Phoenix group has closed its defined benefit pension schemes to future accrual to limit future costs and volatility relating to the funds' deficit.
In its interim results, published today, the firm - a specialist manager of closed pension funds - said the closure of the DB sections of the Pearl Staff and PGL pension schemes had resulted in a £10m...
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