CP22/15: Assumptions and methodology analysisIn their recent consultation CP22/15, the FCA has proposed changes in methodology to determine redress for non-compliant pension transfer advice, as detailed in this note. Pre-retirement interest…

The FCA released CP22/15: pension transfer redress consultation on 2 August 2022.  This is the (overdue) four-year review of the pension redress methodology FG17/9.   The FCA propose to retain the fundamental…

Higher discount rates = lower compensation? Long term interest rates have, in recent months, increased significantly.  The 15-year, 5 year forward gilt rate from the start of 2022 until the end…

In the FCA consultation paper on the redress scheme for former members of the British Steel Pension Scheme is a table of the comparison of benefits between BSPS2 (the new…

CPI adjustments used for pension redress calculations RPI will be aligned with CPI (or strictly speaking with CPIH) from 2030.  The long-range forecasts that we use price this in and the…

FCA has announced a consultation on a redress scheme for former members of the British Steel Pension Scheme (“BSPS”) who were give unsuitable advice. The FCA believe the unsuitable advice…

Paying redress when an individual has a pensions loss needs individual consideration.A pensions loss often means that it has been agreed that the individual concerned has a personal pension which…

Enhanced Protection and Transfers Don’t MixIf you have Enhanced Protection be very wary of pension transfers. A pension transfer can easily result in a “relevant benefit accrual”. Testing whether this…

FCA statement on BSPS consumer redress schemeThe FCA has announced that it expects to consult by the end of March 2022 on a “s404 redress scheme” in relation to advice…

A SERPS adjustment can only apply to an individual who has some Guaranteed Minimum Pension ("GMP") - in other words who has some contracted-out employment - and then only if…