The Financial Conduct Authority (FCA) has fined Pembrokeshire Mortgage Centre (PMC) Limited, currently in liquidation, £2,354,331 for unsuitable advice to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes.
The firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to transfer out of their DB scheme. Overall, 93 per cent were advised to transfer, with PMC earning over £2m in transfer and ongoing advice fees
The Musicians’ Union Permanent Officials and Staff Pension Fund has completed a £13m full scheme buyout with Aviva, securing the defined benefit (DB) liabilities for all members of the scheme
Funding for a scheme with a fully hedged strategy would have fallen from 80 per cent to 69 per cent between January and October 2022, according to a new self-sufficiency index from Broadstone, the Sirius Index
The Pension Protection Fund (PPF) has updated its actuarial factors earlier than expected due to rising interest rates