Member

216: After Clause 117, insert the following new Clause— “Independent review into injustices in occupational pension schemes(1) The Secretary of State must, within three months of the day on which this Act is passed, commission an independent review into injustices experienced by members of occupational pension schemes as a result of the actions or omissions of employers, scheme sponsors, or scheme administrators.(2) The review must examine, in particular—(a) cases where employers or scheme sponsors failed to adequately support, inform, or protect members in relation to their pension rights or entitlements;(b) the adequacy, accuracy, and timeliness of information provided to scheme members, including information relating to—(i) scheme changes,(ii) benefit reductions or losses,(iii) transfers, mergers, or scheme restructurings, and(iv) risks to accrued pension benefits;(c) the extent to which regulatory oversight, governance arrangements, or fiduciary duties failed to prevent detriment to members;(d) the impact of such failures on affected members, including financial loss, inequality, and hardship in retirement;(e) whether particular groups of members were disproportionately affected, including—(i) lower-paid workers,(ii) women,(iii) disabled people, and(iv) those with non-standard or interrupted working patterns;(f) the effectiveness of existing routes to redress, including complaints procedures, the Pensions Ombudsman, and the courts;(g) potential options for remedy or redress, including—(i) changes to legislation or regulation,(ii) improvements to governance or communication standards, and(iii) mechanisms for compensation or restoration of benefits, together with an assessment of the likely financial implications.(3) The review must be conducted by an independent person or panel appointed by the Secretary of State with relevant expertise in—(a) pensions law and administration,(b) public policy and regulation, and(c) administrative justice and consumer protection. (4) In conducting the review, the person or panel must—(a) consult with affected scheme members and pensioner groups;(b) invite and consider written and oral evidence from stakeholders, including—(i) trade unions,(ii) employer and industry bodies,(iii) pensions experts, and(iv) relevant regulatory and advisory bodies;(c) have regard to relevant findings of Parliamentary committees and public bodies.(5) The person or panel appointed under subsection (3) must submit a report of its findings and recommendations to the Secretary of State within 12 months of the date on which the review is commissioned.(6) The Secretary of State must—(a) lay the report before both Houses of Parliament as soon as reasonably practicable after receiving it;(b) within six months of laying the report, publish a statement setting out the Government’s response to the review and any actions it proposes to take.”Member’s explanatory statement This new clause would require the Secretary of State to commission an independent review into injustices experienced by members of occupational pension schemes where employers or scheme sponsors have failed to properly support, inform, or protect members, and to consider options for reform or redress.