UK - The Conservatives are urging the government to change the rules for pension schemes that wind up.
Tory work and pensions spokesman Oliver Heald proposed an emergency change in existing rules on wind up in a bid to ring fence pension funds and guarantee pension payouts.
He suggests that priority is given to pensioners and employees who are within 10 years of retirement – a change that could be introduced without primary legislation.
His early day motion – backing the proposals in the NAPF’s document Pensions: Plain and Simple on a possible new schedule of priorities on winding up a final salary scheme with an insolvent employer – has gained 37 signatures.
Heald said: “We need urgent action to protect the pensions of long-serving workers when their employer goes bust.
“The present protection is insufficient and has actually resulted in more and more people facing large cuts in their retirement incomes.”
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.