Pensions news
Week ending 3rd May 2019
Response to British Steel scheme restructuring
Following the independent review into the support and communications provided to British Steel scheme members, the Pensions Regulator has published an action plan which includes possible legislative changes to simplify member choices in the event of sponsor restructuring. As part of the outlined new approach to intervention and intelligence sharing, TPR, the FCA and MAPS are now meeting quarterly to share intelligence on issues and pressures. TPR and the DWP are also apparently considering a new duty for trustees of DB schemes to communicate more effectively with their members.
Intergenerational finance
The Financial Conduct Authority has published a paper designed to prompt a debate on intergenerational finance and, in particular, how industry and regulators should respond to demographic change. This includes the intergenerational implications for pension savers, in both accumulation and decumulation phases. The FCA is seeking views on a wide range of financial circumstances and needs, including pensions across three generations – Baby boomers, Generation X, and Millennials.
3i buys in again
Legal & General has announced a £95 million bulk annuity transaction with the 3i Group Pension Plan. The deal covers approximately 20% of the Plan’s current pensioner liabilities, adding to the 40% that the Plan secured via a buy-in with PIC in 2017.

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