The Port of Tyne dropped its appeal in the long-running Pilots' case due to "insufficient support" from other harbour authorities to justify the risk involved.
The case revolves around who is liable for the £300m deficit of the Pilots' National Pension Fund - an occupational scheme for marine pilots which is unusual because most of the members were self-employed....
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