Defined Benefit  

Regulator to give warnings about pension transfers

The regulator argued, however, that the British Steel Pension Scheme situation was highly unusual.

The Pensions Regulator said: “It was a well-funded scheme with a low risk investment strategy, which meant that transfer values were extremely high (this will not always be the case with other schemes entering an RAA) and with a very large number of non-pensioner members concentrated geographically in a small number of locations, making them easier to target by unscrupulous financial advisers and introducers.”

This is only the third time a new scheme has been set up following an RAA.