Tag Archives: BSPS
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
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
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
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
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
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
The Old British Steel Pension Scheme is back from the dead!
This blog is about a minority of British Steel Pension Scheme members who either chose not to move to the new schemes or transfer benefits , or who made no decision and ended up in a scheme, heading for the … Continue reading
Steel men had “time to choose”, the FCA has “time to change”.
It is four years since the British Steelworkers were given their time to choose between seeing their pension paid by the PPF or by a newly constituted pension scheme now called New BSPS. But this decision was overshadowed by a … Continue reading
Moral hazard and the “compo culture”- must good pay for bad?
Blow to the trust in our profession. We could have organized to help people and divi the work for an industry wide agreed fixed fee on this. People matter. #financialplanning #values #trust https://t.co/wJghgWZEOe — Clémence Chatelin (@CChatelin) January 25, 2021 … Continue reading
Posted in actuaries, advice gap, CDC
Tagged Al Rush, BSPS, Compensation, FSCS, moral hazard, Pensions
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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