Written by Professional Pensions
The industry has recognised the need to simplify and speed up transfers for some time. Research carried out by Professional Pensions over the summer found that two thirds of pension trustees and professionals believe the current system is not good enough. The main complaint is that there is no standard for members, administrators and trustees to rely on when dealing with transfers of pensions. Old technology, patchy regulation and the segmentation of the industry confuses all the parties involved.
UK finance is changing forever. Sweeping reforms promise a new era for the sector: one that’s more open, more regulated and, potentially, far more collaborative. All this is very good news for SMEs.
It may be a while before pension funds ask their asset managers whether they use blockchain, says Ben Cocks
2017 proved quite an eventful year, with an increase in the number of participants and the volume of transfers.