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.
Pension campaigners are confident the amendment to the Pensions Bill creating a ‘lifeboat' compensation fund will be supported in the House of Lords later today, increasing the pressure on the Government to help the victims of failed occupational pension...
The funding of youth services will take priority over financial capability and inclusion initiatives when distributing unclaimed assets, says HM Treasury.
An amendment to the Pensions Bill is being tabled which could force the government to create a "lifeboat" fund financed by dormant accounts, to compensate pensioners who lost their retirement incomes through pension scheme wind-ups.
Ed Balls, Economic Secretary to the Treasury, has launched proposals to introduce an unclaimed assets scheme which would allow money laid dormant in bank and building society accounts for 15 years to be reinvested "in society".
Following yesterday's budget, the Building Societies Association has said it wants further clarity on a definition of "unclaimed assets" as the issue again was raised by chancellor Gordon Brown as a methord to fund youth activities across the country....