WINDING-UP OCCUPATIONAL PENSIONS SCHEMES

Motion Text

That this House expresses its deep concern at current arrangements for winding-up occupational pension schemes, which leave many people receiving much less than expected for their retirement; notes that present workers near to retirement after long service with the employer often receive less than those who retired early after less service; recognises the great urgency of the issue because of the large number of schemes which are now moving towards wind-up; welcomes the proposals in the National Association of Pension Funds document, Pensions - Plain and Simple, for a possible new schedule of priorities on winding up a final salary scheme with an insolvent employer; notes that new primary legislation would not be required to make the necessary changes; and urges the Government to take early action to change the winding-up priorities through new regulations.