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Category Archives: BSPS
The breach of trust the FCA has yet to address
The MP’s Nick Smith and Stephen Kinnock held a press conference yesterday to remind the FCA that 3 years after the hard closure of “Time To Choose” , steelworkers are still waiting for something to happen by way of compensation … Continue reading
Why Steelworkers should question this pension buy-out.
News that Pension Insurance Corporation (PIC) has rescued those former members of the British Steel Pension Scheme who are currently in the PPF assessment period has been widely promoted by PIC’s financial PRs and got some favourable coverage in … Continue reading
Posted in age wage, BSPS
Tagged #pensions, British Steel, BSPS, Pension Protection Fund, Pensions, ppf
10 Comments
Open and shut conversations on pensions
For pensioners, pensions are very much open. We need to think more about how these DB pensioners are treated and start thinking of their needs for understanding and for financial services. Continue reading
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
Posted in advice gap, BSPS, Change, DWP, FCA, pensions
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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
Posted in advice gap, BSPS, pensions, trustee
Tagged British Steel, BSPS, contingent charging, pensions, Trsnsfers
1 Comment
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 CDC, DB transfers, pensions, Port Talbot
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
Posted in actuaries, age wage, BSPS, pensions
Tagged BSPS, Crow, pension transfers, pensions, Stable, stable door
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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
Posted in advice gap, BSPS, pensions
Tagged British Steel, BSPS, North East, pensions, Scunthorpe
2 Comments
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 actuaries, DB pensions, equities, gilts, pensions, shares, Transfer values, XPS
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 de-risking, workplace Pensions, WPS
4 Comments
