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.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers