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WINDING-UP OCCUPATIONAL PENSIONS SCHEMES

EDM (Early Day Motion) 304A1: tabled on 16 December 2002

Tabled in the 2002-03 session.

This motion has been signed by 2 Members. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Mr David Willetts on 05 December 2002. This is amendment number 1.

View details of the original motion

Suggested amendment

leave out from 'wind-up'; to end and add 'welcomes the contribution of the National Association of Pension Funds to the debate over this issue; notes, however, that under the NAPF proposal a worker with 30 years' service but more than 10 years for retirement could be treated less favourably than an older worker with just a few years' service; believes such an arrangement to be unjust; and calls on the Government as a matter of urgency to bring forward proposals to introduce new winding-up priorities which take account of both the age and length of service of non-retired members.'.

Original motion text

That this House expresses its deep concern at current arrangements for winding-up occupational pension schemes, which leave many people receiving much less than expected for their retirement; notes that present workers near to retirement after long service with the employer often receive less than those who retired early after less service; recognises the great urgency of the issue because of the large number of schemes which are now moving towards wind-up; welcomes the proposals in the National Association of Pension Funds document, Pensions - Plain and Simple, for a possible new schedule of priorities on winding up a final salary scheme with an insolvent employer; notes that new primary legislation would not be required to make the necessary changes; and urges the Government to take early action to change the winding-up priorities through new regulations.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

There are no withdrawn signatures for this amendment.