Defined Benefit Pension Schemes – Latest ‘White Paper’
There was some positive news for defined benefit (DB) pension scheme members with the release of the Department of Work and Pensions’ (DWPs) White Paper on 19th March 2018. In summary, the paper explains how the UK government intends to increase the protection for DB pension scheme members and seeks to make improvements to the DB regime.Read more
Universities Superannuation Scheme – How potential changes could affect you
The Universities Superannuation Scheme (USS) is mainly a defined benefit (or final salary scheme) and one of the largest private pension schemes in the UK. The USS is the main scheme for academic staff in UK universities and other higher education and research institutions. There are over 350 employers, across the country, that actively participate in it.
The USS is also one of the more generous UK schemes to its’ members with employers contributing 18% of salary and members 8% of salary.Read more
British Steel Pension Scheme – major changes
In August this year, The Pensions Regulator (TPR) in the UK gave approval to a type of restructure (known as a Regulated Apportionment Arrangement or RAA) of the British Steel Pension Scheme (BSPS), based on a proposal from Tata Steel UK (TSUK), to help prevent the company becoming insolvent.
This necessary restructure affected the estimated 130,000 members of the BSPS and left them with a choice to make regarding their pension benefits in the BSPS.