UK - Backbench MPs are trying to table amendments to the Pensions Bill to provide an immediate safety net for scheme members' pensions.
The backbenchers – led by Kevin Brennan – are concerned that the government’s Pension Protection Fund will not come into force until April 2005.
They believe scheme members need protection now. Brennan said the PPF would be too late for thousands of scheme members whose benefits were currently “at risk”.
He said 40,000 workers – including those at ASW, Dexion and UEF – had already lost up to 80% of their pension pots because they had no safety net when their firms collapsed.
It is expected the PPF will pay scheme members up to 90% of their pension entitlements, up to a maximum of £40,000 a year.
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Savers are not squandering their tax-free lump sums under Freedom and Choice but are taking a more cautious approach to retirement, according to Prudential research.