|
16-Apr-08 11:15 [Pensions]
Government announces new protection for pension schemes The government is to introduce new measures to protect people who have a company pensions scheme and it becomes involved in a buyout.
Although the vast majority of pension schemes would not be affected, minister for pensions Mike O'Brien has said that the Pensions Regulator will get new powers to force companies which buy firms and their pension schemes to put enough money in to protect its members.
Mr O'Brien said: "I want to guard against pension schemes simply being treated as a commodity to be bought or sold. The most effective way to tackle this problem is to give the regulator the power to require contributions to pension schemes when an employer's actions reduce the security of members' benefits."
He added that he wants to see "pensions secure and promises kept" so members can "look forward to a happy retirement.
According to Mr O'Brien, the powers will only be used in risky situations to avoid putting large burdens on employers.
The Pensions Regulator was set up to protect the benefits of member of work-based pension schemes.
New research from the Prudential has revealed that over one in three working-age adults have lost sleep over retirement worries, particularly in the face of a rising bills, higher house prices and a general sector slowdown.
Find out more>
FTSE 100 company pension schemes have dropped £41 billion into the red after the effects of the credit crunch and stock market frailties, a report has said today.
Find out more>
Members of the GMB that are employed by the British Airline Pilots Association (Balpa) have walked out today in a 24-hour protest over pensions, it has emerged.
Find out more>
|
