UK - Trustees have been warned about the extra Data Protection Act burdens they face when running DC schemes.
Paymaster sales director Nick Wheeler said it was essential that trustees and administrators were aware of the differences in running defined benefit and money purchase schemes under the Act.
He said: “With DB schemes there is a lot of complex data which only has to be correct at the time of paying the benefit.
“With DC schemes the data has to be right 100% of the time.”
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).