UK - Speculation is growing the government has decided against the Law Commission reviewing the issue of pension surplus rights - one of the original Myners proposals.
The Treasury announced this summer that it had asked the Law Commission to look into the possibility of a new law.
But neither the Law Commission nor the Treasury has been willing to explain the delay to the consultation process, which was supposed to have started in October.
The only hint of any movement came on October 23 when, in answer to a question in Parliament, Treasury economic secretary Ruth Kelly said the issue was being kept under regular review.
Lovells partner and president of the Society of Pension Consultants Jane Samsworth said that a change in the law on surplus was best avoided and speculated that the Law Commission may have advised the Treasury against a review of existing legislation.
She said: “There is every chance that might have happened on the basis that trust deeds and rules quite often give a steer as to what is to happen to surplus.”
She added: “In modern trust deeds it is quite often set out that any surplus expressly belongs to the employers. If you were to change that in some way you would appear to be taking away property rights from somebody.”
By David Rowley
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