BusinessCompany NewsBrown pledges to protect pension funds

Brown pledges to protect pension funds

Chancellor Gordon Brown hinted that new laws to protect pension funds being pillaged 'Maxwell-style' or altered without the consent of members would be in the Queen's Speech this November.

Link: Pension funds react swiftly to Myners’ report

With growing numbers of final salary pensions schemes being scrapped the government is under growing pressure on this issue.

Brown told the Labour Party Conference in Bournemouth that Work and Pensions secretary Andrew Smith ‘will legislate for a new statutory pension protection fund so in future every worker contributing to a pension will have their pension protected and be guaranteed their pension rights’.

That was interpreted as meaning there will be a Bill on the issue in the Queen’s Speech.

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