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L&G move to speed up admin on DB to DC

Legal & General has set up a bulk data transfer service that

helps pension scheme trustees and their advisers cut the time it

takes to wind up a finalsalary pension scheme.

L&G says the service is designed for winding up and switching

final-salary pensions to money-purchase schemes. It says the service

halves the admin time by capturing data from an existing staff

database, cutting out the risk of errors on data transfer.

The disk is designed around an Excel format and includes a checklist

to ensure that all data is included as well as a glossary of

technical terms. L&G has also set up a dedicated support helpline

offering help using the disk.

L&G says it anticipates a tide of switches from final-salary

schemes to defined-benefit schemes to continue, regardless of the

proposals contained in the Government&#39s Pen-sions Green Paper.

Director (pensions marketing) Andy Agar says: “Winding up a company

pension scheme is in itself complicated enough. Hist-orically, this

has been in paper format, which is ext-remely time-consuming, and the

manual data processing increases the risk of errors.”

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