News in brief - 17 September 2021

The Pensions Administration Standards Association (Pasa) has unveiled its ‘Jargon Buster’ reference guide for the industry.

The guide, which has been compiled by the eAdmin Working Group, looks to support administrators, trustees, pension managers and sponsors by breaking down complex language technology terms, their relevance to pensions and providing a commonly used definition. Areas covered by the guide include data storage, information security, user experience and open banking.

Research by Penfold has revealed that 61 per cent of Brits are not confident the value of their pension pot will be enough to live on.

The research also found that over a third (37 per cent) did not know how much they had saved to date. Penfold said this dearth of knowledge and confidence was due to a lack of technological innovation in the pension space and argued that its new app would allow users to quickly and confidently access their pension, adding that simple processes such as payroll integration help employers manage pensions more efficiently.

Gazelle MT has launched a new covenant assessment product for defined benefit (DB) pension schemes.

The financial modelling firm said the Defined Benefit integrated Covenant Assessment Model (DBiCAM) is a fully integrated pension risk model to benchmark covenant risk, designed to help trustees and employers make more informed decisions about risks to member benefits. The company said would be ideal for smaller schemes with expense constraints and those that require regular covenant monitoring.

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