Landscape of pensions "fundamentally" changed

13 May 2004
The chair of the National Association of Pension Funds has claimed that the new Pensions Bill will "fundamentally change the pensions landscape".

Speaking to the BBC Terry Faulkner said that the Bill would serve to improve the regulatory framework for the pensions industry.

He said: "Linked to the Finance Bill coming through, I think it is going to fundamentally change the pensions landscape in the future, especially for those of us running occupational pension schemes.

"It would cut back a lot of the over regulation we have had in the past and open up huge opportunities for the future," he added.

However, he stressed that the provisions included in the Bill are imperfect, claiming "there are still some things missing from it".

Speaking on the same programme, Labour backbencher Kevin Brennan confirmed that he was seeking to amend the current bill to allow the proposed pension protection fund to be applied retrospectively.

"The amendment would allow compensation to paid to the 60,000 workers who have lost their occupational pensions through no fault of their own despite having often been compelled to join a pension scheme and having contributed to it for a very long time," Mr Brennan remarked.