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.
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