UK - A backbench rebellion is brewing over government's decision to launch an appeal against last month's high court judgement, according to independent pensions advisor Ros Altman.
Last month Judge David Bean ruled the government had acted wrongly when it rejected the findings of an investigation into lost pensions carried out last year by the parliamentary ombudsman, Ann Abraham. Abraham had found the Department for Work and Pensions (DWP) guilty of maladministration.
A DWP spokesperson said: “We have appealed the finding of maladministration because the judgment raises important constitutional issues which need to be resolved. This appeal will not prevent us from reconsidering the Ombudsman’s recommendation with regard to compensation in line with the High Court’s direction.”
Independent pensions advisor Ros Altman said: “A major backbench rebellion is brewing over this issue. There have been three more independent verdicts that found the Government responsible for this scandal – the worst scandal ever to affect UK pensions. Yet still those who are struggling without their pensions have not been rescued.”
In response to the announcement, the Pensions Action Group, which brought the case against the government in the first place, has scheduled a protest outside parliament on Wednesday 21st March at 11am.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.