View more on these topics

Admin switch leaves Now: Pensions members uninvested

Now: Pensions failed to invest some members’ contributions for at least six weeks, Money Marketing can reveal.

Between 11 December 2014 and 31 January 2015, the firm switched to using JLT Employee Benefits as its administrator instead of Equiniti Paymaster.

Around 400 employers, representing 200,000 savers, were locked out of the scheme’s systems during a “blackout” while the migration was carried out.

As a result of the transition, some members’ contributions were not invested.

Now: Pensions says it carried out analysis which found anomalies in a “small number” of clients’ data. This meant in some cases where employers did not submit contributions in the correct format, money had to be returned until the issue was corrected.

The provider would not say how many members were affected.

Rowley Turton director Scott Gallacher says: “If it’s corrected and backdated it’s unfortunate but no harm no foul, but if people have lost out that’s less than ideal.

“Individually it’s not going to be large amount but it undermines confidence in the pensions industry. We are still getting teething problems and the mass of small and medium employers have not yet been enrolled, so the problems could get worse.”



HSBC Global AM recruits LGIM passives head

HSBC Global Asset Management has hired Joseph Molloy as head of passive equity, taking him from Legal & General Investment Management. Molloy, who started the new role earlier this month, is based in London and reports to deputy chief investment officer for equities Vis Nayar. He was previously LGIM global head of index equities. Molloy will be […]


Oil prices ‘unlikely’ to return to previous highs

Oil prices dropped around a percentage point in early Asian trading after Saudi’s Opec governor said it would be hard to recover to previous oil price highs. Saudi’s Opec governor Mohammed al-Madi believes that hitting the $100 to $120-a-barrel mark again would be “difficult”, the BBC reports. He also said Saudi Arabia would not ’unilaterally’ cut its output to […]


Pension Wise access details confirmed

The phone number for Government-backed guidance service Pension Wise has been confirmed just two weeks before the pension freedoms come into force on 6 April. People eligible for the service can call 030 0330 1001 to book an appointment either face-to-face through Citizens Advice or over the phone with The Pensions Advisory Service. Guidance providers […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm