Tag Archives: British Steel

Nick Smith MP is right – the British Steel pension transfers are a special case.

Posted on January 22, 2022 by henry tapper

The overall uphold rate for all BSPS cases to the Financial Ombudsman Service is around 63% in favour of steelworkers, including complaints relating to administration or delays. This compares with an overall FOS uphold rate of 40% for all cases … Continue reading →

Posted in pensions | Tagged , , , , | 6 Comments

The breach of trust the FCA has yet to address

Posted on January 22, 2021 by henry tapper

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 →

Posted in BSPS, FCA | Tagged , , , , , | 1 Comment

Why Steelworkers should question this pension buy-out.

Posted on October 23, 2020 by henry tapper

  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 , , , , , | 10 Comments

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

Posted on June 5, 2020 by henry tapper

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 , , , , | 1 Comment

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

Posted on November 11, 2019 by henry tapper

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 , , , , | 2 Comments

Will “sausage and chips” replace the Lamborghini?

Posted on January 6, 2018 by henry tapper

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 →

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Why should frustration blight the pension promise?

Posted on July 27, 2017 by henry tapper

I have been following a series of tweets from Jo Cumbo; they concern an interview with a man who has recently “encashed” his pension with the cash being invested in a drawdown product. He is 57, has worked for British … Continue reading →

Posted in pensions | Tagged , , , , , | 6 Comments

Tata puts pensions first

Posted on May 17, 2017 by henry tapper

  Though the details of Tata’s offer to the members of the British Steel Pension Scheme (BSPS) are only sketchy , it is clear that they are focussed on members getting “PPF+” on existing benefits and a defined benefit pension … Continue reading →

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FAB index continues to climb (and has some good news for Tata Steel!) #FABI

Posted on April 24, 2017 by henry tapper

First Actuarial’s Best estimate (FAB) Index improved again in March showing a surplus of £294bn across the 6,000 UK defined benefit schemes. This continues to buck the trend with the PPF 7800 index falling for the third month in a … Continue reading →

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Was DC the only choice for the Tata Steelworkers?

Posted on February 16, 2017 by henry tapper

      Speaking on the radio yesterday, John Ralfe called the decision of Tata Staff to accept the loss of future accrual into a final salary scheme in exchange for a 10% contribution into a DC pension fund as … Continue reading →

Posted in actuaries, advice gap, FinTech, Jersey, pensions, Pensions Regulator, Politics, pot | Tagged , , , , , , , , , | 1 Comment