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."
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point