UK - A group of Labour MPs has scuppered a Bill aimed at reforming wind-up rules for pension schemes with insolvent employers.
A drawn-out parliamentary discussion over retirement income last Friday meant that there was insufficient time to discuss the Pensions Winding Up Bill proposed by maverick Labour MP Frank Field.
But the “delaying tactics” infuriated many MPs who saw the Bill as an important step in restoring public confidence in pensions by protecting workers’ savings in the event of employer bankruptcy.
Conservative work and pensions spokesman Oliver Heald said: “We were prepared to support it going forward for detailed discussion, but it was stopped by parliamentary tactics.
“Despite Labour’s unwillingness to act, we will continue to press the government for urgent action to change the rules governing scheme wind-ups.
“Tens of thousands of people are facing the possibility of retiring with next to nothing when their company goes bust and it is time the government put this situation right.”
Pension Insurance Corporation (PIC) has agreed to a 30 year debt investment in Phoenix Community Housing, a not-for-profit, resident-led housing association in London.
Royal London has announced plans to allow customers with guaranteed annuity rates (GARs) to convert their guarantees into a top-up for their pension pot, subject to High Court approval.
The Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.
Aon has appointed Emma Adair to lead client service for its UK investment team.