The House of Lords has thrown down a test for Gordon Brown by passing a cross-party amendment to the Pensions Bill which would create a ‘lifeboat fund' for victims of occupational pension scheme wind-ups.
In a debate on the Pensions Bill yesterday evening, the House of Lords passed the amendment to provide compensation from the Financial Assistance Scheme (FAS) at the same levels as the Pension Protection Fund (PPF) by 181 votes to 126. The amendments which gathered support from all parties in the House were defeated in the House of Commons by 22 votes in April as James Purnell, Minister for Pensions Reform, announced further extensions to the FAS. However, in a speech supporting the amendments Lord Skelmersdale says despite the findings of both the Parliamentary Ombudsman and the High...
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