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You can find the current article at its original source at https://www.theguardian.com/money/2016/may/27/mps-to-investigate-how-many-pension-schemes-risk-failing-deficit-bhs
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| MPs to investigate how many pension schemes are at risk of failing MPs to investigate how many pension schemes are at risk of failing | |
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| MPs are to investigate how many occupational pension schemes are at risk of failing, amid inquiries into the collapse of BHS and the debate over the future of the £15bn British Steel pension fund. | MPs are to investigate how many occupational pension schemes are at risk of failing, amid inquiries into the collapse of BHS and the debate over the future of the £15bn British Steel pension fund. |
| The Commons work and pensions select committee, which is already investigating the £571m deficit at BHS scheme, said on Friday night it would launch a wide ranging inquiry into the problem, probably starting in the autumn. | The Commons work and pensions select committee, which is already investigating the £571m deficit at BHS scheme, said on Friday night it would launch a wide ranging inquiry into the problem, probably starting in the autumn. |
| Workers’ occupational pensions have been forced centre stage in recent months by BHS’s collapse and by Tata Steel’s potential sale of its UK business. | Workers’ occupational pensions have been forced centre stage in recent months by BHS’s collapse and by Tata Steel’s potential sale of its UK business. |
| Almost 13,000 current and former BHS employees who were under retirement age when the company went into administration in March may face a 10% cut to their pensions as a result. | Almost 13,000 current and former BHS employees who were under retirement age when the company went into administration in March may face a 10% cut to their pensions as a result. |
| The British Steel pension scheme, one of Britain’s largest defined benefit plans with 130,000 members, is also facing cuts as the government races to put it on a sound footing to help facilitate a sale. The latest figures show it has liabilities of almost £15bn and the deficit has ballooned to £700m. | The British Steel pension scheme, one of Britain’s largest defined benefit plans with 130,000 members, is also facing cuts as the government races to put it on a sound footing to help facilitate a sale. The latest figures show it has liabilities of almost £15bn and the deficit has ballooned to £700m. |
| Announcing the broader inquiry, the chair of the committee, Frank Field, said: “The state of the British Steel pension scheme is further worrying evidence of a wider danger to one of the biggest savings successes in Britain during the last century – occupational pension schemes. The select committee’s in-depth case study on BHS is illustrating how such schemes are already creaking from rising life expectancy and record low returns on capital. | Announcing the broader inquiry, the chair of the committee, Frank Field, said: “The state of the British Steel pension scheme is further worrying evidence of a wider danger to one of the biggest savings successes in Britain during the last century – occupational pension schemes. The select committee’s in-depth case study on BHS is illustrating how such schemes are already creaking from rising life expectancy and record low returns on capital. |
| “Pension law and regulation must urgently adapt to the issues of the future, rather than the problems of the past. We should be under no illusions that British Steel is a special case. The whole savings edifice is in danger.” | “Pension law and regulation must urgently adapt to the issues of the future, rather than the problems of the past. We should be under no illusions that British Steel is a special case. The whole savings edifice is in danger.” |
| The Labour MP said 11 million workers have private defined benefit pensions, but more than 5,000 of the associated pension schemes are in deficit by £805bn overall. | The Labour MP said 11 million workers have private defined benefit pensions, but more than 5,000 of the associated pension schemes are in deficit by £805bn overall. |
| “This will be a major inquiry considering radical solutions to one of the great problems of this age,” headded. | “This will be a major inquiry considering radical solutions to one of the great problems of this age,” headded. |
| Last week the committee joined forces with the business, innovation and skills committee to question the heads of the Pension Protection Fund and the Pensions Regulator about the BHS debacle. | Last week the committee joined forces with the business, innovation and skills committee to question the heads of the Pension Protection Fund and the Pensions Regulator about the BHS debacle. |
| In the coming weeks, the committees will be offering some of the best free theatre in London when on 8 June they quiz senior BHS managers and Dominic Chappell, the former bankrupt who controversially bought the department store chain for £1 from Sir Phillip Green, who will be appearing a week later. | In the coming weeks, the committees will be offering some of the best free theatre in London when on 8 June they quiz senior BHS managers and Dominic Chappell, the former bankrupt who controversially bought the department store chain for £1 from Sir Phillip Green, who will be appearing a week later. |