Target Professional Services (UK) Ltd’s Post

Our Interim Executive Director of Strategy, Policy and Analysis, Nina Blackett has written a blog on pensions dashboards. In a landscape where automatic enrolment means more people start saving sooner, and may end up with multiple pots, it is vital they can find a complete picture of their pensions in one place. We believe in that vision, and we will do what we must to deliver it. That’s why this week we set out how we expect trustees and scheme managers to comply with their pensions dashboards duties, and the action we’ll take if they don’t. Our goal is to help schemes take the right steps now, so they are ready with the right data, ready for the dashboards switch on, ready to help make a significant impact on the saving outcomes of millions of people. https://ow.ly/AXEy50TgbXM

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

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

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

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

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

Earlier today the Financial Conduct Authority published their 100+ page policy statement on the regulatory framework for pensions dashboard service firms. Pensions dashboards will allow consumers to find their pensions and view basic information about them in one secure place. Earlier this year, the Government changed the law to bring the new activity of operating a pensions dashboard within the FCA’s regulatory remit, meaning that a firm wishing to operate a dashboard must be or become FCA authorised, get their permission to undertake the new regulated activity and meet their requirements. The policy statement published today summarises feedback to a previous consultation on the subject as well as the FCA's response to that feedback. Policy statement: https://lnkd.in/eSB2VXpx #pension #pensions #dashboards #retirement #SPP #regulation #pensiondashboards

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

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

PASA - Pensions Administration Standards Association CIC has published Guidance on Data Presence versus Accuracy. This Guidance explains why data shouldn’t only be present and accurate. It considers what accurate data is, what trustees should do to improve their data accuracy and suggests steps to ensure data accuracy is maintained. Louise Donohue, Heywood Chief Operations Officer and part of the PASA Data Working Group commented: "Just because it’s there, doesn’t mean it’s right. This is really useful guidance from the PASA Data working group, reinforcing the need to make sure your data is accurate and stays that way. This is more important than ever with pensions dashboards on the horizon." Read the full update here: https://lnkd.in/ey7x7n7v