Switching BSPS indexation to CPI could set legal precedent

Getty Images

A four-week public consultation on the British Steel Pension Scheme launched by the government this week could pave the way for an indexation switch aimed at significantly reducing Tata Steel’s pension liabilities, which could reverberate across the private sector.

 

Proposed early exit charge cap gets mixed response

The Financial Conduct Authority yesterday proposed capping exit charges at 1 per cent of pot value for existing contracts, while banning them altogether for future contracts.

Field’s proposal for scheme deficits bill raises pension cut fears

Frank Field

Former pensions minister Steve Webb has warned that a new bill proposed by Work and Pensions Committee chair Frank Field to deal with DB deficits – including by introducing flexible benefits – is a “worrying” development that could undermine people’s confidence in the pension system.

Change in law is needed to stop scammers, experts say

Scam activity could be present in as much as 11 per cent of pension transfer requests, consultancy Xafinity has found. Trustees and lawyers say legal constraints prevent them from protecting individuals. 

Hidden charges weigh pension pots down

Pensions are being hit by more than 100 costs and charges, many of them hidden, which are potentially taking as much as a third off the gains of a pension over its lifetime, a study by the Transparency Task Force has found.

Network Rail plans £19m savings following NI cost hike

On track to reduce NIC impact

Network Rail expects to save around £19m annually following a swath of amendments to two of its schemes to mitigate the increased costs of contracting-out cessation, as many schemes either absorb the cost or close.

Comment & Analysis

Tata, BHS and the rest

Illustration by Ben Jennings

Editorial: From Port Talbot to London, defined benefit pensions have become the worry of the nation - probably rightly so. 

Change in law is needed to stop scammers, experts say

Scam activity could be present in as much as 11 per cent of pension transfer requests, consultancy Xafinity has found. Trustees and lawyers say legal constraints prevent them from protecting individuals. 

Will the BHS fallout ring alarm bells across the corporate sector?

Bloomberg

As another former high street stalwart hits the ropes, Pádraig Floyd summarises the action so far and asks whether any final decisions will affect the governance and regulation of UK schemes.

Video

Drawdown use will grow, predicts Newton's Doyle

Interview with Catherine Doyle, Newton

It has been more than a year since the introduction of freedom and choice, and the industry is still waiting to see what will emerge as the dominant option in retirement. Fund manager Newton's head of defined contribution, Catherine Doyle, discusses where she expects the market to go

Where next for the Lifetime Isa?

Michael Johnson video

Video: Last month, the chancellor shocked the pensions industry with the introduction of the Lifetime Isa, promising a 25 per cent top up for under-40s saving for a house or retirement. We spoke to the father of the Lisa, Michael Johnson from the Centre for Policy Studies, about what it will mean and how it might change in future.

Lifetime Isa recalibrates long-term saving

Ian Neale, Tim Smith

Video: Pensions tax relief emerged unscathed from yesterday’s Budget, but the launch of the Lifetime Isa has presented the pensions industry with new challenges; Ian Neale, director at intelligence provider Aries Insight, and Tim Smith, senior associate at law firm Eversheds, discuss (04.44).

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