Occupational Pensions — 20 Jan 2003 at 19:18

The No-voters changed the motion for debate from:

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; deplores the lack of action by the Government to address this issue; 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 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; further notes that the Government in its Green Paper, Simplicity, Security and Choice, was prepared to consider such a measure; further notes that there is widespread support in Parliament for such changes; and urges the Government to take early action to address the crisis and speedily to introduce new winding-up priorities which take proper account of the age and length of service of non-retired scheme members.

to:

This House acknowledges the crucial contribution of the UK tradition of occupational pension provision; welcomes the range of measures in the recent Green Paper to strengthen that tradition and to renew the pensions partnership between employers, employees, the financial services industry and Government; supports, in particular, the promotion of occupational pensions as a means to recruit and to retain good staff through the employer task force and other measures; notes the proposal to give employees the right to be consulted on changes to an employer's pension scheme; further notes the Government's consideration of a range of options to bolster member protection in cases where schemes are wound up, including options for a fairer sharing of assets when schemes close, with more priority for workers closer to retirement or those with more years of contributions; believes that there should be 100 per cent. protection in cases of fraud; supports the appointment of a new proactive regulator to investigate fraud and maladministration; further notes the proposed £150–£200 million administrative savings which will encourage firms to open new schemes and keep existing schemes running; and further welcomes the establishment of the independent Pension Commission to assess how effectively the current voluntarist approach is developing and to make recommendations to the Secretary of State for Work and Pensions on whether there is a case for moving beyond that approach.

which then passed without a further vote.

Debate in Parliament | Historical Hansard | Source |