UK - A new private members bill could see £4bn in unclaimed bank and building society accounts relocated to a compensation scheme for the victims of failed occupational pension schemes.
Former secretary of state for work and pensions Frank Field presented the Pensions (Unclaimed Assets) Bill, which was read in the commons yeterday and calls to establish an Unclaimed Assets Agency.
The agency would obtain information from banks and building societies relating to unclaimed assets and make provision for the transfer of some unclaimed assets for distribution among victims of failed occupational pension schemes.
The bill was supported by members of parliament Tony Wright, Derek Wyatt, Kate Hoey, Sandra Osborne and David Taylor and is to be read a second time in the commons on Friday 15th June and to be printed.
Field said: "The official line from government and parts of the financial industry has been how limited the unclaimed funds in banks and building societies are.
"The estimate of unclaimed funds in this country is £4bn. This would be more than enough to adequately endow the FAS and to leave considerable sums for other charitable purposes."
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