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.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.