UK - The Pensions Action Group will hold an all-night vigil outside Downing Street tomorrow to protest the government's bail-out of Northern Rock, while victims of pension scheme wind-ups are still waiting for compensation.
Independent pension adviser Ros Altmann said pensioners would deliver a letter at 8pm asking the prime minister and chancellor to explain why they continue to wait for the issue of compensation to be resolved.
The vigil is being held ahead of the release of a report from senior government actuary Andrew Young. Young was appointed to review the government’s Financial Assistance Scheme (FAS), set up to compensate the 125,000 people who lost their occupational pensions when their employers went bust.
The report is expected at the end of this month but Altmann said it was unfair that Northern Rock had been bailed out, while pensioners were forced to wait for the findings of the review.
Altmann said: “While Northern Rock savers are 100% safe – at taxpayers expense – the nation needs to know that the company pensions scandal is still dragging on, month after month, as more of the victims fall ill or die.”
In July, Young released his interim report which claimed using unclaimed pension assets to boost the pensions of those who lost out could be a legal and administrative minefield.
However, Young said the review team believed the issue deserved further investigation and more work was needed for the final report.
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Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
The Cost Transparency Initiative (CTI) has launched a number of templates and guidance to help pension schemes deliver greater value for savers with enhanced disclosure of transaction cost information.