british steel
Old British Steel scheme completes £2bn buy-in with PIC
The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.
Trustees told to step up as FCA contingent charging ban takes effect
Trustees are set to have an increased duty of care to ensure employees and members make informed choices when accessing their pension, according to Wealth At Work.
PFS warns of post-lockdown pension transfer request 'spike'
A potential surge in pension transfer requests as a result of the economic fallout from lockdown could see demand for advice rocket, putting increased pressure on the profession, the Personal Finance Society (PFS) has warned.
Ombudsman rejects complaints against British Steel trustees
The Pensions Ombudsman (TPO) has rejected a number of complaints from members of the embattled and collapsed British Steel Pension Scheme (BSPS).
What pensions restructuring challenges have arisen over the past year?
Taylor Wessing has published a report gauging industry views on challenges associated with pensions restructuring. Kim Kaveh explores the findings
DB trustees urged to engage with advisers to avoid 'reputational damage'
Pension scheme trustees should actively engage financial advisers if members are looking to transfer out of their defined benefit arrangements and washing their hands of the process does not eliminate risk, a study has found.
British Steel staff positive on Chinese buyout plans after pension collapse
A lifeline for British Steel in the form of a Chinese buyout would have positive implications for its workers caught up in its defined benefit (DB) pension transfer scheme saga.
Five stories you may have missed this week
This week's top stories included TPT Retirement Solutions consolidating the £30m Hinckley and Rugby Building Society's defined benefit scheme, and Guy Opperman becoming the second-longest serving pensions minister.
British Steel adviser now linked to Trinity Mirror pension scheme members
British Steel financial adviser and former managing director of Active Wealth UK Darren Reynolds advised a group of people from the Trinity Mirror pension scheme to transfer out of their defined benefit (DB) pensions.
Dashboards 'need legal duty' to put savers' interests first
Savers could be at risk if no legal duty to put their interests first is placed on commercial pensions dashboards, The People's Pension has warned.
Five stories you may have missed this week
This week's top stories were the British Steel review concluding that trustees "need professional help" on communications, and Smart Pension absorbing £12.5m Corporate Pensions Trust.
PPF's funding ratio rises to 122.8% despite challenging year
The Pension Protection Fund has seen its funding level improve by 1.2 percentage points, after enjoying above target returns in a year when it took on pension schemes of big corporates like Carillion.
TPR estimates 100,000 DB transfers in 2017/18
Some 100,000 defined benefit (DB) transfers took place in the 2017/18 financial year, according to estimates by The Pensions Regulator (TPR).
New BSPS 'up and running' for over 80,000 members
Steelworkers are set to receive their first payments today from the new British Steel Pension Scheme (BSPS), which is now in full operation for over 80,000 employees.
Melrose pledges £1bn to GKN schemes as part of final offer
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
TPR 'right' to name and shame non-compliant AE schemes
The Pensions Regulator (TPR) has taken the right approach by naming and shaming schemes that fail to meet their obligations under auto-enrolment (AE), according to this week's Pensions Buzz survey.
Have your say: Is TPR right to name and shame non-compliant schemes?
In this week's Pensions Buzz, we want to know if The Pensions Regulator (TPR) is taking the right approach by naming and shaming schemes which breach their auto-enrolment (AE) duties.
Five stories you may have missed this week
This week's top stories included The Pensions Regulator naming schemes and trustees for chair's statements failures, and coverage of the final day of the Box Clever case in the Upper Tribunal.
WPC urges FCA to ban contingent charging for pensions transfer advice
The Work and Pensions Select Committee has urged the FCA to ban the use of contingent charging for pension transfer advice in its latest report into the British Steel Pension Scheme (BSPS).
Steelworkers left to fend for themselves 'while Rome burns', Field's committee says
Ensuring British Steel workers were well-equipped to make a decision on their future pension provision was "afforded insufficient priority", and the regulator now needs to review the process, the Work and Pensions Committee (WPC) has said.
Pensions Ombudsman investigating 150 British Steel complaints
The Pensions Ombudsman is investigating a group of more than 150 complaints about transfer values from British Steel Pension Scheme (BSPS) members.
Thousands of steelworkers to fall into PPF after failing to return paperwork
More than 25,000 steelworkers did not return their 'options forms' and as a consequence will remain in the current British Steel Pension Scheme (BSPS) for now, to move into the Pension Protection Fund (PPF) at the end of March.
Of Steel, Freedom and Choice
Andrew Warwick-Thompson says in Port Talbot we are witnessing the detrimental impact of extending Freedom and Choice to DB schemes
Field seeks assurances on protecting British Steel members
Frank Field MP has written to The Pensions Regulator (TPR) seeking information about how members' benefits will be safeguarded in the new British Steel Pension Scheme (BSPS).
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