We’re starting to see the first results now, since open banking came on the scene 18 months ago, and there are lessons the pensions industry will want to take on board when it launches its pensions dashboard.
Administrators have spent a long time pleading for a more prominent position at the trustee table. Asking for more time, more consultation and more input into decision-making so that the practicalities of implementing real-world change can be properly considered.
Service credits are a useful feature of administration contracts, tying performance with fee levels, but they are rarely used. Daniel Taylor argues why more contracts should include them.
Damning predictions on the impending impact of climate change have led to a renewed focus on environmental concerns across the vast majority of industries. The pensions administration industry, however, has been less affected than most.
When considering online pension communications, there is a tendency for trustees and sponsors to make assumptions about the preferences of different membership demographics. However, recent research proves that many common assumptions about certain age groups or industries aren’t entirely accurate.
In recent years, we have seen a distinct trend in the way success is measured. Outsourced pensions administrators were heavily reliant on quantitative information, and largely focused on time and volume as the primary measures of success. Whilst this was, of course, an easy way to measure the service, it was too simplistic.
At the start of 2018, it looked like the upward trend in Defined Benefit (DB) transfer activity was set to continue. Despite sound predictions, activity started to tail off towards the end of the year, which raises the question - has the DB transfer bubble finally burst?
We do not like to talk about death. Even though it is part of an administrator’s daily routine, it is a subject many of us prefer to avoid. But the truth is, mortality screening is a fundamental part of pensions administration, and without it pension schemes would be a mess of overpayments, recovery procedures and wasted money.
Much debate has been had on the subject of consolidation recently. For smaller schemes especially, the benefits of streamlined processes, reduced operational fees and simplified governance structures are very seductive. Toby Clark, Client Relationship Manager, takes a look at the reality of service consolidation.
Gillian Hickey, Implementation Project Manager, takes a look at the recent GMP equalisation ruling and has a funny feeling that we've been here before...
Administration of defined contribution schemes (DC) is often quoted as being easy or simple when compared to their more mature defined benefit (DB) counterparts. “It’s just like running a bank account” and “all you have to do is multiply one number by another,” are two of the most common remarks associated with administering this type of arrangement.
With the question of consolidation no longer if, but rather when, Trafalgar House warns schemes to act now if they are considering consolidation, outlining the possible implications for administrators and how to best prepare.
When a pension scheme changes administrator, one universal truth applies: data issues and historical errors will be uncovered. First-hand experience of countless administration transitions has taught me that if schemes change administrator, then at least one of a handful of common issues will be uncovered.
Ever lied to your doctor? Exaggerate the amount of sunscreen you use and downplay the junk food and units of alcohol consumed? Don’t feel too upset, we’re all at it.
Taylor Smith discusses the momentum that is gathering behind the Daily Mail campaign to allow people to commute annuities purchased before April 2015.
The word ‘strategy’ is most commonly associated with investment or derisking; rarely is any consideration given to a scheme’s administration strategy.
At a time when ensuring data standards is ever-higher on trustees’ agendas, this Pension Age article considers the pros and cons of outsourced versus in-house administration.
Top of the 2018 ‘to-do’ list for many DB trustees will be planning the process to achieve buy-out. In our latest Pension Funds Online article, we take a look at three key administration actions that should be considered before starting the buy-out process
We take a look at the topical issue of online engagement from the industry. With the focus on members, the piece will ask whether the industry should stop simply trying to engage a disengaged DB membership base and instead focus on what client portals can bring to sponsors and trustees (both DB & DC)?
Read Gillian Hickey's Pensions Expert article about why well-funded small schemes sometimes struggle to reach buyout.
The relationship between trustees and their scheme administrator is critical to good pensions governance. But are both sides focusing on the right details? Greg Rice, member services manager at Trafalgar House, gives some tips
In this article featured in Professional Pensions, Dan Taylor asks whether schemes should outsource for the first time or stay in-house.
In this Pensions Expert Article, Joe Anderson sets out the steps that all schemes should take now to avoid costly transition fees when moving administrator
Garry Wake reveals some often-overlooked disadvantages to using one provider for both administration and actuarial work
We take a statistical look at DB transfer quotations, payments and destinations since the introduction of freedom and choice in 2014
Here are the four things Trustees should talk to their administrators about to make the most of meetings
In this article from Professional Pensions, Garry Wake considers what's in store for the Annual Allowance as the industry gives its thoughts on the upcoming Autumn Statement
We take a look at the key data items that pension schemes should consider before embarking on a de-risking project
In the relentless battle to protect employee data in all its forms, companies need to be ever-vigilant and on the front foot, to ensure that both they and their suppliers are equipped to meet the ever-changing demands of cyber security.
We’ve known for a long time that the abolition of contracting-out in April 2016 means every contracted-out scheme needs to go through a GMP reconciliation sooner or later.
Change is a word we’re very used to in the pensions industry. There have been so many changes over the last couple of years alone, that it can sometimes feel like a struggle to keep up.
The policy of bringing greater freedom to pensions benefits has been largely accepted as a positive step. But whilst it’s easy to simply announce the idea, for those doing the hard work to actually make it happen there is lots to consider.