UK - A leftwing think-tank is setting up a consortium of pension groups in a bid to improve member protection in scheme wind-ups.
The Work Foundation – formerly known as The Industrial Society – is establishing the group to help finance “systematic research” into scheme wind-ups and lobby the government for changes in legislation.
Policy officer Yvonne Bennian said: “We are looking at doing some research because we feel that, although there is a lot of anecdotal evidence that paints a sad picture, there is a need to find out what is really happening.
“Some systematic research on wind-ups would be extremely helpful”
She said the think-tank hopes to collaborate with “all the industry bodies”. And she stressed that the best way to finance this research would be through a consortium of pension groups.
“This is important because it is a sensible route to raising funding, and, on the practical side, the research would have more strength if it was backed by the industry.”
OPAS chief executive Malcolm McLean applauded the group’s efforts to add transparency to wind-ups.
He said: “In terms of research, someone needs to pull together all the information that is available.
“We at OPAS see the worst cases but we don’t see the comprehensive picture. It would be useful to see the full extent of the problem.”
The Work Foundation said it would have to assess the level of support for its initiative before it started work on new research.
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