As I have already indicated to this House, I plan to publish, following approval by Government, an occupational pensions Bill during this summer which I hope will pass into law by the end of the year. This is in line with our commitment in the Programme for Prosperity and Fairness.
One of the key features of this Bill will be the provision of a legislative framework for the introduction of personal retirement savings accounts (PRSAs). PRSAs were recommended by the Pensions Board in its report Securing Retirement Income as the vehicle to facilitate increased savings for pensions and extend supplementary pensions coverage overall, especially to people who have no such cover at present.
On foot of reports from the board, it is proposed the Bill will make provision for the treatment of pension scheme surpluses in wind-up situations, the establishment of a pensions ombudsman, the extension of equal treatment in the area of occupational pensions and the setting-up of a limited pensions compensation fund. Other recommendations in the board's report relating to access, vesting, preservation and revaluation of occupational pensions will also be provided for in the Bill.
In addition, the Bill will provide for amendments arising from the practical application of the provisions of the Pensions Act and will provide for compliance with the terms of EU Directive (98/49/EC) on the mobility of workers.