The Friday Takeaway: Tuning in to the good news channel
This week kicked off with the announcement of the new government’s Pensions Review, with LGPS under the spotlight amid a “big bang of reforms” for the sector.
Engagement began on Monday, with major pension providers such as Legal & General and Aviva involved in initial discussions about what will be included in the Pension Schemes Bill.
One of the main areas of discussion is how to get UK pension schemes investing in the UK economy to support growth. Nest pensions ' investment chief Mark Fawcett, OBE has written an article on this topic off the back of his discussion with chancellor Rachel Reeves that is worth your attention.
The review could reshape the industry for years, even decades to come – hopefully bringing positive news to current and future retirees.?
Today has brought updated guidance for commercial consolidators, which commentators believe could support innovation and expand the range of options available to defined benefit schemes – another undoubtedly positive development.
There was good news for the members of the Box Clever Pension Scheme this week, too, as the Pensions Regulator (TPR) confirmed it had struck a deal with ITV for them to transfer to the broadcaster’s defined benefit scheme. It’s subject to a data cleansing exercise that could take up to a year.
Our story explores not only the proposed arrangement announced this week, but also looks back through the years at Pensions Expert's coverage of the regulatory interventions, court cases and appeals.
Amid all the numbers and the courtroom drama involved in this saga, we must not lose sight of the most important element: those 2,800 scheme members. They have been stuck in pensions limbo for more than 20 years since Box Clever’s bankruptcy in 2003, with retirees receiving less than they were initially promised due to Pension Protection Fund compensation limits.?
They will be reimbursed (if the deal is finalised), but 20 years of uncertainty and underpaid pensions can’t be taken back. I hope that all parties move swiftly to get the necessary work done and put these members back to where they should be in terms of retirement income.?
Have a great weekend.?
Editor, Pensions Expert ?
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Story of the week: Trouble brewing as Virgin-NTL ruling upheld
It's not all been good news. A small, complex but important legal case involving the NTL Pension Plan received a ruling this week that could cause serious headaches for DB schemes that made amendments between 1997 and 2016.
Elsewhere, the Financial Conduct Authority released an update on its redress scheme for victims of the British Steel pension transfer scandal. Falling annuity prices have meant that many of those who applied for compensation were deemed ineligible as they had not suffered a financial loss.
Appointments: Aviva's Emma Douglas gets external-facing policy role
Financial services giant Aviva has announced a new role for Emma Douglas . From September, she'll be working closely with industry groups and government on policy initiatives. Simon Ellis will take over as workplace commercial director.
Elsewhere, there were appointments at South Yorkshire Pensions Authority and Sackers .
LAPF Investments Awards shortlist announced?
The shortlists for the LGPS and Adviser awards categories have been published ahead of the LAPF Investments Awards ceremony later this year.
There have been 132 entries across 25 categories, and you can view all the shortlisted organisations here.
Sign up now to join us on 3 October to find out who has won!??