Tata Steel's proposal to close the British Steel Pension Scheme (BSPS) and replace it with a defined contribution (DC) plan has been accepted by steelworkers.
In a consultative ballot, more than 70% of members from three unions accepted the plan to close the defined benefit (DB) scheme to future accrual. It also includes a new DC scheme with 10% maximum employer...
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.