UK Trustees of pension schemes whose companies went bust, leaving tens of thousands of people facing big shortfalls on their pensions, are to be barred from buying annuities for the time being in the hope of producing a better outcome in the long term for those who lost out.
Mike O’Brien, the pensions minister, laid out regulations on Thursday that will come into force later this month. They prevent trustees of schemes that have qualified for help from the Financial Assistance Scheme from buying annuities for nine months.
