UK - Radical changes to pension scheme wind-up laws are being urged by a cross-party coalition of MPs.
An Early Day Motion has been signed by both the Conservative and Liberal Democrat work and pensions spokesmen, Oliver Heald and Steve Webb, Pensions Reform Group chairman Frank Field, Ulster Unionist MPs and other nationalist MPs.
The motion deplores the failure of the government to respond to calls for urgent action.
Measures to change wind-up laws would prevent thousands of people from losing their pensions when their companies go bust.
Heald said: “We face a massive crisis in pensions and thousands of people are vulnerable to losing their pensions should their company go bust – the system is unjust and simply cannot go on.
“To date, the government has refused to commit itself to making swift changes to the current system while every other political party in parliament is committed to urgent action.”
He added: “We cannot afford to delay changes to the rules governing wind-ups, while tens of thousands of people could end up retiring with next to nothing.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.