Peers reject Pensions Bill in favour of risk-based levy - papers 5th Nov

Both parties joined forces to challenge plans for the Pension Protection Fund – designed to bail out members of wound-up schemes which have shortfalls thanks to company insolvency - as there were concerns about the delay to a payment of the risk-based levy. Until now, the government has stated it will first introduce a flat-rate levy, while it tries to work out how the risk-based levy should work, however, opposition peers blocked the bill and imposed amendments which says 80% of the levy must be risk-based within a year otherwise the levy forces well-funded schemes to prop up poorly fun...