Working group launches pilot to speed up pension transfers
By Jean-Baptiste Andrieux 19
th May 2021 12:22 pm
ViaNova Working Group is launching an initiative to automate pension transfers for corporate schemes and master trusts.
The launch will be done in collaboration with TISA Exchange (TeX) with the pilot set to process live transfers in early Autumn 2021.
They will pilot automated pension transfers using ISO 20022 messaging standards.
It aims to reduce costs for all participants, while improving effiency and reducing risk.
The pilot will involve pension administrators Willis Towers Watson, Capita, Barnett Waddingham, and Mercer.
TeX chair David Moffat said: “We are really pleased to be a part of this pilot and to be able to support improvements in the industry to better serve pension administrators and the end customers.
17
th May 2021 8:58 am
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All change
Standard Life Aberdeen (SLA) has been on the hunt for a new chief executive of its personal wealth business since the departure of Julie Scott from advice arm 1825 in February of this year.
Noel Butwell has held the role on an interim basis since then, in addition to his day job as chief executive of the firm’s adviser arm.
But this morning came the news that SLA has found what it’s been looking for with the appointment of Caroline Connellan.
By Venilia Amorim2021-04-26T08:03:00+01:00
Steve Webb, partner at LCP and the UK’s former pensions minister, has published a report – The ski slope of doom - is this the most worrying chart in pensions? – which claims that the incomes of newly retired workers are set to fall at a much more dramatic rate in the coming decades than had previously been thought.
The report found that for those working in the private sector, the decline of traditional “final salary” type pensions is more rapid than previously thought and that the rise of new “pot of money” workplace pensions will take longer to make a real impact than previously assumed.
LCP: DC cannot bridge the gap DB will leave; men to feel the pinch
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Webb: We have been living in a fool s paradise when it comes to incomes at retirement.
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Professional Pensions is holding the second part of its defined contribution (DC) conference next Tuesday (27 April) between 9:30am and 11:45am.