Employers taking on business transfers could be on the hook for unexpected life assurance benefits, thanks to a quirk in Transfer of Undertakings (Protection of Employment) regulations.
Bluefin head of technical and marketing Robin Hames said a 2005 change in the definition of occupational pensions - to exclude schemes providing only benefits on death in service - has had unintended consequences....
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter