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Govt faces revolt over collapsed companies

The Government is facing a backbench rebellion over the Pensions Bill from a large number of MPs supporting an early day motion calling for compensation for pensioners who have seen their funds disappear after the collapse of their employers.

Cardiff MP Kevin Brennan has tabled the EDM, challenging the Government to compensate thousands of pensioners who have lost all or nearly all their pension pots following the closure of companies. The motion has been supported by 215 MPs, 150 of them Labour.

The creation of a pension protection fund is likely to be included in the Pensions Bill but it will only cover workers in schemes which collapse from 2005 which the Labour MPs say will be too late for thousands of pensioners.

Trade unions ISTC and Amicus representing former steel workers from Allied Steel and Wire are taking the Government to the European courts over the issue.

Speaking at Prime Minister&#39s Question Time last week, Brennan said: “Is it not a disgrace that despite the fact that the Conservatives have been pretending in public to support those workers, in private, the party&#39s pensions spokes-man has written to his backbenchers to tell them not to sign the EDM?” Responding, Prime Minister Tony Blair said: “I know that the Secretary of State for Work and Pensions and the Minister for Pensions have been meeting representatives and affected members from ASW.”


Seminars on pensions simplification from James Hay

James Hay Consultancy is running a series of free seminars on pension simplification for IFAs starting on February 4 in London.The seminars will examine small self-administered schemes in the future, the outlook for funded unapproved benefits schemes, and the way director&#39s pensions schemes will be affected by the Government&#39s proposals.JHC managing director Ian Hammond and […]

Pru wary despite bond sales surge

Prudential says it is continuing to tread cautiously in the UK insurance market after new business fell by 19 per cent last year to £607m in annual premium equivalent from £750m in 2002. UK new business was only slightly ahead of the Pru&#39s Asian operations, which reached £555m in 2003, up by 16 per cent […]

McFall says Standard is not honest on mutuality future

Treasury select committee chairman John McFall has attacked Standard Life and new group chief executive Sandy Crombie for failing to be honest with policyholders over its decision to consider demutualisation. Speaking at a Treasury select committee investigation on restoring confidence in long-term savings this week, Labour MP McFall slammed Standard Life for publishing a statement […]

Mansfield Building Society – Buy-to-Let Mortgage

Type: Discounted-rate buy-to-let mortgage Discounted term: Two years Discount`:1% Payable rate 4.75% Minimum loan: £35,000 Maximum loan: Up to 75% of valuation subject to a maximum loan of £250,000 Income multiples: Rental income must be at least 130% of monthly mortgage repayments Arrangement fee: £250 Redemption fee: 3% of the original loan in years one […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


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