Defined Benefit  

Regulator red-flags 'transfer target' pensioners

In its response to the Work and Pensions committee report on British Steel, the regulator recognised "uncertainty regarding the British Steel Pension Scheme’s future may have contributed to the sharp rise in the level of [cash equivalent transfer value] CETVs requested”.

Paul Gibson, managing director of Granite Financial Planning, said that “any assistance offered to savers” is welcomed.

He added: “Many [people] in [pension] schemes will be potentially financially vulnerable so any protection has to be beneficial.

“More early warnings has got to be good practice.”