Maladministration is in no one’s best interest – and it costs more – argues Lesley Carline, PASA
The Pensions Administration Standards Association (PASA) is the new kid on the block for ensuring that members receive the best service and pension provision from their scheme and the administrator. With the best will in the world, can we currently say with confidence that those who look after...
Lessons can be learnt from the viewing patterns for Strictly Come Dancing relevant to online pension planning suggests Geraldine Brassett, Aon Hewitt
I was flicking through my copy of the Metro newspaper the other day when an article caught my eye. The piece was about the fact that the unseasonably warm autumn weather had substantially reduced the viewing figures for the X Factor and Strictly Come Dancing as people had taken advantage of the...
Pensions administrator, RPMI, has acquired Electricity Pensions Administration (EPAL) from E.ON UK.
This activity will see RPMI welcome around 30 staff who will remain at their current location in Coventry. RPMI will also take on the administration of the current clients of EPAL’s...
Pensions administrator, RPMI, has acquired Electricity Pensions Administration Limited (EPAL) from E.ON UK plc.
This activity will see RPMI welcome around 30 staff who will remain at their current location in Coventry. RPMI will also take on the administration of EPAL’s Electricity Supply...
Continuing on the acquisition trail, Capita Hartshead is taking over NorthgateArinso’s pension business for £27.5m. This follows acquisitions of Gissings, Higham Dunnett Shaw and Aspen.
NorthgateArinso is the specialst HR, payroll, pensions and reward division of Northgate...
The Pensions Regulator (TPR) has published a guide setting out “five simple steps” to help trustees of smaller pension schemes understand their responsibilities and to improve standardsof administration in their scheme.
TPR’s current education drive has highlighted the...
In these times of austerity pension scheme trustees and managers can now take advantage of technology to make substantial savings following changes in legislation.
Previously, all members of workplace pension schemes had to be provided with documents and information about their benefits, either...
The Pensions Regulator (TPR) has launched its 2011 education drive highlighting the importance of administration as member benefits can be at risk where records and data have not been properly maintained.
Inaccurate and missing data can also have serious cost implications for schemes. Experian...
How to be a listening administrator by Geraldine Brassett, Aon Hewitt
How many of us have attended management courses where we have been told that listening is a key but underemployed skill? Or remember being told that we all have two ears and one mouth and that they should be used in those proportions? And how many of us have then gone back to our day job, sat in...
Whatever will you do when your pensions guru leaves? asks James Lavender, Capita Hartshead
Many people associated with pension schemes will be familiar with the terms “governance” and “risk”. However, these terms are usually associated with investment and running the scheme. An area that can often be overlooked is key person risk. The loss of a key person...
Ellen Kelleher and Andrew Hoddinott, PricewaterhouseCoopers, outline the costs and risks of poor data and the benefits of reviewing and improving it
Pension scheme data has a long shelf life. It has often been through significant changes such as system migrations, changes of administration provider and legislative change and as a result is often incomplete or incorrect.
In June 2010 the Pensions Regulator (TPR) issued targets for pension...
Is it time to consider a benefit audit? suggests Jenny Swift of Aon Hewitt
Earlier this year, the Pensions Regulator issued revised guidance on record keeping, setting out its expectations in relation to the integrity of scheme data.
Despite the focus on member data, the Regulator points out that “even when a member’s data is complete and consistent...
Allison Plager, financial journalist, explores the relatively new, to the UK at least, concept of fiduciary management
Pension scheme trustees’ lives do not get any easier. As well as coping with the myriad regulations that have been heaped upon them over recent years, they have also had to cope with the worst recession in years. Making sure that the pension scheme will have enough money to pay its current...
The pensions administration software market is steadily consolidating which looks set to continue reports Tim Cooper, financial journalist
As predicted in our last software survey, the pensions administration software market continues to contract. Following the acquisition of P3 by Profund, there are now only seven major providers.Not surprisingly it has been a busy year for Profund. Since the acquisition, the company has...
New consultation on the importance of record keeping
Keeping accurate, detailed records on pension scheme members is not just a legal requirement for trustees – it makes good business sense. Sponsoring employers will have a more precise assessment of their financial liabilities and a...
Michael Chatterton, Towers Watson, on the importance of having a clear plan before setting out on the way towards successful DB settlement
In light of the recent economic turmoil affecting both stock markets and sponsor covenants, settling defined benefit (DB) pension scheme liabilities has become an increasingly desirable option for both companies and trustees. The need for reduced interdependency has become apparent for both...
Record keeping
Only 19% of schemes surveyed by the Pensions Regulator (TPR) have checked they have fundamental data and, of these, a shocking 53% are missing more than one piece of basic data. With this in mind, TPR is consulting on improving standards of record keeping. One leading buyout...
Robert Branagh, rpmi, wonders what service level agreements are actually measuring or are they just a box ticking exercise?
Lies, damned lies and statistics; alternatively: we have the answer, now what is the question?; or: the law of unintended consequences – the euphemisms to describe service level agreements (SLAs) are numerous and equally valid. What are SLAs, why have them and what do they achieve, if...
Pension schemes must wake up to financial and reputational risks surrounding administration of their pension schemes. They could also face regulatory problems.
Pensions administration and data is regularly considered the poor relation when it comes to scheme management. There will be much...
India is proving to be the right location for offshoring for a number of UK pension firms. Mark Adamson, JLT, explains why
With what seems like a limitless annual supply of graduates (four million according to official statistics), India provides intelligent, aspiring, articulate and well educated young men and women determined to succeed, helping the country to create a place for itself as the optimal offshoring...
