Members of the BT Pension Scheme (BTPS) will have their defined benefit (DB) pensions protected following the separation of the Openreach business.
The deal comes after months of negotiations between BT, Openreach and Ofcom to deal with competitor concerns that BT was too dominant in the market. BT had previously argued 300,000 members' pensions...
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.