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Exclusive: Pre-97 indexation reform set to push T&N Pension Scheme into PPF


By Natalie Tuck

The Turner & Newall (T&N) Retirement Benefits Scheme (1989) is expected to enter the Pension Protection Fund (PPF) after spending 20 years in assessment, due to upcoming changes to the lifeboat fund’s indexation rules.

The move follows the introduction of the Pension Schemes Act in April, which will allow the PPF and the Financial Assistance Scheme (FAS) to pay annual inflation increases of up to 2.5 per cent on benefits accrued before 1997, where members had a right to such increases under their original scheme rules


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TPR urges trustees to resist undue pressure from employers on DB surplus release

The Pensions Regulator (TPR) has warned trustees not to come under undue pressure from sponsoring employers over defined benefit (DB) surplus release decisions, as it issued new guidance on the forthcoming surplus flexibilities

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FCA and TPR seek closer alignment on guided retirement and targeted support

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have stressed the importance of closer regulatory alignment on retirement support reforms, arguing that guided retirement and targeted support should work together as part of a single member journey

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Industry welcomes DB surplus reforms but warns trustees face difficult balancing act

Industry experts have broadly welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) surplus release regulations, although several have warned that trustees will face complex decisions around member protections, governance and long-term funding security

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DC now ‘dominating’ FTSE 350 companies’ pension spending as employer contributions fall

Companies in the FTSE 350 have seen their pension spending ‘conclusively’ shift away from defined benefit (DB) to defined contribution (DC) schemes, with DC now dominating firms’ outlay on pensions, a report from WTW has found

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FRC to develop actuarial guidance on new surplus release rules

The Financial Reporting Council (FRC) will develop technical actuarial guidance to support scheme actuaries in ensuring that defined benefit (DB) pension surplus release to employers meets legislative requirements

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‘Risk corridors’ present new challenge for insurers and pension schemes – IFoA

Physical and institutional ‘risk corridors’ are reshaping the way risk emerges and spreads through the global economy, presenting a new challenge for insurers and pension schemes, according to the Institute and Faculty of Actuaries (IFoA)

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DWP launches consultation on DB surplus release regulations

The Department for Work and Pensions (DWP) has launched a consultation on draft regulations that would allow trustees of well-funded defined benefit (DB) pension schemes to release surplus funds to sponsoring employers
DWP to remove overseas investment amber flag as part of pension transfer changes

The government has launched a consultation on measures to strengthen protections against pension scams and reduce transfer delays, including proposals to remove the overseas investment amber flag and make it easier to transfer to 'reputable' schemes
Government to publish updated pensions roadmap 'shortly' - Bell

The government is set to publish an updated pensions roadmap "shortly", Pensions Minister, Torsten Bell, has revealed, as the industry prepares to implement reforms introduced by the Pension Schemes Act
Industry welcomes pension transfer proposals but calls for guidance

The pensions industry has welcomed the Department for Work and Pensions’ (DWP) consultation on changes to pension transfer regulations, but warned that guidance is needed to ensure a consistent approach

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Resolution Foundation proposes ‘smoothed’ earnings link to replace ‘unsustainable’ triple lock

The Resolution Foundation has called for the state pension triple lock to be replaced with a ‘smoothed’ earnings link, warning the current policy is fiscally unsustainable
Smart Pension surpasses £10bn AUM

Smart Pension has surpassed £10bn in assets under management (AUM), meeting the government’s first ‘scale test’ ahead of the 2030 timeframe


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