Atkin trustees, actuaries, consultants & administrators

Current Issues - February 2017

Pensions for unmarried partners: The Supreme Court has ruled that the Local Government Pension Scheme for Northern Ireland discriminated against an unmarried partner of a deceased member and that they should have been paid death benefits despite not being married. Whilst this ruling is unlikely to have an immediate impact on pension schemes outside of the public sector, there may be societal pressure for pension schemes to provide any surviving cohabitee with a pension.

Data Protection: The General Data Protection Regulation (GDPR), applies across the EU from 25th May 2018 and the UK is likely to still be part of the EU when it comes into force. Therefore, Trustees and sponsoring employers should prepare now. The majority of GDPR's core principles are much the same as those in the current Data Protection Directive and therefore, if you are complying with the existing regulations, DPA 1998, the successful implementation of this new Directive should not be too onerous. To assist businesses with their preparations, ICO have issued a 12 step checklist. (https://ico.org.uk/media/1624219/preparing-for-the-gdpr-12-steps.pdf)

Actuarial fees: Kim Gubler Consulting have published their 7th actuarial fee survey which shows that fees are increasing across the board with significant increases seen at the lower end of the fee scale, although this also been accompanied with an increase in the number of services being provided. A copy of the survey can be found here. (http://www.kgcassociates.com/surveys/)

We are also able to provide indicative quotes if you would like to benchmark your costs

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