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.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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