Workers at EDF Energy have backed a deal negotiated by GMB and Unison which allows new entrants access to a defined benefit (DB) pension scheme.
The agreement - covering some 13,000 employees according to Unison- is the result of months of negotiations with unions. Last year GMB discovered EDF was planning to cap pensionable salary increase...
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