News in brief - 5 July

The British Medical Association (BMA) has launched a pension modeller allowing consultants to calculate future annual allowance charges.

Doctors will be able to calculate the charges they may face on their pension growth as a result of the annual allowance and tapered annual allowance tax rules. Members will also be able to calculate any scheme pays charges and determine how to move in and out of their scheme to maximise pensions. The launch of the modeller comes after repeated warnings from the BMA of the “damage that punitive pension rules are having on doctors working in the NHS”.

Nest Insight has announced Invesco as a major strategic partner to support their research.

The partnership builds on a strong track record of defined contribution research, as well as its existing partnership with the University of Cambridge Judge Business School. Invesco follow Vanguard who were announced as Nest Insight’s first strategic partner in 2017. The research arm of Nest works to ensure that the data it holds from its 8 million strong membership is available to the global academic, financial services and public policy community.

Clara Pensions has been named the first Pensions Administration Standards Association (PASA) consolidator member.

PASA chair, Kim Gubler, said: “Consolidation continues to develop as a pathway for schemes who want to maximise member outcomes, and with this development comes the potential for administration complexities. The industry waits with anticipation as these new solutions are put into practice and many are eager to see results. It is encouraging then to see organisations such as Clara proactively engaging with their administration and taking their responsibility to members seriously.

“Establishing open dialogue and communication with different areas in the industry, means we can drive more genuinely valuable and practical solutions to the challenges impacting the administration market.”

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