The pensions industry is “optimistic” about GMP equalisation with many schemes expecting to be paying pensions on an equalised basis by the end of 2022, according to research by Sackers.
The Pensions Administration Standards Association (PASA) has published guidance on the pensions dashboard for UK schemes, trustees and providers detailing how to get ready for the project.
The Pensions Dashboard Programme (PDP) has published key data standards which will underpin the initial technology used to allow savers to view their pensions.
The quality and availability of data is the “weakest link” for the pensions dashboard, according to the Society of Pension Professionals (SPP).
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
Schemes with poor record keeping should be handed harsher punishments, say the majority of this week’s 83 Pensions Buzz respondents.
The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.
Over three quarters (78%) of defined contribution (DC) members feel their pension scheme is not aligned with their values, latest research by Franklin Templeton shows.