Lane Clarke & Peacock (LCP) has warned that an “unwelcome year-end headache” is looming following last month’s GMP equalisation ruling, as XPS Pensions Group revealed schemes owe members up to £32,000.
The High Court judgment last month (23 November) said defined benefit schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values that have been calculated...
The government must work with HM Revenue and Customs (HMRC) and the wider industry to clarify GMP equalisation uncertainties, Mercer says.
Around two-thirds (77%) of Local Government Pension Scheme (LGPS) funds have received a claim relating to historic transfers over the past 12 months, according to Eversheds.
Schemes need more certainty over the data they will have to provide for dashboards, as the minister is expected to take a heavier stance in 2021, experts say.
The Institute and Faculty of Actuaries' Patrick Kelliher and Vanessa Jaeger look at the key cyber risks faced by pension schemes, who is responsible for managing these risks, and how these risks may be managed.
The UK pensions sector is in dire need of a technology revolution – and there are plenty of forces at play to push and pull the industry into the 21st century.