UK - More than 160 scheme members who lost their pensions when their firms collapsed lobbied MPs during the second reading of the Pensions Bill on Tuesday.
The workers – from firms including Allied Steel & Wire, Dexion and UEF – called on the government to make an amendment to the Bill to include retrospective compensation for their lost pension savings.
More than 50 officials from the Amicus and ISTC unions also met with Labour MPs inside the House of Commons to ask for their support.
The unions are also taking action in the European Court of Justice against the government over its alleged failure to implement the 1980 European Insolvency Directive properly.
ISTC general secretary Michael Leahy said: “We hope that MPs from all parties will support justice for the ASW scheme members and others like them.”
Four out of 10 workers do not have an occupational or private pension, a new survey by Amicus shows. The union’s survey of 600 workers found that 21% had a private pension and 24% contributed to an occupational scheme.
Almost 50% of those aged between 55 to 64 had no pension at all.
A suite of liability driven investment (LDI) indices has been launched by STOXX and RiskFirst to aid trustees and consultants select, monitor and challenge managers.
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Bank of England governor Mark Carney has said there is still a lot of data to consider before the Monetary Policy Committee (MPC) can decide when to next hike interest rates.
Savers are not squandering their tax-free lump sums under Freedom and Choice but are taking a more cautious approach to retirement, according to Prudential research.