Category Archives: BSPS
Contingent charging will sink DB transfers
IFAs who persist in conveyor belt transfers based on contingent charging will kill the transfer market. Why people are taking a punt if they pay on the never-never. The FCA have made it clear that to transfer out of … Continue reading
Posted in advice gap, BSPS, pensions
Tagged contingent charging, DB transfers, pensions, pricing, transfers
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Bamboozled by vultures! – The Work and Pensions report on Port Talbot
Though it reveals little new, Frank Field’s report into what happened in the British Steel Pension Scheme is nothing if not a good read. But we shouldn’t allow headlines about sausage ‘n’ chips suppers and factory-gate skulduggery to get in … Continue reading
BSPS – with the benefit of hindsight.
“I wonder how many of the financial advisors who recommended transfers out , predicted a 10% drop in the stock market in one week? Not many is my bet.” This is a post on the main British Steel Pensioners Facebook … Continue reading
The FCA can excel; the “non-workplace pension” paper’s a model of its kind
Henry Tapper and Pension PlayPen response to FCA’s paper DP18/1 Effective competition in non-workplace pensions This is the response of Henry Tapper and the Pension PlayPen. It is not a response on behalf of any other organisation that Henry Tapper … Continue reading
BSPS – a big win – but at what cost?
It now seems quite certain that the New British Steel Pension Scheme will happen and that it will be populated by the majority of members of the current British Steel Pension Scheme. In announcing the results of “Time to … Continue reading
Police probe at Port Talbot is thanks to Al Rush
News that South Wales police have started an investigation into the pensions goings on in and around Port Talbot, is a major development. It escalates what was a pensions investigation into a criminal investigation. This could have radical implications for the regulation of DB … Continue reading
“Probing” IFAs is not enough; we need simpler more transparent transfers.
Allegations of “mis-selling” against IFAs are premature and unsubstantiated. My eye was caught last night by a linked in post by Andrew Warwick-Thompson, formerly of the Pensions Regulator. Here we go again. The personal pensions miss-selling scandal all over … Continue reading
For all the noise-news from BSPS is good!
Yesterday saw a number of documents published and statements made, confirming findings in Port Talbot but leaving many questions unanswered. But for all the noise, news published at the end of this blog is good- very good – it should make … Continue reading
Posted in BSPS, corporate governance, dc pensions, pensions
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Will “sausage and chips” replace the Lamborghini?
As the initial euphoria of ‘never having to buy an annuity again’ wears off, the prospect of freedoms becomes less appealing Whether ‘sausage and chips’ or ‘chicken in the basket’, the ‘factory gating’ that has gone on in South Wales … Continue reading
Posted in BSPS, pensions
Tagged British Steel, BSPS, lamborghini, Port Talbot, professional pensions, Sausage and Chips
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Resisting the irresistible; how do you stop pension transfers?
In my inbox is a powerful statement from a steel-worker in Port Talbot who has suggestions about how transfers from defined benefit schemes are conducted. It asks a fundamental question, if we are seeing such a number of such transfers, … Continue reading