UK - The Conservative Party has said it will not guarantee its support for the Pensions Bill unless changes to means testing are made.
Grayling said the main sticking point of the Bill was means testing. He warned there was a potentially large number of workers who would be no better off under the new system of Personal Accounts.
Grayling said: "There are a lot of unknowns in the Bill, we agree Personal Accounts in principle are a good thing. The issue is the interaction between means testing and Personal Accounts."
He added that some people who had saved for retirement would find the cash they had accrued would not be enough, so there would have been no benefit to them saving at all.
Grayling and Nigel Waterson, shadow pensions minister, said the Department of Work and Pensions should produce an options paper on ways to address this issue, as the DWP was the only the only organisation with the available information to quantify exactly how many people would be affected.
In the briefing, Waterson also said he was concerned about the lack of deregulation in the Bill, to incentivise defined benefit schemes to stay open. He said he would be looking at conditional indexation and risk sharing.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.