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12/02/2004
Greater protection promised for employees through Pensions Bill
A new fund to make sure workers get the pension they were promised has been unveiled in the Pensions Bill published today.
Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand. People will also have the option of taking a lump sum if they want to draw their state pension later.
The retirement age will remain 65 but people will be free to keep working if they wish to do so, the government said.
Also proposed is a new Pensions Regulator that will focus on under-funding, fraud and mal-administration of pensions. Through the regulator, employers will find it easier to provide pensions and regulations surrounding the administration of pension funds will be simplified, the government said.
The Bill will ensure that trustees notify members of their investment principles and know about the issues they are dealing with.
Work and Pensions Secretary Andrew Smith said the steps would ensure that people in final salary schemes would "never have their pension cut just before they retire". Pensions will also be protected when changing employers, he said.
An online retirement planner has also been proposed to promote financial planning for retirement.
(gmcg)
Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand. People will also have the option of taking a lump sum if they want to draw their state pension later.
The retirement age will remain 65 but people will be free to keep working if they wish to do so, the government said.
Also proposed is a new Pensions Regulator that will focus on under-funding, fraud and mal-administration of pensions. Through the regulator, employers will find it easier to provide pensions and regulations surrounding the administration of pension funds will be simplified, the government said.
The Bill will ensure that trustees notify members of their investment principles and know about the issues they are dealing with.
Work and Pensions Secretary Andrew Smith said the steps would ensure that people in final salary schemes would "never have their pension cut just before they retire". Pensions will also be protected when changing employers, he said.
An online retirement planner has also been proposed to promote financial planning for retirement.
(gmcg)
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