Some 50,000 pensioner members of British Steel Pension Scheme II will receive a one-time extra payment, worth collectively £58mn, due to the pension fund’s positive results.

Podcast: Hymans Robertson’s Callum Stewart and Pensions for Purpose’s Charlotte O’Leary discuss the Spring Statement and what it means for pensions.

On the go: The number of savers breaching annual and lifetime allowance limits reached new records in 2019-20, according to figures from HM Revenue & Customs.

On the go: The Institute and Faculty of Actuaries is calling on the government and the pensions industry to improve guidance and financial advice take-up.

The government is to press ahead with an increase to the Fraud Compensation Fund levy, which will see master trusts brunt the majority of the costs paying an extra £130mn over the next nine years, despite their members being the least likely to benefit from it, experts have warned.

Actuaries, trustees and consultants are disappointed with a new method introduced by the Pensions Regulator for scheme returns, pointing out that a web-based form with additional questions implemented this year has increased the risk of providing wrong information.

On the go: Wales Pension Partnership, the Pension Protection Fund and Barnett Waddingham are among the 18 new pension companies that have successfully signed up to the UK Stewardship Code.

On the go: The University and College Union has announced new industrial action ballots at 149 universities, which will open on March 16 and run until April 8, as the row over the resolution of the Universities Superannuation Scheme’s 2020 valuation escalates.

On the go: The aggregate surplus of the 5,215 defined benefit schemes in the Pension Protection Fund 7800 Index decreased by £12.8bn in February.

On the go: The Pensions Regulator has published new guidance for trustees who will be required to offer Pension Wise appointments for savers who want to access their defined contribution pensions.