial reports to determine how the firm would cope with future pension contributions.
The service also assesses the contribution rates needed to achieve a fully funded pension scheme and measures the consequences of default to scheme members.
Standard & Poor’s managing director of the pension services unit Jim McLachlan said (pictured): “If you had a company that was sold through a leveraged buy-out and wound up with a parent that had a different capital structure from that of its predecessor, then we could go in and assess the appropriate contribution regime which would reflect the credit strength of the new owners.”
McLachlan said there had been strong interest since the product was launched in March but it had yet to secure a client win.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.