WALES - Tougher laws to protect occupational pension scheme members have been put forward by Welsh nationalist party Plaid Cymru.
Its proposed Company Pensions Guarantee Bill comes in the wake of pension cuts suffered by Cardiff-based workers at insolvent steel company ASW.
The Bill aims to prevent similar problems by making insurance for all private sector final salary occupational pension scheme members compulsory.
Premiums would be paid by scheme sponsors and the system would be governed by a Pension Benefits Guarantee Authority comprising representatives from the department of trade and industry, the department for work and pensions, the Treasury, the pension industry, employers and workers.
Plaid Cymru treasury spokesman Adam Price said: “A company pension may not be as secure as its workers believe and it is crucial that they are not left in the lurch if the company goes bust.”
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter