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Early day motion tabled by primary sponsor Lord Willetts (Conservative), on Thursday, 5 December 2002, in the House of Commons. It is signed by 85 members in total.

WINDING-UP OCCUPATIONAL PENSIONS SCHEMES

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.

Amendments

The Early day motion has received an amendment.

WINDING-UP OCCUPATIONAL PENSIONS SCHEMES (304A1)
The Early day motion has received an amendment sponsored by Steve Webb (primary, Liberal Democrat) and tabled on Monday, 16 December 2002. It has been signed by 2 members in total.
leave out from 'wind-up'; to end and add 'welcomes the contribution of the National Association of Pension Funds to the debate over this issue; notes, however, that under the NAPF proposal a worker with 30 years' service but more than 10 years for retirement could be treated less favourably than an older worker with just a few years' service; believes such an arrangement to be unjust; and calls on the Government as a matter of urgency to bring forward proposals to introduce new winding-up priorities which take account of both the age and length of service of non-retired members.'.

Secondary information

Type
Early day motion
Reference
304 
304A1 
Session
2002-03
Subjects
Companies Early retirement Personal income Workplace pensions Pensions Pension rights Retirement
Link
View this Early day motion on www.parliament.uk