How many people have been hit by the collapse of occupational pension schemes?
An estimated 85,000 UK workers have lost their pensions following the collapse of their pension schemes. Under previous pension wind-up rules, the assets of these schemes had to be used to guarantee the pensions of retired members. Those scheme members who have not yet retired have to make do with whatever is left and as a result many have lost all or part of their pension. Groups such as the Pensions Action Group (PAG) claim that if they had been aware of the risks of occupational pensions many of these 85,000 would not have invested in the first place. What powers does the Ombudsman have? The Parliamentary Ombudsman can recommend that those who have lost their pensions are properly compensated. However, in what is set to be a long and complex report it is unlikely – although not impossible – that the Ombudsman will make such a clear cut decision. But the Ombudsman has access to all levels of government and the report may have the potential to embarrass policymakers. Once published th
