The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Countdown Bulletin 24 - March 2017 28 March 2017
This countdown bulletin provides important guidance and information to pension scheme administrators about the ending of contracting-out.
The countdown bulletins are produced by the National Insurance Services to Pensions Industry (NISPI).
The latest Countdown Bulletin includes information on:
Timeline for submitting queries - important information Scheme Reconciliation Service (SRS) -'queries raised and resolved' Automation of SRS queries Scheme reconciliation hint and tips State Scheme Premium (SSP) payments.
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PLSA launches LGPS Employer Guide outlining best practice 31 March 2017
The Pensions and Lifetime Savings Association (PLSA) has launched the second in a series of guides aimed at helping new and participating employers in the Local Government Pension Scheme (LGPS).
A guide for employers participating in the LGPS: Best practice
The guide aims to give an overview of the financial commitments, administrative responsibilities and regulatory requirements that employers face once they have joined. With an impressive 11% increase in membership of the £217bn scheme between 2014 and 2015 1 , helping new employers navigate the LGPS is becoming more and more crucial.
Joe Dabrowski, Head of Governance & Investment, Pensions and Lifetime Savings Association, commented:
“The last few years has seen an increasing number of scheduled 2 and admission bodies joining the LGPS, driven in particular by the conversion of many schools into academies. It’s often not made clear to them why they’re joining the scheme, which can make employer engagement difficult for the LGPS. This can result in new employers underestimating their obligations, particularly with regards to data requests. In order to help both the LGPS and new members of the scheme we have released the second in our series of LGPS guides 3 . The new guide aims to explain what is required of employers in simple terms, offering explanations of pension terminology where necessary.”
Visit the PLSA website for further details.
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Pensions Dashboard prototype delivers on its promises 4 April 2017
The cross-industry project to design a prototype system, which should one day allow people to see all of their pension savings and entitlements in an online place of their choosing, has been delivered on time and demonstrated to government Ministers. The Pensions Dashboard prototype project, managed by the Association of British Insurers (ABI) on behalf of HM Treasury, has co-ordinated the efforts of around 80 people from seventeen pension firms and six technology companies, with input from government, regulators and independent industry experts.
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