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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers