We’re thrilled to bring you our September newsletter, with an overview of some of the recent pension updates over the summer and exciting news from within L&P Systems. Enjoy the read!
Exciting News: Shortlisted for the Irish Pension Awards 2024!
We are thrilled to announce that we have been shortlisted once again for an award at the Irish Pension Awards 2024!
The Irish Pension Awards, organized by European Pensions, celebrate excellence, innovation, and achievements within the Irish pensions industry.
This year, we are honored to be nominated again for Pensions Technology Provider of the Year—a category that recognises the top providers of cutting-edge technology solutions for pension schemes and their members.
This nomination highlights the relentless effort and innovation our team puts into creating top-tier, secure, and user-friendly technology solutions for the pensions industry. We couldn't be prouder of what we've accomplished together and are immensely thankful for the continued trust and partnership of our clients.
New Team Member
We’re delighted to introduce Charlotte McKay as Senior Communications and Systems Consultant, the newest member of the L&P team. Charlotte brings a wealth of experience in the pensions industry, having successfully led system implementations and managed administration and IT teams to optimize pension administration processes. Her expertise and dedication will be a great asset to our continued growth and innovation. Welcome, Charlotte!
Team Member Spotlight
We are proud to announce that one of our team members, Rachael Yates, successfully competed in the Liverpool Pretty Muddy 5k 2024, raising money for Cancer Research.
It was a tough course to go around, with obstacles along the way, but Rachael and her team of friends managed to complete it, all with a smile on their faces.
All money raised goes towards finding cures that help save lives. If you would like to donate please follow this link.
UK Pensions Dashboards: A Brief Update
As the Pensions Dashboards Programme continues to develop, several key updates have emerged that are crucial for pension providers:
Connection Deadlines: The programme has emphasised the importance of preparing for upcoming connection deadlines. Pension providers must ensure their systems and data are ready to integrate seamlessly with the dashboards, enabling smooth and secure access for members. For more information refer to the Code of Connection, V1.1
Data Standards and Specifications: Recent updates have refined the data standards and technical specifications required for connection. These standards are essential for maintaining the integrity and security of the data shared with the dashboards, ensuring that members receive accurate and reliable information. For more information refer to the Technical Standards, V1.1
User Testing and Ecosystem Development: Ongoing user testing is helping to refine the dashboards' interface and functionality. This ensures that the ecosystem supporting the dashboards is robust, user-friendly, and ready for full public rollout.
The Pensions Regulator Update: On 5th September 2024, TPR published their Compliance and Enforcement policy, providing information to occupational pension schemes in respect of their duties under the Pensions Dashboards Regulations 2022.
We're closely monitoring these developments to ensure our software solutions remain aligned with the latest requirements. Pension Master offers integrated tools for core data checks, cleansing, and precise data loading, helping you stay dashboard-ready.
Don’t miss Pensions Dashboards Week 2024 (23-27 September), featuring webinars from industry leaders on key dashboard topics. These sessions are a great opportunity to learn more about dashboards and understand how we can all work together to achieve the end goal.
For more detailed updates, you can visit the Pensions Dashboard Programme Website
Important Update on Ireland’s Auto-Enrolment Scheme
Ireland's new Automatic Enrolment Retirement Savings System is expected to begin enrolling members in early 2025. This initiative is designed to increase pension coverage for workers who currently lack access to pension schemes.
Key Points:
Legislation Passed: The Automatic Enrolment Retirement Savings System Bill 2024 was signed into law in July 2024. Employers is expected to start enrolling eligible employees from early 2025.
Dual Systems for Employers: Employers may need to manage both existing pension schemes and the new auto-enrolment system. Some are considering extending their current schemes to include un-pensioned staff.
Employee Contributions: Contributions will start at 1.5%, increasing every three years to 6% by Year 10, with both employers and the State contributing.
What You Need to Know:
For Employers: Prepare your systems for auto-enrolment by January 2025. This includes updating payroll systems and managing dual pension schemes.
For Employees: The new system provides an easy way to save for retirement, with significant contributions from employers and the State.
Need Help?
Our pension systems have successfully supported the implementation of auto-enrolment legislation in the UK, and we are well-prepared to assist you with the upcoming changes in Ireland.
Whether you are considering integrating un-pensioned staff into your existing scheme or preparing for the new auto-enrolment requirements, we are here to help. Planning ahead will ensure a smooth transition and compliance with the new legislation.
For more details, visit the official government page on Auto-Enrolment.
Key Highlights from the King's Speech on Pensions
The King's Speech in July 2024 introduced the latest Pension Schemes Bill, which continues the efforts initiated by the previous government. This Bill addresses key areas such as the consolidation of small pension pots, ensuring value-for-money in pension schemes, and requiring pension schemes to offer retirement income solutions instead of just savings pots. It places new duties on trustees to provide default investment options and solutions that help deliver a sustainable pension income, rather than simply accumulating savings.
Labour Government's Pension Policies
The newly appointed Labour government has made it clear that while there will be some continuity in pensions policy, particularly around investment in UK assets and consolidation, there are also new initiatives in the pipeline. Labour plans to increase investment from pension funds into the UK economy, improve outcomes for savers, and address climate change through pension fund investment strategies.
Additionally, Labour has reaffirmed that it does not intend to reinstate the lifetime allowance, providing some relief to pension savers. Importantly, the Labour government has confirmed that the triple lock on State Pensions will remain in place, ensuring that pensions increase annually by the highest of inflation, wage growth, or 2.5%.
For more detailed information, you can read a summary of Labour's pension policies on the Labour Party's official website.
Thank you for reading our September update!
Contact Us:
Email: info@lpsystems.com
Phone: +44 (0)151 255 1553
Website: www.lpsystems.com
We look forward to hearing from you!
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