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There was a lot of speculation about BT Pension Scheme (BTPS- the defined benefit pension scheme) in the press over the weekend and Prospect is writing to clarify the position for its members.
It is important that members are fully aware of the challenges ahead and the nature of the process that will be undertaken. Much of the press coverage was sensationalised and sought to fit what facts were available into a wider pre-existing agenda.
Here are the relevant facts that members need to know:
The Pensions Regulator has published its Draft Essential Guide for pension scheme trustees on communicating with members about the new pension flexibilities which come into force on 6 April 2015. The draft guidance covers changes to the disclosure regulations and the so-called “second line of defence” for pension scheme members.