Plan for pensions protection fund

THE Queen's Speech, on the first day of the new Parliamentary session, was crammed with no fewer than 30 new bills.

Among the proposals is a pension protection fund which will provide a safety net for workers whose firms collapse, putting their pensions at risk. It will be paid for with a levy on all pension schemes.

Ministers hope it will restore confidence in pensions, which has fallen since the Robert Maxwell scandal.

Staff will be encouraged to work beyond retirement age, with a promise of State pension top-ups or a lump sum when they stand down.

People who move from job to job will get a better deal on workplace pensions.