ABI accused of 'misleading' MPs over Pensions Bill

The ABI has urged MPs to vote against an amendment, already passed in the House of Lords, which will allow unclaimed assets to be transferred to the Lifeboat Fund, set up to help people whose pension schemes had collapsed. The trade body has warned the amendment will allow the Financial Assistance Scheme (FAS) to take money out of pension funds and with-profits policies to supplement the FAS. However, Altmann says the ABI is scaremongering and the current amendment merely allows the Government to review potential funds that may be used to support the FAS. Altmann says: “The House of Comm...