Independent review recommends changes following BSPS scandal

An independent review of communications and support given to British Steel Pension Scheme (BSPS) members has detailed a series of recommendations to improve the pension restructuring process in the future.

The report, conducted by former Money Advice Service CEO Caroline Rookes at the request of The Pensions Regulator (TPR), stated that “the mere fact of giving so many members a choice led to a very complex and for some overwhelming situation which caused stress and uncertainty as well as potential financial loss"

Govt grants Nest £329m safety net

Nest has been granted a contingent liability guarantee of £329m by the government in respect to its master trust authorisation application

FTSE 100 DB schemes increase bond allocation

The aggregate FTSE 100 DB pension scheme allocation to bonds rose to 66 per cent, as of 30 June 2018, up from 63 per cent on 30 June 2017, JLT Employee Benefits has revealed

Now Pensions grilled by MPs over investment returns

Pensions provider Now Pensions has blamed trustees’ decision to currency hedge for its poor investment returns, after facing an awkward line of questioning from the Work and Pensions Select Committee

Other News Stories...

Govt consultation seeks to ‘tidy up’ controversial ‘clawback’ practice

The Department for Work and Pensions (DWP) has launched a consultation aimed at “tidying up” the way schemes operate integration, also known as clawback, to bring it in line with the rising state pension age

Guy Opperman 'cagey' on impact of Pension Credit change

Pensions Minister Guy Opperman has responded 'cagily' to a question asking whether the Department for Work and Pensions (DWP) had made an assessment of the effect on mixed-age couple the changes to eligibility for Pension Credit will have

Financial bodies respond to BSPS review

The Pensions Regulator (TPR), the Financial Conduct Authority (FCA) and the Single Financial Guidance Body (SFGB) have “welcomed” the independent review by Caroline Rookes into the British Steel Pension Scheme (BSPS) scandal

200,000 parents risk missing out on state pension – HMRC

More than 200,000 parents risk missing out on their future state pension entitlements in families where one parent does not work due to childcare commitments, HMRC has warned

PPF purple trends
Laura Blows speaks to the Pension Protection Fund's chief financial officer Andy McKinnon about the latest version of the PPF's Purple Book


Latest Features

Slow burner

There has been a gradual improvement in the reputation of pensions among the general public. But more needs to be done to win back the trust of cynical cohorts of the population

New rules

Sunniva Kolostyak explores the upcoming implementation of the IORP II Directive, how the UK will implement this European regulation in the shadow of Brexit, and the extent of the impact the directive will have on pension schemes

Looking through the crystal ball

With experts predicting that 2019 will be even more volatile for markets than 2018, due to geopolitical events, Lynn Strongin Dodds looks at what the New Year might bring, and the asset classes pension schemes should consider

Trustee Guide 2019: The complete picture

Featuring:

• The evolution of pension trusteeship

• How trustees should prepare for bulk-annuity transactions

• How trustees can help members understand their options

• Five ways trustees can improve their pension administration

• Company profiles

Patience is a virtue

Patient capital in the pensions landscape is what most have been waiting for, so aſter the Chancellor’s recent Budget announcement that the government will look to open up DC pension pots into illiquid investing, what will this look like? And will it stand the test of time? Theo Andrew investigates

Difficult decisions

Pensions Age asks for your examples of challenging death benefits

cases

Climbing up or sliding down?

Between 2010 and 2015 changes to the pensions system were high on the political agenda, but since 2016, with the status of Pensions Minister downgraded and more radical reform seemingly delayed indefinitely, it seems to have slipped down the agenda. David Adams asks how and why that might change in future

Pensions in 2019

Pensions could be on the brink of something special in 2019, and with a number of high profile initiatives in the wings (in spite of the political turmoil), Pensions Minister Guy Opperman is hopeful that a bumper pensions bill could make them a reality. Theo Andrew looks ahead for the year

Not so new

Iona Bain talks about Next Gen’s efforts to ensure that younger people in the pensions industry are no longer a novelty

Data is the name of game

Jack Gray talks to the chair of the Pensions Administration Standards Association (Pasa), Kim Gubler, about the importance of available and accurate data, how technology can improve pension administration and what the future holds for Pasa

The butterfly effect

With strikes, protests and corporate insolvencies making frequent headlines, Joe McGrath investigates the impact DB pensions have on companies and the public sector, beyond the financial burden, and asks whether members are aware

More than words

Laura Blows explores how words used can trigger an emotive response, and how the pensions industry can use this to its advantage within its communications


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PPF purple trends
Laura Blows speaks to the Pension Protection Fund's chief financial officer Andy McKinnon about the latest version of the PPF's Purple Book
Bridging the gap
Pensions Age speaks to NEST’s director of strategy, Zoe Alexander, about tackling the gender gap within retirement income provision
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