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Regulatory and consumer bodies welcome review of steel workers' pension scheme

The Pensions Regulator (TPR), The Financial Conduct Authority (FCA) and The Single Financial Guidance Body (SFGB) have welcomed an independent review into the British Steel Pension Scheme (BSPS).

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The organisations will now consider how they act on the report’s recommendations
The organisations will now consider how they act on the report’s recommendations

The review from Caroline Rookes, former chief executive of the Money Advice Service, looks into communications and support provided to BSPS members during the 2017-18 pension restructuring exercise and the “Time to Choose” exercise.

 

The review, commissioned by TPR, proposes a number of recommendations for the regulatory and consumer bodies to help savers make the right decision about whether to transfer their pension pots from a defined benefit (DB) scheme.

 

In a joint statement, the organisations said they will now consider how they will act on the report’s recommendations, including where appropriate having discussions with the Department for Work and Pensions (DWP).

 

TPR, FCA and SFGB have also published a joint protocol to ensure they work in a coordinated way to support members of pension schemes.

 

They said: “Our joint working also includes providing letters for trustees to send to members alerting them to the risks of transferring out of DB pension schemes and giving practical information. The letter has already been sent to 31 pension schemes.”

 

Read the recommendations here.

 

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