Recent developments at Lloyds Banking Group (LBG) demonstrate the "two futures" of DB provision that could be solved with defined ambition (DA) proposals, pensions minister Steve Webb says.
Last week, LBG confirmed staff transferring to TSB when it is sold in 2014 will not be provided access to a DB scheme. Employees will instead receive a "compensation" cash payment of 27.5% of annual salary...
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.