Insurance companies now account for 6.5% of all UK defined benefit (DB) pension scheme liabilities following another record year for risk transfers.
Figures from Hymans Robertson showed insurers managed the risk associated with £110bn worth of liabilities after £38bn was insured in 2014 - over twice as much as the previous year. There was a flurry...
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