UK - Administration standards will have to be raised substantially to cope with the demands of defined contribution sch-emes, Paymaster sales director Nicholas Wheeler said.
He told delegates the growing popularity of DC schemes and the myriad investment options they offered to members meant there was a far greater chance of administration errors occurring than ever before.
Other challenges include member expectations, handling multi-manager funds, lifestyle processing, and real-time and dealing cycles. As a result, he said that administrators must work with fund managers to improve communications, authorisation and reconciliation procedures and automate systems.
Wheeler added: “The secret of successful DC administration is ensuring that data and processes are 100% correct, 100% of the time.”
Pension Insurance Corporation (PIC) has agreed to a 30 year debt investment in Phoenix Community Housing, a not-for-profit, resident-led housing association in London.
Royal London has announced plans to allow customers with guaranteed annuity rates (GARs) to convert their guarantees into a top-up for their pension pot, subject to High Court approval.
The Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.
Aon has appointed Emma Adair to lead client service for its UK investment team.