Category Archives: BSPS

The impact of banning contingent charging for pension transfers

The end of an era After over three years of mounting pressure, the FCA yesterday announced it would be banning the practice of contingent charging for work on Defined Benefit transfers from October 1st. Although some pipeline cases will conclude … Continue reading

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The FCA bans contingent charging on transfers – 7,700 steelmen to be written to

Here is the decision taken by the FCA on how advice is charged for on DB transfers. It is precisely the position that I had hoped for and will ensure that DB schemes will continue to provide pensions to many … Continue reading

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Resilience.

A different perspective? The FTSE is on sale…… pic.twitter.com/KcdNv0vTG4 — Holly Mackay (@HollyAMackay) March 9, 2020 I am sure Holly’s graphic shouldn’t be taken as financial advice , though some will try to catch a falling knife. We have no … Continue reading

Posted in advice gap, age wage, Blogging, BSPS, Consolation, defined ambition, pensions | Tagged , , , | 3 Comments

Pension transfers- actuaries have nothing to crow about.

I am cross that an established firm of actuaries get on the front page of the FT for kicking IFAs for their advice on pension transfers Mark van den Berghen, principal and senior consulting actuary at Buck, a consulting firm … Continue reading

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Put gallows humour apart – the Jingye deal looks good news for the north-east.

Jingye deal for British Steel expected to secure thousands of jobs https://t.co/lqGTFIob31 — Stefan #Labour:ForTheManyNotTheFew #GTTO (@SZaitschenko) November 11, 2019 There ought to be some gallows humour up at Scunny this morning. After all, the issues British Steel has had, … Continue reading

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Why do DB transfer values make me sick?

One of the things ordinary people find hardest to work out is why their share of a defined benefit scheme can go up when stock markets go down. This happened last month where the stock market fell. But in August, … Continue reading

Posted in actuaries, advice gap, BSPS, FCA, pensions | Tagged , , , , , , , | 8 Comments

Do we have to wait for the car crash, before we mend the road? CP19/25

Around £12bn worth of DB pension pots could have been subjected to poor transfer advice, based on these FCA figures. This is over one year alone. pic.twitter.com/eUPWu8UoL0 — Josephine Cumbo (@JosephineCumbo) July 30, 2019 It is now too late to … Continue reading

Posted in advice gap, age wage, BSPS, dc pensions, de-risking, pensions | Tagged , , | 4 Comments

Have pension freedoms really lost us £4bn?

So many of us warned at the time that pension ‘freedoms’ were a BAD idea. We were right. Ironic then that a former pension minister who so favoured it (annuities bad, cash good) is quoted in this Times investigation bemoaning … Continue reading

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New research shows BSPS transfers driven by fear not greed.

  I have on my google drive a piece of research conducted by one of my friends – a steelworker himself – who was one of the main pillars of support for steelworkers faced with the hard choice of whether … Continue reading

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British Steel – workplace pensions go missing

Maria Espadinha’s  excellent article in the FT’s Advisor clarifies to financial advisers that were Greybull to go into administration, there would be no impact on the new BSPS.  It’s a timely reminder as there will undoubtedly be increased vulnerability amongst traumatised … Continue reading

Posted in advice gap, BSPS, pensions | Tagged , , , , , , | 6 Comments