Tag Archives: BSPS

Pension indexation for DB schemes (intact or in the PPF)

The FT has picked up on the “missing” indexation on defined benefits earned before April 1997. These aren’t being paid to 83,000 members of the PPF but nor are they being paid to the members of many occupational DB schemes … Continue reading

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The balls of Old Bailey

NEW: Bank of England Governor Andrew Bailey, is expected to appear before an MP inquiry into the British Steel #pension mis-selling scandal. Bailey was chief of the FCA when the scandal involving thousands of steelworkers first erupted in 2017. #BSPS … Continue reading

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The FCA’s special powers exercised five years late

This blog argues that the FCA’s problems in 2022 are as a direct consequence of not listening to what was going on in 2017. The lack of decisive leadership over transfers has led to a need for a £71m redress … Continue reading

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Who owns the Bristol Water pension surplus? Steelworkers take note!

I hear that the very well-informed MP, Stephen Timms, who chairs the Work and Pensions Select Committee, is on to Bristol Water’s claim on the £12.1m surplus that is estimated to be left over after the scheme is bought out … Continue reading

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Why pensions need a shift from a deficit to a surplus mindset.

This blog is written as a tribute to Stefan Zaitschenko whose positive mindset has meant that his fellow pensioners have been awarded a bonus of £57m. Stefan thinks positively about pensions and is an example to us all. From deficit … Continue reading

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Asleep in a meeting? The FCA’s new consumer duty starts at the top.

  I have no reason to doubt Al Rush of Philippa Hann’s account of a 2019 meeting with then FCA boss’ Andrew Bailey. Al claims that “there were a number of times when his [Bailey] head dropped and he had … Continue reading

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The dark side of pension freedom; the NAO report on the FCA and BSPS

The National Audit Office has produced what will no doubt become the definitive report on the British Steel Pension Scheme and what happened to it. It focuses on how the FCA was organised to prevent, identify, and respond to unsuitable … Continue reading

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Stuart Fowler asks “is a British Steel redress scheme workable?”

Foreword. Stuart Fowler has published a very compelling argument for protecting the levy and not creating a redress scheme for BSPS. On the face of it, we are at odds. I refer to the “note” below  in my recent article … Continue reading

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How a British Steel redress scheme might work.

Stuart Fowler has produced a counter-argument to that I put forward last week, it was published before my blog and I can’t say that my blog would have changed Stuart’s argument. I will ask Stuart for permission to publish it … Continue reading

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

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

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