Fears that workers’ savings have been put at risk in unsustainable and potentially fraudulent pension schemes have prompted the Government to rush through tougher rules designed to tackle rogue operators.
After revelations by The Times, the Pensions Schemes Bill has been introduced to address concerns that the biggest change to workplace pensions in generations could be undermined by a mis-selling scandal.
Operators of ‘master trust’ schemes will face stricter rules after the pensions regulator lobbied the government to bring in new rules.
The measures are designed to prevent weak or dishonest providers from exploiting the introduction of auto-enrolment in workplace pension schemes. The policy was designed to address the number of workers not saving enough for their retirement.
Government borrowing
UK government borrowing hit £10.6 billion in September, £1.3 billion higher than September 2015. That’s according to the latest data from the Office for National Statistics.
Paul Hollingsworth at Capital Economics said: ‘Even before the vote to leave the EU, the Office for Budget Responsibility’s fiscal forecasts were looking optimistic.
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