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."
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.