This week, The Pensions Regulator (tPR) outlined how it expects trustees and scheme managers to comply with their pensions dashboards duties, and the action it'll take if they don't. The message is clear: if schemes prepare properly, tPR is less likely to use enforcement action to ensure they do the right thing. In an article published on tPR's website Nina Blackett, Interim Executive Director of Strategy, Policy and Analysis says, "Act now, so we don't have to." Following the update, David Rich, EPMI, Heywood's Head of Data Propositions, said, "This is not just about enforcement and compliance. This is about avoiding the poor outcomes from not doing the right things in time. Despite all the excellent guidance from tPR, Pensions Dashboards Programme, PASA - Pensions Administration Standards Association CIC and other sources, some may still underestimate the time and effort involved in completing all the steps necessary to prepare for Dashboards. The guidance is clear, as are tPR's expectations. If you are not well on your preparation journey, it's not too late, but you must act now." While the first connection date is approaching, there's still time to review and update your member data. Ready to get started? Visit: https://lnkd.in/eKDG3kRk
Heywood Pension Technologies’ Post
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Make sure you take note of the words used in the below article from The Pensions Regulator regarding data which states ‘Act now, so we don’t have to’ The article highlights the importance of ensuring your member data is fit for presentation to the pensions dashboard. Let Target take this risk away for your business and get your data clean today contact us via info@targetprofessional.co.uk #Dataaccuracy #Compliance #Pensionsdata #Dataquality https://lnkd.in/eJhDKagd
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The September Pensions #dashboard ‘hot topics’ update from The Pensions Regulator informed the industry on how dashboards duties will apply to a change of administrator. In a nutshell, dashboard duties will not cease during the transfer exercise: “Once connected, a scheme must stay connected, in line with the Pensions Dashboards Programme’s standards. There is no additional ‘black out’ period and trustees remain required to meet their dashboards duties while the administrator change takes place." This could prove problematic for many schemes and administrators alike. Here are some things that sprung to the mind of our own Julie Yates, Director of Administration, immediately when she read this: ❓Could this become a major consideration for #Trustees when deciding to transfer #administration to another provider and would it add to the ‘risk’ that is often incorrectly associated with moving provider? This could lead to market stagnation... ❓On the other side of that coin…should Trustees looking to move their administration now rather than after the Scheme’s connection date to minimise further impact and logistical issues? ❓Could this have an impact on the date transitions commence – after the ceding scheme has uploaded value data to the dashboard? ❓Trustees might now have to consider new questions should be asked in tender documents around this. What should they be? ❓Similarly, what questions should be asked by any potential new administrator regarding value data and dashboards when responding to any tenders? ❓What happens if there is a delay in providing value data – how pragmatic approach would the TPR take in terms of compliance and enforcement policy? ❓What will be the impact on implementation? Things like on boarding times, resource, and automotive calculations…. As with all things Dashboard, updates can sometimes feel they pose more questions than they answer. What do you all think? Let us know in the comments ⬇ #pensionsdashboardsweek #pensionsdashboard #pensions The Pensions Regulator
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Average transfer times for defined contribution (DC) pensions are continuing to fall, according to the latest Origo Transfer Index data https://lnkd.in/evitQTw5
Average pension transfer times fall by 18% over 18 months - Professional Paraplanner
https://professionalparaplanner.co.uk
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UK Head of RI | Senior Investment Consultant | 2021 Sustainability Actuary of the Year | Actuarial Sustainability Research and Thought Leadership Sub-comm member | MSc Actuarial Finance | MMath | Mixed-race | Dad
Join our webinar exploring the implications of the New Defined Benefit Funding Code on Tuesday 6 August. https://lnkd.in/df8GR-XQ With the Pensions Regulator due to publish the long-awaited DB Funding Code following the general election in July, we will discuss the final version of the Code and how it will affect DB pension schemes coming into force. Particularly relevant for pension scheme trustees and sponsors with actuarial valuations approaching shortly. Victoria Heard Emma Moore Shelley Fryer Asif Yusuf #aon #pensions #funding #covenant #investment #actuarialvaluation #betterdecisions #definedbenefit #strategy
The New DB Funding Code
contact.aon.com
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In this week's edition of #LCPBulletin, the Pensions Regulator firms up on data requirements for statement of strategy, the Pensions Regulator publishes 2024 scheme funding analysis, Pensions dashboard identity service provider confirmed, and more: https://lnkd.in/eR-p5Yai
LCP Pensions Bulletin 2024/36
lcp.com
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🌟Field Account Manager, LexisNexis Risk Solutions - Helping Clients Mitigate Risk and Increase 📈 Efficiency.
As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications
Your communications don't meet the Pensions Regulator's new code
https://quietroom.co.uk
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Sales Specialist - Risk Intelligence (South Asia) | Driving Risk Management Solutions
As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications
Your communications don't meet the Pensions Regulator's new code
https://quietroom.co.uk
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🌟Field Account Manager, LexisNexis Risk Solutions - Helping Clients Mitigate Risk and Increase 📈 Efficiency.
As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications
Your communications don't meet the Pensions Regulator's new code
https://quietroom.co.uk
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As The Pensions Regulator's new code of practice comes into force, industry experts such as Quietroom are making it clear — pension schemes need to up their communications game; especially establishing how to communicate effectively with vulnerable customers. The first step is getting your existing data in order. Reach out to discuss how LexisNexis Risk Solutions can help you begin that journey. #Pensions #Trustees #PensionCommunications
Your communications don't meet the Pensions Regulator's new code
https://quietroom.co.uk
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Just because you *can* buy-out, *should* you? Steve Deverell-Smith tries to answer this question in our latest blog below, as well as giving a timely reminder of our webinar on Tuesday covering the "myths and reality of run-on": https://lnkd.in/eSpfMAbj
The Pensions Regulator has boldly gone where no pensions regulator has gone before! As TPR opens up the trillion-pound Defined Benefit pensions market to the possibility of scheme run-on as a long-term objective, Steve Deverell-Smith has a big question to ask. Is run-on for the few or the many? Read his latest blog post: https://lnkd.in/d5jtXH4e
Defined Benefit scheme run-on – For the few or the many?
https://firstactuarial.co.uk
