View more on these topics

Lifeboat fund amendments narrowly defeated in Parliament

Cross-party amendments to the Pensions Bill to offer further help to the 125,000 people who lost out when their occupational schemes collapsed were narrowly defeated in Parliament this afternoon.

The amendments were defeated by a majority of 22, 282 to 260. They had been tabled by 12 MPs including Tory leader David Cameron, LibDem leader Menzies Campbell and Labour backbencher Frank Field.

The amendments called for payouts to victims to be topped up to the levels of the Pension Protection Fund.
It proposed this would be paid for in the short term through Treasury loans and in the long term through unclaimed pension assets.

They also sought address inefficiencies in the system by paying out victims straight away and passing administration of the Financial Assistance Scheme to the PPF.

Tory Shadow Work and Pensions Secretary Philip Hammond says: “The Government had an opportunity today to set party politics aside and do the right thing.

The Pensions Lifeboat would have greatly helped those who have lost their pensions. Now Gordon Brown and his crew have sunk it. This is further evidence that the Chancellor cannot be trusted on pensions.”


Pressing matters

We live in a world where the focus of media attention moves rapidly from one topic to the next. It is easy to become obsessed with whatever grabs the headlines at any moment.

Quest for quality

How Force 4 Mortgages has structured its recruitment programme.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm