One thing you can be sure of is that there is no shortage of pension updates hitting your inbox on an almost daily basis – updates we don’t always get round to reading. Here at Spence we like to be helpful so to save you time, the team have scoured the news and developments which have impacted the pensions world in the last quarter and produced an update of the most topical, newsworthy and essential matters that you need to see to keep you updated and informed.
This quarters highlights include
- 5 investment questions to ask post Brexit.
- We are still in Europe so how does this affect risk assessment frameworks?
- Gilt yields have been detrimentally effected by Brexit but what does this mean for transfer values and funding?
- We explain HMRC’s latest announcement on VAT and pension schemes.
- What’s been happening with the Pensions Ombudsman and in the Court?
- Governance has been tightened up for DC Schemes. We explain how.
Read more »
The Pensions Ombudsman appears to have adopted a pragmatic and flexible approach in dismissing case PO-5688 regarding delayed settlement of a transfer value payment..
Mr David Brackley, a member of the Travel Automations Systems Retirement Benefits Scheme, complained that Capita (then Bluefin), the Scheme’s administrators, unreasonably delayed the provision of a transfer quotation and the subsequent processing of his request to transfer. While The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (SI 2008/1050) may not be this year’s stocking-filler, it offers the statutory timescales to complete a transfer value payment. To recap, trustees must provide the cash equivalent transfer value within three months, and then the member has three months (from a guarantee date) in which to accept. The member is then required to confirm acceptance in writing and the transfer value must be paid within six months of the guarantee date. Read more »
Wikipedia has no entry for “Improvisational Pension Scheme Administration Standards”. I know because I’ve just checked, to save you the trouble. Improvisational Theatre – yes! Improvisational Comedy – yes! Improvisational Pension Scheme Administration Standards – No!
An element of the recent Pension Ombudsman decision in the case of Mr Philippe Pollet v Optimum Capital Limited (“OCL”), together with some earlier Ombudsman decisions, suggests that Wikipedia is in need of such an entry. Read more »
Having heard quite a lot of positive feedback regarding the Future Influencer events from my colleagues, Spence’s recent event on Thursday 21 May was my opportunity to finally find out what all of the fuss was about! One of Waterloo’s Alice in Wonderland inspired rooms was the venue for the event. From the giant Alice figurine which greeted us at the entrance to the miniature elevator in the corridor; this venue has to be seen to be believed.
Following some delicious sausage and bacon breakfast rolls (I bypassed the healthier option of yoghurt and granola), Spence’s Christopher Shortt kicked off the event presenting on The Power of Automation. Christopher’s detail on the process of automation and issues faced in the short and long term prompted his question to the audience of what the biggest factor scheme’s considering automation have to consider? Of course, it is the cost involved, and Christopher highlighted how the benefit from automation in the long term should certainly outweigh the short term cost involved. Spence’s in-house administration and actuarial automated system, Mantle was then the topic of conversation as the Future Influencers were keen to find out how user friendly the system was to the layman and also how the system could possibly deal with uncertainties such as discretionary pension increases. Click here to view Chris’s presentation. Read more »