Pensions news

Week ending 19 April 2019

DWP offers GMP assistance

The Department for Work and Pensions has released its first edition of guidance about the use of GMP conversion legislation. The document, produced with the help of an industry working group, is aimed at “offering assistance to pension schemes that have yet to address inequalities in scheme benefits due to the existence of unequal Guaranteed Minimum Pensions.”

FCA looks ahead

The Financial Conduct Authority has released its annual business plan, which includes several key priorities for the pensions sector. There will be continuing scrutiny of DB transfer outcomes, as well as a new focus on the remit of Independent Governance Committees. To that end, the FCA has launched a consultation on expanding an IGC’s remit to cover investment pathways for pension drawdown and the firm’s policy on environmental, social, and governance issues.

Another buy-in for Scottish Widows

Scottish Widows is on a roll, announcing this week the completion of a £400 million buy-in with the Bank of America Merrill Lynch UK Pension Plan. The deal covers 915 pensioner members in the bank’s largest pension scheme.