UK - The Pensions Bill will encourage confidence in retirement saving and simplify existing legislation, pensions minister Malcolm Wicks says.
He rejected criticism from Conservative work and pensions spokesman David Willetts that the Bill failed to tackle the pensions crisis.
Willetts said present and former employees of Turner & Newell - the UK arm of beleaguered US car component giant Federal Mogul - and others “in a similar position” did not know what assistance, if any, they would get from either the Financial Assistance Scheme or the Pension Protection Fund.
But Wicks said the PPF would bring “real security” to over 10 million defined benefit pension scheme membersî and the FAS would help those who had already lost out.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.